Name: ROBERT MICHAEL SOLLOWAY
Name: RMR FINANCIAL SERVICES LIMITED
Date of Birth: 1 / 9 / 1961
Date Order Starts: 2 / 4 / 2018
Disqualification Length: 11 Years 0 Month(s)
CRO Number: 04498095
Last Known Address: , , , , ,
Conduct: Between 29 July 2002 and 2 March 2016, Robert Michael Solloway (“Mr Solloway”) failed to ensure that RMR Financial Services Ltd (“RMR”) safeguarded client monies in contravention of guidance issued by the Office of Fair Trading, the Financial Conduct Authority (“FCA”) and the requirements of the Consumer Credit Act 1974, leading to a deficit in the client account of at least £1.6m, in that:
- As a provider of debt management services to individuals, RMR was required to hold a consumer credit licence issued by the Office of Fair Trading (“OFT”).
- RMR held a consumer credit licence obtained from the OFT on 28 September 2010. Prior to that RMR did not hold a consumer credit licence and instead used the licence numbers issued in the name of Mr Solloway as an individual, effectively operating as an unregulated entity;
- During April 2014, the FCA took over the responsibility for the regulation of consumer credit licences. RMR was granted interim permission to continue to trade by the FCA but was required to apply to the FCA for authorisation. RMR came to agreement with the FCA that no new clients would be taken from December 2014, until the new regulations were adopted and RMR could ensure compliance. RMR withdrew its application for authorisation in February 2016 following consultation with the FCA.
- Since 2001, guidance and regulation regarding the handling of client funds by debt management companies including any monies received by the company for payment to creditors has required that such funds must be kept in a ring-fenced client account not usable by the debt management company for the purposes of its own business.
- From at least 29 July 2002 to 19 November 2012, RMR did not operate a segregated client account and from 20 November 2012 to the date the company ceased trading on 02 March 2016, designated client accounts were not operated correctly with client funds being utilised for the benefit of the company and the directors to the detriment of client creditors.
- Between 29 July 2002 and 30 March 2016 a total of £36,918,391.04 was received by RMR from its clients. Of this amount £17,468,070.05 was paid to the creditors of clients, whilst £2,729,121.24 was returned to clients as refunds or withdrawals. The remaining funds were used to fund the company’s own expenses of which £3,363,526.29 was paid for the benefit of the directors, including direct payments of £894,525.51 to Mr Solloway. A further £141,900 was paid to members of Mr Solloway’s family.
- At least 642 claims in the liquidation, totalling £3.2m were submitted by individuals in debt management plans. Analysis of these claims and of client statements provided to them by RMR indicates a total amount due to clients in excess of £1.6m and as much as £3.2m should have been set aside in client accounts. At the date of liquidation funds in RMR’s bank accounts totalled only £1,956.
- As a consequence, at least £1.6m of funds paid into individual’s debt management plans for onward distribution to their creditors have not been paid and remain outstanding.
This information is correct as at 25 / 4 / 2018
Name: MARK JAMES HARRISON
Name: RMR FINANCIAL SERVICES LIMITED
Date of Birth: 19 / 2 / 1970
Date Order Starts: 30 / 4 / 2018
Disqualification Length: 9 Years 0 Month(s)
CRO Number: 04498095
Last Known Address: Langley House,, Park Road, ,, East Finchley, , London,, N2 8EY
Conduct: Between at least 14 September 2005 and 2 March 2016, Mark James Harrison (“Mr Harrison”) failed to ensure that RMR Financial Services Ltd (“RMR”) safeguarded client monies in contravention of guidance issued by the Office of Fair Trading, the Financial Conduct Authority (“FCA”) and the requirements of the Consumer Credit Act 1974, leading to a deficit in the client account of at least £1.6m, in that: - As a provider of debt management services to individuals, RMR was required to hold a consumer credit licence issued by the Office of Fair Trading (“OFT”).
- RMR held a consumer credit licence obtained from the OFT on 28 September 2010. Prior to that RMR did not hold a consumer credit licence and instead used the licence numbers issued in the name of a co-director as an individual, effectively operating as an unregulated entity;
- During April 2014, the FCA took over the responsibility for the regulation of consumer credit licences. RMR was granted interim permission to continue to trade by the FCA but was required to apply to the FCA for authorisation. RMR withdrew its application for authorisation in February 2016.
- Since 2001, guidance and regulation regarding the handling of client funds by debt management companies including any monies received by the company for payment to creditors has required that such funds must be kept in a ring-fenced client account not usable by the debt management company for the purposes of its own business.
