Brokerage starts debt collection proceedings

It has been reported that London financial services firm, St James’s Place, has launched a High Court claim against its former partner, Peter Carron.

The claim is part of debt collection proceedings to claw back a £184,000 loan, according to a report on industry news site, Citywire.

Carron is the owner of collapsed brokerage, Primrose Associates, which was placed into liquidation in June of this year, along with Evaluate Technologies, which was also owned by Carron.

The companies folded with £4 million of client money feared missing, as reported on Debt Management Today at the time.

St James’s Place has since offered £2 million in compensation to Carron’s clients, although a spokesman for the firm stated that this was unrelated to the debt collection process for the £184,000 loan given to Carron.

City of London Police are still probing the collapse of Primrose, and how client money came to be lost. Last month a 41 year-old man from South East London was arrested on suspicion of fraud, as part of the investigation into Primrose.

Some reports have said this man is believed to be Carron. Police have now released him on bail.