Former Mortgage Times director Chris May has sought to distance himself from Carmody & May following a notice from the Financial Services Authority warning the public not to deal with the firm.
The regulator has issued a warning notice about the company, dated April 6.
The notice says: “This statement is to advise members of the public that an organisation identifying itself as Carmody & May is not authorised under the Financial Services and Markets Act (2000) to carry out a regulated activity in the UK.”
It explains that the term regu-lated activity includes investment advice and the arranging of invest-ment deals.
It adds: “The FSA believes that the firm may be targeting customers in the UK.”
Mortgage Strategy exclusively revealed in January that May and fellow Mortgage Times director Paul Carmody had set up the Camfinance.com website offering services such as property finance and risk planning.
Mortgage Times is currently in administration.
In response to the FSA notice May tells Mortgage Strategy: “I have not conducted regulated business for several years. All I have been doing is focussing on assisting the administrators for the past three months.”
The firm’s website is no longer active.