St James’s Place (SJP) has launched a High Court claim against former partner Peter Carron, owner of liquidated IFA firm Primrose Associates, to claw back a £184,000 loan.
SJP said there was no connection between its claim against Carron and the £2 million compensation it has offered his clients, who claim to have lost money investing in Primrose Associates and Evaluate Technologies.
A SJP spokesman confirmed that it had started its ‘normal’ debt collection procedures to recover its loan to Carron. ‘This is part of the normal debt collection process, it is not connected to the compensation package,’ said a spokesman.
Primrose Associates was placed into liquidation on 21 June and John Kelmanson, joint liquidator of the company. Kelmanson 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. Last month police arrested a 41-year-old man from South East London believed to be Carron on suspicion of fraud before releasing him on bail, as part of its investigations into Primrose.