People Moves

UK Wealth Manager Gets Interim Order Against Former Staff

NIck Parmee 8 April 2010

UK Wealth Manager Gets Interim Order Against Former Staff

The High Court in London has granted an interim injunction against six former Edward Jones advisors. Edward Jones, now wholly owned by independent financial advice and investment firm Towry Law, alleges solicitation of its clients and misuse of confidential client information. 

Chief executive Andrew Fisher said: “We will take every action available to us to protect the interests of our shareholders and our clients. The contracts signed by the ex-Edward Jones advisors clearly state that they are not able to solicit our clients for relevant business. Misusing confidential data is not, in our opinion, ever acceptable and we are currently preparing a number of similar actions against other former employees of Edward Jones.”

Towry Law acquired Edward Jones on 12 November 2009.

The issue of whether and when former employees can solicit their erstwhile clients regularly emerges as a controversial point in financial services, including wealth management. In 2008, UBS won a court settlement to prevent former employees, who had defected to the UK firm, Vestra Wealth, from contacting former clients for a specified period.

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