View more on these topics

St James’s Place to offer Primrose compensation

St James’s Place is to offer compensation to clients who lost out following the collapse of Primrose Associates.

The wealth manager is writing to the affected investors who lost over £4m of transferred client funds when the broker went bust, according to reports in the Mail on Sunday.

Primrose Associates was put into liquidation in June and KCBS insolvency practitioners John Kelmanson and Karyn Jones were brought in to try and recover some of the money that had been lost.

St James’s Place declined to comment on the compensation reports.

The Primrose collapse came after Evaluate Technologies, another company set up by Carron, went bust earlier this year owing an estimated £4m to private investors.

It is thought that 20 investors have lost money due to the Primrose collapse and other reports have claimed that Irish national Carron is being investigated by the City of London Police.

St James’s Place is majority owned by part-nationalised Lloyds Banking Group.

The wealth manager’s shares traded at depressed levels for several months until it issued a statement on July 28 to disspel speculation that Lloyds was planning to sell it.

Recommended

1

Advisers say Euro comparison on pension fees is misleading

Advisers have slammed a study claiming that UK pension savers are being hit by huge charges compared with their European counterparts, suggesting the comparisons are misleading. Hermes Fund Management founder and special adviser David Pitt-Watson says high charges mean UK savers are retiring with pension pots worth half as much as they would get elsewhere […]

3A buyback aims to cut discount

Fund of hedge funds manager 3A is buying back up to 10 per cent of shares in its Altin fund as part of its discount management programme. Altin has traded at a premium to net asset value in the past but between January 4 and July 15, its share price traded at an average discount […]

VAT guidance contradicts RDR aim for advice

Financial advice will be cheaper if clients pay for it up-front rather than over the life of the product because they will not have to pay VAT, according to Skandia. Last week, HM Revenue & Customs and the Association of British Insurers issued new guidance reiterating that VAT is only payable on advice, not on […]

The curious market reaction to Brexit

Written by Mike Riddell29 June 2016 Headlines over the past few days have screamed about record falls in sterling, record low bond yields and massive falls in equity prices. However, if you take a slightly longer view of markets rather than simply the one- or two-day reaction, I think it’s amazing how little markets have […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com