Former appointed representatives of Mortgage Times have hit out at company directors Chris May and Paul Carmody for setting up a new financial planning venture on the same premises as the defunct network.
Carmody & May has yet to be registered at Companies House and is not yet authorised by the FSA.
However, its website says that the company “provides capital market advice to prospective investors within the UK financial markets and it combines high-net-worth financial planning, mezzanine asset management and corporate and financial planning”.
According to the website, the business is located at 247 Tottenham Court Road, London the same address as Mortgage Times.
Last week, HM Revenue & Customs sought the winding up of Mortgage Times but the court hearing was adjourned.
The network’s management emailed advisers before Christmas to say that the firm had ceased trading and cancelled its FSA permission, leaving appointed representatives unable to conduct business. No administrator has officially been announced.
The Carmody & May website says: “We are one of London’s premier financiers, with well over 20 years’ experience within the UK financial market.”
The site says the firm offers consultancy, fund management, financial services such as mortgage broking, financial planning and corporate finance as well as transaction advice.
Former Mortgage Times AR Arrowclass director Joe Burton says the system is to blame.
He says: “I think it is a disgrace that the system allows it but show me one broker who would not do the same. It is a crying shame but they
have done nothing other than take advantage of the system.”
Barrie Hallybone Financial Services mortgage consultant Barrie Hallybone says: “I think that it is wrong. They have made a mess of one business so why should they be allowed to go and run another?”
Carmody and May were both unavailable for comment.