View more on these topics

Temple founder gets £0.5m in deal

RJ Temple founder Richard Temple has received a £506,000 fixed payment as part of the £1m Lighthouse rescue package.

Money Marketing has learned that the repayment of the sum was part of the deal for the collapsed IFA.

The settlement was made for the goodwill and assets of RJT before the rest of the business was put into liquidation.

In a statement to liquidator KPMG, the former RJT directors attribute this sum to new money advanced by Alexander Richard Holdings chairman Temple during the course of the sale to ensure that RJT was in a position to meet obligations.

Richard Temple says: ” I was never a director of the company, I was just a shareholder and held a lot of preference shares, the value of which I will probably never see returned. The company was running very short of cash and I was asked if I would put some more in. This was a fixed and floating charge and was lent on the basis that it would be returned.”

Following the closure, an agreement was made that Lighthouse would take on RJT staff liabilities but any future compensation for clients would be dealt with by the Financial Services Compensation Scheme.

Solicitors for new firm Temple Financial Planning, Faegre Benson Hobson Audley contacted former RJT consultants last week to tell them any current RJT debts need to be paid immediately to Temple Financial Planning in addition to any future commission clawbacks.

Hargreaves Lansdown managing director Peter Hargreaves says: “It is always those at the top who are paid first, the clients come last and the FSCS and the industry will be left to pick up the rest of the tab.”

Recommended

Employees losing £1.6bn in pension contributions says Close

The trend moving away from final salary occupational pension schemes towards defined contribution ones is costing employees up to £1.6bn a year in pension contributions according to Close Wealth Management.Research from the fund group points to the 900,000 employees who have seen their DB schemes close since the decline began have missed out on the […]

Hamptons picks associate director

Rob Winfield joins Hamptons International Mortgages as associate director (western region). Winfield joins from Chelsea Mortgage Management. Hamptons has 10 offices within a 40-mile radius of Bristol and Bath.

Anglo Irish Bank Isle of Man – Capital Protected Bond II

Type: Capital-protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £10,000 Term: Five years six months Place of registration: Isle of Man Guarantee: Original capital returned in full regardless of performance in index Return: 100% growth at end of term or 30% growth after three years if index rises […]

&#39Bondholders in the dark over pledges of no MVRs&#39

Life offices are keeping quiet on guarantees of no market value reductions on with-profits bonds sold in the 1990s that could put reserves under pressure. A report on MVRs by Chartwell Investment Management claims Scottish Provident, Clerical Medical, AMP NPI, Britannic Assurance, CIS, Legal & General, Liverpool Victoria, MGM Assurance, Pearl, Royal & Sun Alliance, […]

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