Financial planning company Claro Money has told customers to withdraw their money from its platform after announcing the suspension of its flagship app.
In a letter to customers, Claro chief executive Rob Brockington set out plans to “refocus” the financial advice firm’s efforts, with a view to delivering in-person financial planning courses.
The company chief executive said Claro will also launch a new web-based platform early next year, as he told customers the firm had, as of today, suspended its financial coaching app.
Brockington asked customers to withdraw any money they have on Claro’s platform within the next 30 days, as he said the firm will be ending its two per cent saving rate and cancelling all free coaching calls.
The firm said all customers who took part in the two per cent cash campaign will receive their bonuses in full, as it assured customers that their money is protected under the UK government’s financial services compensation scheme (FCSC).
The calls come as Claro is seeking to pivot its business to begin offering in person financial planning sessions, paid for by employers.
“We are now on the lookout for progressive employers to roll out our new financial wellbeing service offering via employers,” a Claro Money spokesperson told City A.M.