View more on these topics

Eight charged with landbanking fraud

 The Financial Conduct Authority has charged eight men with landbanking fraud and carrying out a regulated activity without authorisation.

The offences relate to the period between August 2008 and November 2011 and arise out of Operation Cotton, an FCA investigation into landbanking firms.

Scott Crawley, Daniel Forsyth, Ross Peters, Aaron Petrou, Ricky Mitchie, Dale Walker, Adam Hawkins and Brendan Daley have been bailed to attend City of London Magistrates Court on 10 May.

Walker, who is a solicitor at Dale R Walker Solicitors, has also been charged with money laundering and Forsyth has been charged with providing false information to the FSA.

The three firms involved in Operation Cotton are Plott UK, European Property Investments and Stirling Alexander. The regulator says these companies are believed to have taken over £5m from UK investors between 2008 and 2011.

Plott UK and EPI faced compulsory winding-up orders in June 2011 and December 2012, respectively, after the FSA pursued civil action.

Landbanking firms divide land into smaller plots to sell to investors on the basis that once it is available for development it will soar in value. But the land is often in areas of natural beauty or historical interest, with little chance of it being built on.

PMI Independent Financial Advisers director John Stewart says: “This could be the tip of the iceberg and there could be many more landbanking fines to come from the FCA.”

Recommended

1

Aviva to cut 2,000 jobs

Aviva is cutting 2,000 jobs across the group in the UK, Europe and Asia as part of a cost-cutting drive. Staff were informed of the move last week. It is not known how many of the affected roles are UK-based. The job cuts, which equate to 6 per cent of Aviva’s global workforce, will take […]

Govt could face big losses on Help to Buy, MPs warn

<!– <!– <!– <!– –> –> –> –> The Treasury select committee has slammed the Government’s Help to Buy mortgage indemnity guarantee, warning it could cause taxpayers significant losses and may not help first-time buyers or boost house building. The TSC’s Budget 2013 report, published last week, expressed concern that the Treasury will have an […]

2

FCA vows business interests will not be overlooked

FCA chief executive Martin Wheatley says it is a “fallacy” to suggest that the regulator has to choose between being a consumer champion and pro-business. Speaking at the Lansons Communications Future of Financial Services conference, Wheatley said the FCA will adopt a more consumer-focused agenda than the FSA, but said this approach will not mean […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com