FSA acts to halt unauthorised deposit-taker
FSA/PN/131/2006
05 December 2006
The Financial Services Authority (FSA) has obtained an interim injunction at the High Court against Mr Christian Orpin, Mr Michael Vickery and Orpery Limited, of which they are the directors. The FSA believes that they were unlawfully accepting deposits without authorisation from the FSA.
The injunction will prevent Mr Orpin, Mr Vickery and Orpery Limited from accepting deposits. It also freezes their assets.
A total of 180 investors are thought to have paid in over £10 million to the scheme run by Mr Orpin. The scheme was promoted by Mr Orpin under the name of PDS High Wycombe and was operated by him under the name PDS Business Finance. The FSA is working to establish the value of Mr Orpin's assets to determine whether there may be a shortfall against the liabilities to investors.
Investors paid money to Mr Orpin (as PDS Business Finance) who in turn lent the funds to Orpery Limited to invest in properties. Investors deposited sums in multiples of £5,000 and were promised payments of £150 per month for up to six months, for each £5,000 invested, plus the return of their deposit.
Because neither Mr Orpin nor Mr Vickery or their company Orpery Limited have ever been authorised by the FSA, investors may not claim compensation from the Financial Services Compensation Scheme or make a complaint to the Financial Ombudsman Service.
The FSA's investigation is continuing.
Notes for editors
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.