RAMP expelled c2 from the Alliance earlier this month, saying a compliance review failed to demonstrate sufficient adherence by the firm to appropriate compliance standards. But c2 insists its departure was more to do with a clash of opinions over the running of RAMP.
There had also been questions about why Foxall, who wrote the compliance report which led to c2’s expulsion from RAMP, chose to leave the alliance in favour of c2.
In the advert Foxall claimed she joined c2 from RAMP earlier this year due to the strong financial standing of the company and its ‘healthy approach to compliance’. She said it ‘responded well to criticism and worked to her RAMP deadlines’.
She also said she valued the directors of c2, David Wylie and Justin Caffrey’s input to the board meeting and was told by the directors of other member they felt the same. Foxall concluded that compared with the strategy of all the member firms, c2’s business strategy was ‘the most robust and likely to succeed’.
John Rice, managing director of RAMP, said this “stunt” by c2 was “extraordinary” and drew attention away from the issues as to why it expelled RAMP. “Sam is not exactly qualified to comment on the other members’ business strategies,” he said. “Our members are disappointed with her comments. I’ve never seen a company do this type of thing before. People would have been questioning if c2 is the best packager to use, but this advert is quite an ill-judged move.”
Wylie said: “Sam is perfectly entitled to explain her views as to why she left RAMP. She is incensed by what she sees as mis-use of her compliance reports and double standards. As for skirting round the issue of c2’s expulsion, I know Sam would like John Rice to release all the members’ compliance reports. c2 certainly has nothing to hide.”
John Stewart, director of PMI Independent Financial Advisers, said: “This advert is just bizarre. It adds no credibility to the company and just draws more attention to the situation.”