- From at least 29 July 2002 to 19 November 2012, RMR did not operate a segregated client account and from 20 November 2012 to the date the company ceased trading on 02 March 2016, designated client accounts were not operated correctly with client funds being utilised for the benefit of the company and the directors to the detriment of client creditors.
- Between 29 July 2002 and 30 March 2016 a total of £36,918,391.04 was received by RMR from its clients. Of this amount £17,468,070.05 was paid to the creditors of clients, whilst £2,729,121.24 was returned to clients as refunds or withdrawals. The remaining funds were used to fund the company’s own expenses of which £3,363,526.29 was paid for the benefit of the directors, including direct payments of £1,315,576 to Mr Harrison.
- At least 642 claims in the liquidation, totalling £3.2m were submitted by individuals in debt management plans. Analysis of these claims and of client statements provided to them by RMR indicates a total amount due to clients in excess of £1.6m and as much as £3.2m should have been set aside in client accounts. At the date of liquidation funds in RMR’s bank accounts totalled only £1,956.
- As a consequence, at least £1.6m of funds paid into individual’s debt management plans for onward distribution to their creditors have not been paid and remain outstanding.
This information is correct as at 11 / 4 / 2018
Name: RICHARD IAN MOTT
Name: RMR FINANCIAL SERVICES LIMITED
Date of Birth: 24 / 12 / 1969
Date Order Starts: 18 / 4 / 2018
Disqualification Length: 9 Years 0 Month(s)
CRO Number: 04498095
Last Known Address: , , , , ,
Conduct: Between at least 14 September 2005 and 2 March 2016, Richard Ian Mott (“Mr Mott”) failed to ensure that RMR Financial Services Ltd (“RMR”) safeguarded client monies in contravention of guidance issued by the Office of Fair Trading, the Financial Conduct Authority (“FCA”) and the requirements of the Consumer Credit Act 1974, leading to a deficit in the client account of at least £1.6m, in that: - As a provider of debt management services to individuals, RMR was required to hold a consumer credit licence issued by the Office of Fair Trading (“OFT”).
- RMR held a consumer credit licence obtained from the OFT on 28 September 2010. Prior to that RMR did not hold a consumer credit licence and instead used the licence numbers issued in the name of a co-director as an individual, effectively operating as an unregulated entity;
- During April 2014, the FCA took over the responsibility for the regulation of consumer credit licences. RMR was granted interim permission to continue to trade by the FCA but was required to apply to the FCA for authorisation. RMR came to agreement with the FCA that no new clients would be taken from December 2014, until the new regulations were adopted and RMR could ensure compliance. RMR withdrew its application for authorisation in February 2016 following consultation with the FCA.
- Since 2001, guidance and regulation regarding the handling of client funds by debt management companies including any monies received by the company for payment to creditors has required that such funds must be kept in a ring-fenced client account not usable by the debt management company for the purposes of its own business.
- From at least 29 July 2002 to 19 November 2012, RMR did not operate a segregated client account and from 20 November 2012 to the date the company ceased trading on 02 March 2016, designated client accounts were not operated correctly with client funds being utilised for the benefit of the company and the directors to the detriment of client creditors.
- Between 29 July 2002 and 30 March 2016 a total of £36,918,391.04 was received by RMR from its clients. Of this amount £17,468,070.05 was paid to the creditors of clients, whilst £2,729,121.24 was returned to clients as refunds or withdrawals. The remaining funds were used to fund the company’s own expenses of which £3,363,526.29 was paid for the benefit of the directors, including direct payments of £1,126,505 to Mr Mott.
- At least 642 claims in the liquidation, totalling £3.2m were submitted by individuals in debt management plans. Analysis of these claims and of client statements provided to them by RMR indicates a total amount due to clients in excess of £1.6m and as much as £3.2m should have been set aside in client accounts. At the date of liquidation funds in RMR’s bank accounts totalled only £1,956.
- As a consequence, at least £1.6m of funds paid into individual’s debt management plans for onward distribution to their creditors have not been paid and remain outstanding.
This information is correct as at 29 / 3 / 2018
) and laws have changed, they kindly advise us to get most of our debts written off by government and for this we need to start IVA process. Being very unexperienced in the matter of debt solutions, we did see this advise as a helpful at the beginning. Also Compass said they will refund our pot money back as they weren't able to help us. Very confusing situation and I do strongly believe that it was not the best solution in our situation. But it was better than nothing.
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