The Analysis News & Opinions
Four credit broker directors are disqualified for 28 years
Directors of a consumer credit broker, which took money without permission, have been disqualified for a total of 28 years. The directors of Secure My Money
Limited – Mark Robert Kennedy, David John Carter Mullins, Edward John Booth, and Christopher Brotherton – were found to have: l Induced members of the public to provide bank or credit-card details so that they could take money without their knowledge or consent. l Not provided agreed services. l Made misleading statements in respect of refunds to its customers, company bankers, and the Financial Conduct Authority (FCA) when challenged. l Not carried out any work for its upfront fee.
Mr Kennedy, Mr Mullins, and Mr Booth
also shared responsibility for allowing the company’s website to remain active, resulting in £181,393 being taken from individual bank accounts, after Secure My Money had agreed with the FCA to remove it from public access. At liquidation, on 31 August 2014, the
company had liabilities totalling £357,628, with assets estimated to be £6,000. Secure My Money had begun to
lCharged customers, who had already paid an upfront one-off fee, monthly fees without their permission, knowledge, or any clear explanation or justification.
Momentum builds for commercial debate
Momentum is continuing to build to the next of CCRMagazine’s round-table debates with Else Solicitors, which will again be aimed at the commercial credit industry. Stephen Kiely, editor of CCRMagazine,
said: “It has been very pleasing to see the initial interest in this important debate, but we still have time to go, so there is still plenty of opportunity for professionals to get involved. “We are often asked to fit more
commercial debates into our busy schedule of round-table discussions. It is an area where there is so much knowledge and
opinion to be shared, and senior commercial credit professionals are highly admirable in their willingness to help their fellow credit managers. “So we are very pleased be continuing
this tradition.” It is coming. 8
www.CCRMagazine.co.uk December 2017
trade as an internet credit broker in August 2011 using the trading styles MoneyGaGa, Loan Zoo, Loan Junction, and i-loans direct. Cheryl Lambert, chief investigator at the
Insolvency Service, said: “This company was a shark feasting in a pool of the most vulnerable and financially distressed. “It took advantage of their desperation immediate funds, and its own
for
technical expertise, to induce the unwary into a trap from which it was difficult to escape. “The system that was created resulted in
some of the least financially sophisticated members of society having their banking and personal details pinging around a school of sharks to create a feeding frenzy. “This was utterly cynical and thoroughly
reprehensible commercial activity. “The disqualification of the four people
directly responsible is a warning to all directors. We are continuing to pursue the rogues, chancers, and recklessly greedy. There will be a direct personal consequence to the activities undertaken behind the corporate veil. “The Insolvency Service would like to
thank the FCA for their co-operation in this case.”
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