Latest Update 24/5 from AABRS for Compass / RMR

[Amethyst]

Re: Latest Update 24/5 from AABRS for Compass / RMR

Thanks for the reply and its probably been said but you have been a rock throughout the process so a BIG thank you for all your help and advice.

I have statments from Compass showing the debts leaving my pot and being paid to various debtors however they have now started to chase me again for these balances.... I have told AABRS but they havent given me a satisfactory reply so I dont really know where to go with it from here..

Who are the creditors involved? and how much approx are the debts? Might be worth you starting a thread just to go through where you are at with things and look at writing specific letters to the creditors regarding the situation, or starting to look at CCA / court / SARs / statute barring etc. Those Compass statements should help your case.

[Amethyst]

Re: Latest Update 24/5 from AABRS for Compass / RMR

Just for those not in the Facebook Group there is a meeting with Derby North MP Chris Williamson on Sunday (in Derby) if any ex-Compass peeps want to come along. It's discussing a potential public inquiry.

[Amethyst]

Re: Latest Update 24/5 from AABRS for Compass / RMR

Well for interest ( always nice to read things from the horses mouth )

Robert Solloway https://www.insolvencydirect.bis.gov...087&CaseType=B

Richard Mott - https://www.insolvencydirect.bis.gov...087&CaseType=B

https://www.insolvencydirect.bis.gov...087&CaseType=B
For info Mark James Harrison did get made bankrupt in July 2017 https://www.thegazette.co.uk/notice/2835974

[Tangotommy]

Hi all, as it's been some time since we last heard anything with regards to the investigation. Does anyone have any further update with regards to AABRS? Last year I sent some evidence to AABRS which was courtesy from the bin at the Compass Office when they shut up. But not heard anything back from them.

[Amethyst]

The last update was almost exactly a year ago - so presumably an annual report is due shortly.

CVL0511A _Post _011015 - Liquidators Annual Progress Report

24 May 2017

06 Jun 2017

Liquidators' statement of receipts and payments to 29 March 2017

View PDF Liquidators' statement of receipts and payments to 29 March 2017 - link opens in a new window - 20 pages (20 pages)

[Amethyst]

2018-05-23 10_40_44-Start.png

[Tangotommy]

Thank you Amethyst for this

[Amethyst]

I know it is tediously slow and painful.... and I think we all know there is unlikely to be any redress for clients of Compass.... and the FCA and FSCS won't do a single thing to help ..... but closure is important.

What did you get from the bin at Compass btw ? ( literally from their bins at Long Eaton??)

[Tangotommy]

A note pad with personal information on. Addresses, A/C numbers for compass accounts, phone numbers etc plus individual debt amounts for people over the UK. I mentioned this to AABRS when the last form was sent out by them. They asked me to forward this to them to assist with the case. Never heard anything back from them. Sure I mentioned this before in a previous thread which had in excess of 25 pages at the time. The information from the note book was of no use to myself but when my partners name was the first one listed with phone call time, query etc that was why I took it plus wanted to confront one of the directors when I went there. Surprise surprise no one there so I had a good look around the premises out side.

[Tangotommy]

And yes from their bins outside, stationery etc with the logo where all thrown away

[Amethyst]

https://www.insolvencydirect.bis.gov...umber=04498095


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

[Amethyst]

A note pad with personal information on. Addresses, A/C numbers for compass accounts, phone numbers etc plus individual debt amounts for people over the UK. I mentioned this to AABRS when the last form was sent out by them. They asked me to forward this to them to assist with the case. Never heard anything back from them. Sure I mentioned this before in a previous thread which had in excess of 25 pages at the time. The information from the note book was of no use to myself but when my partners name was the first one listed with phone call time, query etc that was why I took it plus wanted to confront one of the directors when I went there. Surprise surprise no one there so I had a good look around the premises out side.

Did you pass it to the ICO ?

[Tangotommy]

I don't know who the ICO are? All I know is that AABRS have it now in their possession

[Amethyst]

Information Commissioners Office - for breach of data protection rules ( just to add to the list of things nothing will happen about )

[Tangotommy]

No I didn't but would AABRS submit it for that reason or just dismiss it??