You are here: Home - Saving & Banking - News -

Investment firm shut by FSA

0
Written by:
06/12/2006

The Financial Services Authority (FSA) has closed down a property investment firm that took £10m from 180 customers without proper regard for the laws that regulate UK investment.

The High Court has issued an injunction against the assets of Christian Orpin and Michael Vickery and their firm PDS Business Finance of High Wycombe in Buckinghamshire.

The FSA, which regulates UK investment, is trying to establish whether there are still any assets that could be given back to investors but is not confident that this will be the case. A spokesperson for the FSA said that they did not know exactly how much money had actually been lost. “We are still trying to establish if there are any assets left,” he continued.

The FSA, once it has concluded its investigation, has the power to insist on the repayment of customers’ money or to make the company insolvent. The directors could be banned from running an investment business or have criminal charges pressed against them. These sanctions are the primary means it has to safeguard UK investment.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
‘Richest 2% own half of everything’

A United Nations research institute has announced that the richest 2% of adults in the world own half of all...

Close