Ex-BCP staff give promise on confidentiality

THREE employees of BCP who left to join rival stockbroker MMI have agreed not to use or disclose any confidential information relating to BCP clients.

BCP had sought a number of court orders restraining the former employees, but yesterday accepted a voluntary undertaking from the three men not to disclose confidential information.

The managing director of MMI stockbrokers, Mr Oisin Fanning, was adamant last night that the undertaking was no more than had been offered by the three at the start of the legal proceedings. He added that it would not restrict the men or MMI from approaching present and former clients of BCP with business deals.

BCP said it was "delighted with the outcome". The agreement "will remain in force until the action brought by BCP to make it permanent is heard. It will be several months before the action is heard in the High Court.

In a statement issued yesterday BCP said "Until today the defendants refused to give undertakings on these terms. BCP feels fully vindicated by this course of action and will continue to be vigilant in protecting the confidentiality of its client records."

The three men Mr Kevin O'Shaughnessy, Mr Brian Tyrell and Mr Keith Jordan have either left BCP or handed in their notice along with Mr Ian Lawrie and Ms Marie Ainsworth. The five individuals will join MMI where they will establish an asset management division.

The division will market tax efficient investments such as business expansion schemes and Section 35 film financing projects to wealthy individuals, said Mr Fanning. The division is expected to turn over up to £500,000 a year. MMI hopes to launch its own BES scheme eventually, Mr Fanning added.