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FSA issues warning against Carmody & May

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The firm’s website is no longer active.

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  • Anon 20th May 2010 at 1:55 pm

    The FSA should act and bring proceedings against Carmody and May if they genuinely believe they are acting in an inproper manner.

    Likewise they are still to announce an investigation into the Mortgage Times debacle. Until they do so, the FSA lacks the legitimacy to make any public statements about either Carmody and May.

    This is too little and too late. If the FSA – or its successor organisation – is to salvage any integrity they need to carry out a public investigation into what happened in the final 2 years of The Mortgage Times.

    If either Carmody or May are reading this – be aware that I’m not going to rest on this matter. It’s not about the money for me. It’s not even about the stress you put my family through.

    This is about using every legitimate and legal resource available to me in order to make an example of you. Everyone should know the full extent of your disgusting actions so that you cannot do this again & so it cannot happen again.

  • Anon 20th May 2010 at 1:55 pm

    The FSA should act and bring proceedings against Carmody and May if they genuinely believe they are acting in an inproper manner.

    Likewise they are still to announce an investigation into the Mortgage Times debacle. Until they do so, the FSA lacks the legitimacy to make any public statements about either Carmody and May.

    This is too little and too late. If the FSA – or its successor organisation – is to salvage any integrity they need to carry out a public investigation into what happened in the final 2 years of The Mortgage Times.

    If either Carmody or May are reading this – be aware that I’m not going to rest on this matter. It’s not about the money for me. It’s not even about the stress you put my family through.

    This is about using every legitimate and legal resource available to me in order to make an example of you. Everyone should know the full extent of your disgusting actions so that you cannot do this again & so it cannot happen again.

  • Kim 28th April 2010 at 2:59 pm

    ha ha ha, hope they go under again, that is what they deserve. They should never be let near a business again! And going into the ‘risk management’ business is laughable for people who got it so hugely wrong with their last business. Anyone who uses them has a screw loose!

  • salil chaudhari 28th April 2010 at 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.

  • Rob Rivers 28th April 2010 at 9:01 am

    What say now, the clowns that continued to defend these people, long beyond when it was patently obvious, what was going on?

  • emmanuel 27th April 2010 at 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.

  • Mark Sutton 27th April 2010 at 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?

  • Matthew Gamble 27th April 2010 at 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.

  • James 27th April 2010 at 3:55 pm

    hahahahahahahahahahahahahahahahahahahahahahahahahaha

  • Out of pocket AR 27th April 2010 at 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!