FSA issues warning against Carmody & May
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The Financial Services Authority has issued a warning notice against Carmody & May, the firm set up by former Mortgage Times directors Paul Carmody and Chris May.
The regulator has put out a statement dated April 6 stating that Carmody & May, the risk management firm set up by the two directors of the collapsed network in January, is not authorised under the Financial Services and Markets Act 2000 to carry out a regulated activity in the UK.
The statement reads: “Regulated activities includes, amongst other things, advising on investments, arranging deals in investments and establishing, operating and winding up a collective investment scheme.
“The FSA believes that the firm may be targeting UK customers.”
The FSA goes on to advise members of the public that redress schemes such as the Financial Services Compensation Scheme and the Financial Ombudsman Service are not available to those who deal with unauthorised firms, and have urged to consumers to check whether a firm is registered using the FSA register.
The firm’s website is no longer active.
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Readers' comments (6)
Out of pocket AR | 27 Apr 2010 3:39 pm
Justice, finally....this is a company they set up prior to their collapse and theft of our money. It's good to see the FSA has reviewed their permissions.
I don't often say this but well done FSA!
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Anonymous | 27 Apr 2010 3:55 pm
hahahahahahahahahahahahahahahahahahahahahahahahahaha
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Matthew Gamble | 27 Apr 2010 3:58 pm
Disgusting. Not only do they have the gaul to set the company in their names, you might have thought they had some shame and tried to go under the radar with some other gise. But they set the company up from the old Mortgage Times office. There really is something fundamentally wrong with the system when you can let one company fail, only to jump ship and start another company up the next day. What about those out of pocket? Those owed money, AR's, insurance firms, any creditors should have the right to go after their money to Carmody and May. But may as well wish for the tooth fairy.
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Anonymous | 27 Apr 2010 3:58 pm
Makes you wonder how many other directors of failed networks are still operating in some capacity in the Uk financial services sector or have they all gone back to selling used cars or double glazing where they probably came from?
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Anonymous | 27 Apr 2010 4:43 pm
being a victim of mortgage times, this can only be a good news, But these guys will try all the avenues with the hope of fooling more and more people.
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Anonymous | 28 Apr 2010 12:14 pm
What can I say. It really is a Carmody of Errors.
They still think they can befool the FSA and potential clients.Perhaps they are a couple of Walter Mitty characters.
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