UK Financial Conduct Authority Commences Criminal Proceedings In Relation To Collateral (UK) Ltd

The FCA has commenced criminal proceedings against the 2 former directors of Collateral (UK) Ltd (Collateral), Peter Currie and Andrew Currie, who each face 2 charges under the Fraud Act 2006 and 1 charge under the Proceeds of Crime Act 2002.

The FCA alleges that the Curries, who are brothers, dishonestly represented to investors that Collateral was authorised and regulated by the FCA to operate as a peer-to-peer lender knowing this was untrue.

It is further alleged that shortly after Collateral was asked by the FCA to cease conduct of all regulated activities in January 2018 and shortly before the company ceased trading, the brothers dishonestly abused their positions by transferring funds to a separate company and, in addition, transferred further sums that they knew or suspected were the proceeds of crime into the bank accounts of Andrew Currie.

Collateral is insolvent and is now in liquidation.

Peter and Andrew Currie are due to appear at Westminster Magistrates Court on 26 January 2022.

Background

Peter Currie (DOB 14/04/1964); Andrew Currie (DOB 29/07/1965).
On 28 February 2018, Collateral purported to appoint an administrator. On 27 April 2018, on the FCA’s application, the High Court ruled that this appointment was invalid and appointed alternative administrators proposed by the FCA. Collateral has subsequently been put into liquidation.
The charges faced by Peter and Andrew Currie are fraud by false representation, contrary to sections 1 and 2 of the Fraud Act 2006; fraud by abuse of position, contrary to sections 1 and 4 of the Fraud Act 2006; and converting criminal property, contrary to section 329 of the Proceeds of Crime Act 2000.