FSA says ex-St James's Place partner Carron defrauded clients

The Financial Services Authority (FSA) has asked clients of former St James’s Place partner Peter Carron to contact it, saying Carron breached his authorisation by defrauding them.

Primrose Associates was placed into liquidation on 21 June. John Kelmanson, joint liquidator of the company, said that £4 million of client money had been directed to Primrose Associates and Evaluate Technologies, which has also gone into liquidation. Both Primrose and Evaluate are owned by Carron.

City of London Police has said it is continuing to investigate how Primrose Associates and SJP client money was invested as part of its probe into the collapse of Primrose.