FCA to award £2.5m to victims of land banking scam

Between 2005 and 2010, around 870 people invested an estimated £32.8m in unauthorised collective investment schemes established and operated by Countrywide Land Holdings, James Kenneth Maynard (trading as Regional Land and Countrywide Land Holdings) and Stephen Ronald Watkins (trading as Consolidated Land UK).

The schemes involved the unlawful selling of plots of land the firms were ordered to repay investors in several High Court cases.

A related company, Paradigm Consultancy S.A., was originally wound up in 2013 as a result of its involvement with the three unauthorised land banking schemes and the liquidation of the firm has now concluded.

As a creditor in the liquidation of Paradigm, the FCA has received approximately £2.5 million which it intends to return to eligible investors.

To date, only 392 out of approximately 870 possible investors have contacted the FCA and the regulator is now urging investors or their family members to get in contact.

Mark Steward, executive director of enforcement and market oversight at the FCA, said: "If you believe you were an investor in one of these unauthorised schemes, please get in contact with us. We will work to resolve this matter and return funds to eligible investors as soon as is possible but we need to demonstrate to the Court that we have taken reasonable steps to identify everyone affected."