UK's Financial Conduct Authority: Ross Peters Sentenced For Failing To Pay Confiscation Order

Ross Peters was today sentenced to 400 days imprisonment for failing to pay the full value of a confiscation order made against him.

The Confiscation Order in the sum of 136,238 was made on 10 January 2017 at a hearing before His Honour Judge Leonard QC at Southwark Crown Court. The period afforded to Mr Peters to satisfy the Order expired on 10 April 2017. As of todays date, Mr Peters has paid 20,869.08 in satisfaction of the Order.

Mark Steward, Director of Enforcement and Market Oversight, said:

Confiscation orders cannot be ignored and will be enforced to ensure wrongdoers are held to account and their victims compensated as far as possible.

The sentence imposed today is in addition to the term of five and a half years imprisonment that Mr Peters received on 27 April 2015.

Even after having served the sentence in default of payment, Mr Peters will continue to be liable for the outstanding debt and the interest accrued.

All money recovered from Mr Peters will be used to compensate the victims of his crimes.

Background

The default sentenced was passed on Tuesday 12 December 2017 at a hearing at the City of Westminster Magistrates Court.
As of todays date, a total of 6,673.25 has accrued in interest and interest will continue to accrue at the daily rate of 26.06 on the outstanding balance.
Details of the previous confiscation hearing can be found here.
On 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA)
The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
Find out more information about the FCA, as well as how it is different to the PRA.