Convicted. Banned. But still fighting: Two brothers who were found guilty of offences in relation to a crowd-funded investment platform have received a prohibition from the city regulator, as one of the pair says their conviction is unsafe.
Collateral (UK) Limited was a finance company which facilitated investments crowdfunded by members of the public. The firm and two related companies entered administration in April 2018.
The two defendants, Andrew Currie, 60, and Peter Currie, 62, both denied two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2002 in a criminal prosecution brought by the Financial Conduct Authority.
They were convicted after a jury trial in July 2023 and received sentences totalling 8 years.
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
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Reporting by freelance journalist Daniel Cloake.
For reasons set out in two published notices, one for Andrew and another for Peter, we’re told that the FCA has decided to make an order prohibiting the brothers from “performing any function in relation to any regulated activity“.
This is because their criminal activity “demonstrates a clear and serious lack of honesty and integrity such that [they are] not fit and proper to perform regulated activities“, and because of the risks posed to consumers and “to confidence in the UK financial system“.
The notice confirms that both brothers have also been banned from acting as a director of a limited company until 14 July 2033.
The FCA issued the notices after consideration by the Chair of the Regulatory Decisions Committee.
Having been given advance notice of the decision Andrew Currie has not taken up an opportunity to challenge the notice by way of referral to the First-tier Tribunal.
At a Proceeds of Crime Act hearing held in December 2025, exclusively reported on by the mouseinthecourt, the court heard that Andrew was currently working as a chef, through an online booking platform – a role unlikely to interact with the FCA.
However, representations made on behalf of Peter Currie state that “he denied that he lacked fitness and propriety and contested the proposed prohibition order“.
Mr Peter Currie, pictured outside court in 2022
A delay in the making of the order was requested as Peter’s conviction had been referred to the Criminal Cases Review Commission in March 2026 on the basis “that there was material nondisclosure of key information by the Authority during the trial“.
The Criminal Cases Review Commission, set up in 1997, is an independent body that investigates potential miscarriages of justice in England, Wales and Northern Ireland. As of April 2026, they have 1,059 cases under review, and “aim to complete a minimum of 85% of cases within 12 months of receiving the application“.
Peter Currie “argued that proceeding to prohibit him before his appeal is determined would risk causing him severe and potentially irreversible harm and that a stay would not cause material prejudice to the Authority or to the public interest.“
This submission was not accepted as “the Authority decided that, in the particular circumstances of this case, it was not appropriate to delay the determination of the RDC proceedings“.
Adding: “It is already public knowledge that he has been convicted for fraud. In the event that his application to the CCRC is successful and ultimately results in his conviction being quashed, it would be open to him to apply to the Authority to have a prohibition order revoked – and based on other cases where this has occurred the Authority would be likely to grant such an application.“
If the CCRC is persuaded that the Court of Appeal should consider his case this will be his second attempt – a previous appeal before three senior judges in May 2024, albeit on different grounds, failed.
Concluding the 33-paragraph judgment, Lady Justice Whipple on that occasion said the court had “considered the wider picture. In our judgment, there was substantial other evidence to support this prosecution and we do not doubt the safety of this conviction“.
The FCA and the CCRC have been approached for comment.
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