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Citri to be placed into liquidation

Citri will be placed into liquidation on July 4.

Begbies Traynor, which is advising Citri, has not yet been appointed as its liquidator but says it expects to be following the collapse of a rescue deal.

The rescue deal would have meant the company would have been placed into administration, but instead it will enter into liquidation.

It is not yet known what will happen to the commission owed to former appointed representatives of Citri.

Mortgage Strategy reported last month that a deal to transfer 138 of Citri’s advisers to Openwork had fallen through.

At the time, Openwork said it was in discussions with Citri and looking at ways its advisers could continue to trade, but it is not known if Openwork was the firm looking to rescue Citri.

A number of  advisers have contacted Mortgage Strategy saying they are owed thousands of pounds in outstanding commission.  

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  • Alex M 24th December 2011 at 8:34 pm

    A shame for all involved. I worked for Citri back in 2008 but as a mere IT support technician. Great place to work and I it is such a shame that this has happened.

  • Also Anon 10th December 2011 at 7:58 am

    I too have been suckered in by Citri, and like anonymous have been cast into the Financial Services wilderness after being in the financial services business since 1978. Citri have never paid me the commission due ( almost £3700 ) on a Prudential Policy I sold, and I am now almost destitute, living on Employment Support Allowance of just £55 per week. Like the previous correspondent, I too am out of the game because I have ccj’s, having lost my home because Citri would not pay me, therefore I could not pay the mortgage. My wife walked out on the day the house was repossessed.However, I too feel a strong sense of relief that I am out of that crazy industry.
    Thanks Keith! – I suspect you will be alright!

  • aman khan 12th July 2011 at 3:35 pm

    cowboy network type firm exploiting members to the extreme..
    used to work for them as a adviser.
    never received money for all commission owed since day one of contract.
    i feel all income from any sales were just being used to pay the citri hierarchy and keep up apearances of being a forward thinking reputable firm.
    writing was on the wall when they left openwork as their AR then tried to go back when they failed at being a directly authorised firm.

  • linda hornsby 7th July 2011 at 3:17 pm

    Glad to see this firm getting what it deserves.

  • irfan khan 23rd June 2011 at 5:55 pm

    This company deserves all the abuse it can get.!!!!
    I have first hand experience of this Firm.
    Firstly i joined in 2010 (when they were an AR of Openwork) through the chief execs preachings about his new
    age company and was attracted to the idea joining a new forward thinking firm whose compliance was done using citri laptops online.
    i spoke to a friend of mine who had ben in insurance industry since the 1980s at around the same time as Keith Atkinson claims but did not know of him, even then i decided to leave my network and join afresh…
    I built up a considerable commission level and got to know the head office staff personally.
    i was terminated in 2010 after referring a person to citri who subsequently was not hired and threatened them with an FSA complaint.
    instead of giving me an adaquate support i was terminated and the reason they gave was you do not fit in the FSAs approved person regime.
    i contacted the FSA to confirm this point and was told in a letter that mortgage advisers do not fall within the FSA approved person regime and a discussion paper will commence some time in 2012 or 2013 (FSA statement).
    Given that CITRI’s contract is geared to favour them (with clawback of commissions and their rule of paying commissons 20 weeks after termination) i decided to sue for breach of contract and commissions owed..
    i suggest that anyone who is in a similar situation to sue CITRI as they have no regard for our industry and only want benefit from all the commissions coming into their bank account through all of the hard work put in by REAL individuals who want to make something of themselves in this industry.
    My only advice to anyone is to either join the FSA directly or choose carefully your next step as many firms/networks are slipping especially as the industry has changed drastically since late 2007.
    what goes around comes around and im sure we will see these fools prop up somewhere somehow again…
    just remember their faces…
    http://www.linkedin.com/pub/keith-atkinson/8/61a/993

  • Peter Marshall 9th June 2011 at 3:02 pm

    I would like to say that i found this a very good company to work for and really admired the chief exec – Keith Atkinson, a genuinely nice and professional driven guy- but as time went on and head office people started leaving the writing was on the wall for quite a while. Unfortunately due to credit history problems i was one of the ones that were rejected by Openwork so after 20 years in the business i was cast into the wilderness. Upon tying up the loose ends with Citri, the behaviour and attitude of the staff was nothing short of disgusting though – like once you’re history you become vermin! Am now glad to be out of financial services – an enormous cloud has now lifted!

  • Luke Atkinson 9th June 2011 at 1:28 pm

    I’m assuming ”Anonymous” @ 11:39 is remaining anonymous because he/she is illiterate and does not want to be bombarded with offers for basic english lessons?

    Perhaps the FSA should issue a ruling whereby networks either have to ringfence commission owed to its ARs or make ARs preferential creditors when entering administration?

  • James John 9th June 2011 at 12:39 pm

    I am afraid reading some of the paragraphs above that most should go back to school firstly and learn to put sentences together. I have taken on a recent CITRI broker who is a very competent advisor, being very ethical with integrity high on his agenda, he was lucky enough to get out early whilst openwork have accepted some, but not all CITRI members. The comments from Openwork about Advisros not being good enough is of course subjective to there own selection which makes me feel that in fact Newtworks are becoming a law onto themselves in regards to compliance as many of the implemented process are again subjective whilst they emulate one another with so called exclusive relationships with tesco style insurers. So in effect we as advisors are no different from each other regardless of network whilst being very similar to a bank! I agree with comments about Directly Authorised I think Networks have done an amazing job of scaremongering on compliance whilst becoming parasitic on naive advisors wh may not be compusmentus with things compliance… Come to think of it…is anyone? Including the FSA?

  • In the know 9th June 2011 at 11:39 am

    I find it LOL the comments here are been posted as fact when they are from it.

    When will the unscrupulous likes named above realise the antics of them and their brother advisers cause these issues.

    I’ll bet them the imaginary debts posted above that Citri is owed more than double from its advisers past and present than what Citri may owe in final commissions.

    There lies the real discussion in these issues.

    The problems will not be solved until RDR focuses on removing life commissions period and requiring adviser to take a fee. Good luck with that; which is why they will continue to churn and burn until the option is removed and order restored.

  • Alan Bird 9th June 2011 at 10:00 am

    In Dec 09, Citri was paid £4800 commission on a life insurance I arranged on my Son and to date has not paid anything due to indemnity rules. I have repeatedly requested assurance that this money was ringfenced in the event of Citri going under, but have not had any assurance. The FSA does not want to know either. When will there be rules to protect the Broker?

  • David Winder 8th June 2011 at 12:03 pm

    I must say I found them a very nice bunch of people until I was trying to leave a couple of months ago. Im sorry to see them go under but not surprised. As soon as I started working with them people were trying to poach me away so im sure most advisors will turn out alright.

  • TOM O'NEILL 7th June 2011 at 9:41 pm

    MY FIRM IS OWED ALMOST £15000 BY THIS FIRM FROM ALMOST A YEAR AGO AND THEY HAVE ALWAYS BEEN UNWILLING TO PAY FOR A NUMBER OF CREATIVE REASONS.
    YET AGAIN A LARGE NETWORK FOLDS… WHEN WILL ANYONE HAVE THE GUTS TO SAY THESE NETWORKS JUST DONT WORK. THE ONLY WAY IS DIRECT AUTHORISATION??

  • Ancient Wisdom...is a mortgage broker in N3 7th June 2011 at 5:27 pm

    I feel sorry for these advisers – I lost thousands when my network collapsed a few years ago – and it couldnt have come at a worse time.

    I bet the Directors have still got to keep their houses and luxury cars right?