FCA begins criminal proceedings against Collateral UK's former directors

Andreea Dulgheru | 17:04 Friday 7th January 2022 | 2

The FCA has commenced criminal proceedings against the two former directors of Collateral UK, Andrew and Peter Currie.

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p>They each face two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2000.

The watchdog alleges that the brothers dishonestly represented to investors that Collateral was authorised and regulated by the FCA to operate as a P2P lender, knowing this was false.

The regulator alleged that shortly after Collateral was asked by the FCA to cease conduct of all regulated activities in January 2018, the former directors abused their positions by transferring funds to a separate company and moved further sums that they knew or suspected were the proceeds of crime into the bank accounts of Andrew Currie.

Collateral is insolvent and now in liquidation.

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

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