Phoenix purchases assets of Mortgage Times

Phoenix Corporate Planning Group has bought up assets from the collapsed mortgage network Mortgage Times.

Phoenix CPG, AR of IFA The Phoenix Group, has also acquired some of the assets of the network Network Data, which collapsed in 2008.

A spokesman says Phoenix purchased the Mortage Times assets as part of an expansion drive, and expects to pick up "a lot of orphan clients" from the failed network.

In December, Mortage Times' directors sent a letter to their advisers saying the company had ceased trading and was about to be placed in administration.

John Kelmanson, principal at the company's admnistrator Kelmanson Insolvency Services (KIS) says: "It is our task to realise as much value as we can from the sale of assets of the company in administration and also to realise any income streams that are due on behalf of all creditors.

"Phoenix has demonstrated it has the expertise and facilities to enable us to meet these criteria."

Managing director for Phoenix Michael Ramage says his firm's primary concern is to ensure Mortgage Times' clients are kept updated during the administration period.

He says: "We want to give them the opportunity to continue to receive proactive financial advice through ourselves or through those intermediaries who were ARs of Mortgage Times, but are still authorised and who wish to maintain their relationship with their clients."

Former Mortgage Times advisers who get in contact with Phoenix will be able to ring-fence their clients so they are not marketed by the new owners.

A spokesman for the Group says: "We urge advisers to be proactive. Please get in touch with proof of your link to Mortgage Times and let Phoenix know who your clients are."

On 25 January, the FSA cancelled the permission of Mortgage Times to carry on activities after saying it had a regulatory capital shortfall of £1m.

However, ARs of Mortgage Times had stopped receiving their commissions before the collapse of the firm.

In January, ex- Mortgage Times directors Chris May and Paul Carmody set up a financial planning and asset management firm called Carmody & May, which offers property finance, risk planning and business development services.