Proposed FCA SMCR rules mean CMC’s are to disclose conduct details from the past 6 years
According to their website, claims management company, Family Money Savers Limited are the ‘financial claims management specialists’ in reclaiming compensation for mis-sold PPI, SIPPS and Packaged Bank Accounts. They also act as agents of KFC Realisations Limited (formerly Key Financial Claims Limited) (In Liquidation) by progressing any customer claims previously submitted by the liquidated company.
Family Money Savers Ltd had been given interim permission by the FCA to perform a credit brokerage business but this ceased in April 2015.
Family Money Savers Ltd was authorized by the CMR in November 2012 (CRM 30153) and trades as DLG Collections and Key Financial Claims. The contact address is based in Manchester at Unit 50 First Floor, Express Networks, 1 George Leigh Street, MANCHESTER, M4 5DL . This address also houses FCT Financial Ltd and both companies have the same active directors in Anthony Crossman and David Fuher – except FCT Financial Ltd were ordered by a court to wind up in May this year. The winding up of companies is something both directors seem rather familiar with yet they still continue to trade.
The Managing Director
According to Companies House records, David Fuher has been a director of 48 companies – 27 of are dissolved, 2 are in administration and 2 are in liquidation (KFC Realisations Ltd and FCT Financial Ltd). Of the companies, Consumer Money Matters Ltd, Consumer Claims Management Ltd and Simms Carmichael Ltd were all licensed CMC’s along with KFC Realisations Ltd.
David Fuher is the current director of several active companies including the CMC, Family Money Savers Ltd and FCA authorized, Legacy Wills and Estate Planning.
Mr Fuher has been a director of numerous and sometimes contentious companies over the years including Carrington Carr Holdings Ltd and Carrington Carr Home Finance Ltd (CCHFL) which charged a fee for offering advice on home loans and insurance. Sadly this company was placed into administration due to a “continuing deterioration in the remortgage market, coupled with legacy claims in respect of alleged historical PPI mis-selling activities”. The Directors Statement of Affairs shows an estimated deficiency of £9,670, 490.
According to the Administrator’s report, they were contacted by 2 parties who subsequently submitted an offer for CCHFL’s customer leads list, IP, website domain and good will. A higher offer from Platinum Life Solutions Ltd was accepted and the initial sum of £50,750 was received. Yet Platinum Life Solutions Ltd had several of the same directors, including David Fuher and John Hudson.
The complex web of interwoven companies is extensive and probably the subject for a separate blog as part of our series. Therefore on this occasion we will look at Family Money Savers Ltd (FMSL) which was initially established by Fuher & Co in January 2012 under the name Aard Marketing Services Ltd but changed its name to FMSL in April 2013. Oddly it was granted its authorization by the Claims Management Regulator in November 2012 with trading names DLG and Key Financial Claims.
Key Financial Claims Ltd (who later became Key Financial Realisations Ltd) were given a CMC license in August 2010 and were a successful PPI claims company who helped clients claim £420million. David Fuher was appointed as a director on November 2010. In 2011 the company was riding high with fellow directors Andrew Parker and Andrew Gannon (both names the Moneycheats project is familiar with) as they aimed to treble their workforce but the turnover fell each year from £52.4m in the year ending 31 July 2012 to £7.3m in 2014/15 and the company went into administration leaving creditors with “an anxious wait to find out what proportion of the company's multimillion-pound debts will be repaid following its acquisition by a connected party.”
According to the administrators report, the reasons for the decline were a decrease in PPI claims, a significant tax liability and a significant sum was owed by Consumer Money Matters Ltd and who had gone into administration (the report does not mention the fact that Consumer Money Matters Ltd was a CMC whose directors included David Fuher and who were named by Which? as one of the top nuisance callers and who bought the company mobile numbers and handsets from Carrington Carr Home Finance Ltd)
So which “connected party” acquired the KFC business?? It was Mr Fuher’s Family Money Savers Ltd and who gave an initial payment of £10,000 for office fixtures, fittings and equipment, £19,996 for the Company’s ongoing claims revenues and £1 each for goodwill, intellectual property rights, customer contracts and the Company’s records!
To conclude, the volume of linked companies is extensive and would run to several pages, so suffice to say that on the 4th November 2015, the Law Gazette published the appointment of administrators for Carrington Carr Group Services Ltd, Carrington Carr Holdings Ltd, Consumer Money Matters Ltd, FAT Enterprises Ltd, Home2Cover Ltd, Platinum Life Solutions Ltd, and Platinum Wills Ltd,
However, Family Money Savers Ltd whose fee is 24% (inclusive of VAT @ 20%) of the gross compensation amount awarded continue to trade.