The FCA has commenced criminal proceedings against the 2 former directors of Collateral (UK) Ltd, Peter Currie, 58, and Andrew Currie, 57, who each face 2 charges under the Fraud Act 2006 and 1 charge under the Proceeds of Crime Act 2002.
Our coverage of the FCA v Currie & Currie prosecution
✍️ Jan 2022: FCA commences criminal proceedings against Collateral Director
✍️ Jan 2022: Collateral Currie brothers appear in court following FCA action
✍️ Feb 2022: Trial date set for Currie brothers
✍️Oct 2022: Collateral Currie brothers trial on track as Case Management Hearing held
✍️Nov 2022: Collateral Currie brothers trial update
✍️ Jan 2023: FCA Collateral Case – January Update
✍️ Jan 2023: FCA Collateral Case – 4th preliminary hearing concludes
The Trial
✍️ 19th April 2023 – Prosecution Opening
‘Collateral Directors “lied to their investors” jury told‘
✍️ 20th April 2023 – Investor + FCA Investigator
‘Collateral Directors had motive to lie to secure investments, jury told‘
✍️ 21st April 2023 – Investor statements
‘FCA failed to pick up on false register entry for 22 months, jury told‘
✍️ 24th April 2023
FCA: We had ‘access’ to the Collateral platform since October 2016
✍️ 25th April 2023
AM: ‘Register change “would have been obvious to any case officer if the FCA had done their job” jury told‘
PM: Collateral Legal Advisor: The FCA “passed us from pillar to post throughout the process”
✍️ 26th April 2023
‘Collateral advisor told directors: “We are not going to be able to fob this off”, jury hears‘
✍️ 27th April 2023
Collateral directors took £763k out of company after FCA identified breach, jury told
✍️ 28th April 2023
Collateral director: “the FCA are looking for a scapegoat”, jury hears
✍️ 4th May 2023
AM: Jury hear the ‘agreed facts’ in Collateral FCA fraud case
PM: “The FCA was as clear as mud”, Collateral director tells jury
✍️ 5th May 2023
Collateral Director: “We are in court now as a bit of deflection of blame from the FCA”, jury hears
✍️ 10th May 2023
Collateral Director tells jury: Rishi Sunak wants compensation for investors
✍️ 11th May 2023
The FCA “don’t fully understand P2P as a market”, jurors hear
✍️ 12th May 2023
Peter Currie – “I wanted everything to be correct, above board.”
✍️ 15th May 2023
Jurors given ‘route to verdict’ in Collateral Fraud trial
✍️ 16th May 2023
FCA admits they “left the window to the car open and someone was able to reach in”, jury hears
✍️ 17th May 2023
Judge tells jury: The FCA are not on trial
✍️ 22nd May 2023
Guilty verdicts returned in Collateral fraud trial
✍️ 14th July 2023
Currie brothers jailed after Collateral fraud trial
Post Trial
✍️ 7th Dec 2023
Timetable set for Currie brothers proceeds of crime hearing
✍️ May 2024
Peter Currie fails to challenge conviction at court of appeal
✍️ Jan 2025
Peter Currie victims set to receive 500 pence each after FCA confiscation hearing
✍️ Jan 2026
Collateral Currie brother must pay £265k or face 3 years in prison
In a news statement published on January 7th 2022:
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
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.
Editors Note
Apologies for the blatant ‘churnalism‘. I expect to update this blog with original content as the litigation continues.
In the media
10 01 2022:
P2P Finance News: “Collateral damage: A timeline of the administration“
08 01 2022:
The Times: “Bosses of peer-to-peer lender Collateral charged with fraud“
07 01 2022
FCA: “FCA commences criminal proceedings in relation to Collateral (UK) Ltd“
Bridging&Commercial: “FCA begins criminal proceedings against Collateral UK’s former directors“
Financial Planning Today: “FCA says brothers’ firm falsely claimed to be authorised“
Law360: “FCA Charges Ex-Directors Of Peer-To-Peer Lender With Fraud“
Mouse in the Court 
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