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Finance & Economics

The UK financial regulator helped land banking victims

Jan 21, 2020

The FCA has recovered ￡2.5 million from the elimination of a related Panamanian company

land banking victims

The UK financial regulator helped land banking victims. Source: shutterstock.com

The Financial Conduct Authority (FCA) obtained approval from the High Court to return ￡2.5 million in compensation to victims of a series of unauthorized collective investment schemes.

Between 2005 and 2010, nearly 800 people invested approximately ￡32.8m in unauthorized collective investment schemes. They were established and operated by Countrywide Land Holdings Limited, James Kenneth Maynard (trading as Regional Land and Countrywide Land Holdings) and Stephen Ronald Watkins (trading as Consolidated Land UK). The schemes involved the illegal selling of plots of land.

Investment promising high returns means there is a high-risk investors will lose their money. Sadly, this is what happened here. We have worked very hard to identify people eligible to receive compensation from these schemes and are pleased to have been able to recover and return some of their money
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA

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