Gregson & Brooke, One Tick and Money Management Service customers STOP MAKING PAYMENT

[Legal Beagles]

Customers of three debt management firms should stop making payments

_{Published: Today Last Modified : Today} Debt management customers of Gregson and Brooke Financial Services (trading as Expert Money Solutions), One Tick (trading as Debt Savers Direct and 1-Tick) and the Money Management Service should stop making payments to these firms.
Gregson and Brooke Financial Services Limited (IP reference number 638595), One Tick Limited (IP reference number 633861) and the Money Management Service Limited (IP reference number 644606) are unable to pay creditors on behalf of customers.
We used our powers to freeze the bank accounts of each of these firms on 29 August 2014 to help protect customers’ money. Following this action, the firms cannot make payments, which means they will not be making further payments to the creditors of their customers.
We are working with the firms to ensure that payments received on or after 29 August 2014 will be refunded.
Payments to Gregson and Brooke Financial Services, One Tick, the Money Management Service, and their various trading names, will not reach your creditors.
We understand that between 2,000 and 2,500 customers have a debt management or debt reduction plan with one of the firms, which are all based in Bolton.
The firms also offered debt management and debt reduction services through the websites www.expertmoneysolutions.co.uk,
www.1-tick.co.uk and moneymanagementservices.co.uk.
What you should do next

Debt management and debt reduction customers of these firms should stop making payments to the firms immediately.
If you have set up a standing order or direct debit you should contact your bank or building society to cancel future payments to the firms.
We have asked the three firms to contact all customers by 17 September 2014 to explain what has happened and what it means for their debt management or debt reduction plan.
Customers of these firms should take action to continue repaying debts to creditors.
You may be contacted by other debt management firms offering to transfer you to a new debt management plan. You are not obliged to transfer to a new provider. Please check first that the firm is authorised by us before agreeing to transfer to a new provider.
If you have any questions about your plan you can call or contact the firms on:

• Gregson and Brooke Financial Services (including Expert Money Solutions): 0161 300 4747/0333 320 8018, email address: mail@expertmoneysolutions.co.uk
• One Tick (including Debt Savers Direct and 1-Tick): 0333 320 8018, email address: info@1-tick.co.uk
• Money Management Service: 0844 801 9772

You can also contact our Consumer Helpline on 0800 111 6768 (freephone) or 0300 500 8082 for further information.
Free debt counselling and debt management services are available to customers. You can contact the Money Advice Service, which does not provide debt advice but does offer free and impartial information to help people get on top of their debts.
What we are doing

We have contacted the creditors of affected customers and their relevant trade bodies, to explain the situation and encourage them to take a sympathetic view to customers of these firms during this time.
We have required the firms to refund payments received on or after 29 August 2014 by way of standing order, direct debit or any other payment method.
This requirement can be viewed on our website and the consumer credit interim register.
Further information

We took over regulation of consumer credit, which includes debt management firms, on 1 April 2014.
You should be aware that the Financial Services Compensation Scheme (FSCS) is not available to customers of consumer credit firms.



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[Amethyst]

Re: Customers of three debt management firms should stop making payments – Financial

'' Money Management Services has decided not to take on new clients whilst we work with the FCA to improve our customer processes and procedures and management controls, ensuring the fair treatment of our customers. ''


One Tick and Money Management have gone competley

[Amethyst]

Re: Gregson & Brooke, One Tick and Money Management Service customers STOP MAKING PAY

Just a bump

[Amethyst]

Re: Gregson & Brooke, One Tick and Money Management Service customers STOP MAKING PAY

This has been updated now with the Administrators details

You should write to the administrators Andrew Ward or Vedrana Marosevic at the following address:

Duff & Phelps
The Chancery
58 Spring Gardens
Manchester
M2 1EW

You will need to confirm the following:

• your contact details – home address/email/telephone number
• date of the start of your debt management agreement and plan number
• confirmation of amount paid
• dates when payments were made
• confirmation of the account details to which payments were made
• the balance owed (which is funds received by the company and not paid across to their creditors), if known.

You can also contact the administrators on 0161 827 9000.

Customers of these firms should take action to continue repaying debts to creditors.
You may be contacted by other debt management firms offering to transfer you to a new debt management plan. You are not obliged to transfer to a new provider. Please check first that the firm is authorised by us before agreeing to transfer to a new provider.

You can also contact our Consumer Helpline on 0800 111 6768 (freephone) or 0300 500 8082 for further information.

Free debt counselling and debt management services are available to customers. You can contact the Money Advice Service, which does not provide debt advice but does offer free and impartial information to help people get on top of their debts.

[Amethyst]

Re: Gregson & Brooke, One Tick and Money Management Service customers STOP MAKING PAY

Gregson & Brooke Requirements

IN ADMINISTRATION

Requirement 1

Gregson and Brooke Financial Services Limited trading as Expert Money Solutions (“the Firm”) hereby applies for a requirement to be imposed upon it, pursuant to section 55L(5)(a) of the Financial Services and Markets Act 2000 as set out in the Schedule below.

Schedule
1. This Schedule sets out the terms of the requirement to be imposed on the Firm with effect from the date of the written notice given by the Financial Conduct Authority (“the Authority”) which grants the Firm’s application for the requirement.
Requirement
2. The requirement is that:

With immediate effect the Firm must not enter into contractual arrangements with new customers that involves the carrying on of regulated debt management activities for which it has interim permission from the Authority. For the avoidance of doubt this requirement applies in respect of activities carried on by the Firm, as well as activities that may be carried on by any of its appointed representatives or other agents of the Firm).



Within 3 days of the date of this application, the Firm must place a notice on its website in a form approved by the Authority prior to the placing of such notice, that the Firm agreed to a requirement to cease taking on any new business that involves the carrying on of regulated activities for which it has permissions from the Authority.


Requirement 2

Firm Asset Requirement

With effect from 29 August 2014, the Authority has decided to impose a requirement on the Firm, under section 55L of the Act, such that the money in the Firm's bank accounts may not, so long as the requirement is in force, be dealt with in any way without written consent from the Authority.

Additional Requirements

With effect from 29 August 2014, the Authority has decided to impose
the following additional requirements on the Firm, pursuant to section 55L and section 55N of the Act, namely that the Firm must:

(a) by 17 September 2014 cancel all direct debits it has set up with its clients;

(b) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) with whom it has set up direct debits, that the direct debit is to be, or has been, cancelled;

(c) by 17 September 2014 notify in writing all creditors of all clients (the wording to be agreed in advance by the Authority) that the payments that it was due to make to creditors, on behalf of its clients, will be postponed until further notice;

(d) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) from whom the Firm receives funds by way of standing order, that the clients should cancel all standing orders they may have with the Firm;

(e) return any funds that are received from clients by way of standing order or otherwise either on or after the date of this Notice within 7 days beginning with the day on which the funds are received;

(f) by 17 September 2014 provide the Authority with a copy of the written notifications referred to in sub-paragraphs (b), (c) and (d) above together with a list of all clients and/or creditors to whom such notifications have been sent.