Clubfinance, the discount broker and low-cost investment platform provider, has completed the acquisition of the client bank of Ivan Massow's Paymemy business, and is writing to clients pointing them to advice channels.
Clubfinance offered to take on the clients of Paymemy in late August when it became aware that the business was closing down, leaving investors who had signed up to the service with limited options regarding where they could continue to receive trail commission rebates. All negotiations and due diligence have now been completed and the former Paymemy client bank has been legally transferred to Clubfinance. Clubfinance will also be writing to former Paymemy clients highlighting that if they think they need advice, they should seek it. It will also include the details for unbiased.co.uk...
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