View more on these topics

FCA charges eight men with land banking fraud

FCA logo 480

The Financial Conduct Authority has charged eight men with land banking 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 land banking 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 companies involved in Operation Cotton are Plott UK, European Property Investments and Stirling Alexander. The FCA 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.

Land banking companies divide land into smaller plots to sell it 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.

Recommended

Hargreaves defends enhanced annuity commission payments

Hargreaves Lansdown has defended the level of commission it takes on a new online enhanced annuity shopping around service. Hargreaves launched the enhanced annuity search engine last week. The search tool sources rates from nine providers covering around 92 per cent of the annuity market. The five enhanced annuity providers on the panel are Aviva, […]

8

FCA: Small firms may need to outsource to survive

The Financial Conduct Authority says small and one-man adviser firms will still be able to operate effectively in the post-RDR world but may increasingly need to outsource a lot of their functions. Speaking at The Platforum Roadshow in London yesterday, FCA technical specialist Rory Percival said the new regulatory requirements may be beyond the abilities […]

SJP adds two new non-exec directors from Lloyds

Lloyds Banking Group finance director Steve Colsell is stepping down from his role on the St. James’s Place board in June. Colsell is currently the sole Lloyds representative on the SJP board and had been in the role since February 2009. He will be replaced by Lloyds retail risk managing director Alison Hewitt and Lloyds […]

3

Letter to the editor: RDR stats only show part of the picture

Dear Sir,  You recently reported the drop in financial advisers during 2012, but the reductions in people does not reflect the reduction in the availability of advice. The key figure was the 44 per cent (3,849) reduction in bank advisers. The average bank adviser will see more new customers (some will see 5-10 per week) and […]

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