RAMP announced the decision on Wednesday morning and would not comment further apart form to release the following statement: “C2 Financial have been expelled from RAMP after a compliance review failed to demonstrate sufficient adherence to appropriate compliance standards. John Rice, managing director of RAMP confirmed C2’s departure from the alliance but didn’t think it appropriate to comment any further.”
David Wiley, managing director of C2 Financial, responded to the release saying. “We have for some time been disillusioned with the severe internal management failings within RAMP. Our criticism has not been received constructively by the managing director and the powers that be have sought to silence our dissecting voice.
“The report used to expel us is already out of date and the issues raised within it have already been adhered to and rectified.
`’The fact was confirmed to the board by RAMPs former compliance officer, who recently resigned. Her reasons for leaving related entirely to the known failings. She has subsequently joined C2 as compliance director.
“There exists within RAMP many double standards and I am sure in the coming weeks more light will be shed on the internal failings.”
John Mawdsley, director of the The Mortgage Partnership, said: "I think this just reinforces the argument that all packagers should come under the regulatory remit of the FSA."