Financial Conduct Authority
FCA seeks compensation for Park First investors
The FCA has started proceedings against Park First Limited, its senior managers, including its chief executive officer and a number of other companies connected to the Park First group. The FCA is seeking compensation orders in favour of investors in respect of losses they have suffered in the Park First scheme.
The FCA alleges the Park First scheme involved an illegal collective investment scheme established to operate car park investments using funds from members of the investing public. The scheme raised approximately £230 million from 4,500 investors.
The FCA also alleges that the scheme was promoted to the public using false or misleading statements. The Defendants made statements to the effect that investors could realistically expect returns of 10% in years 3 and 4 of their investment and 12% in years 5 and 6. The FCA alleges the Defendants had no proper basis for these statements which were false or misleading. The Defendants also suggested that the investments were worth 25% more than the price for which they were being sold, based on independent valuations. However, the Defendants were aware that the valuations were based on unrealistic returns.
The FCA is asking the Court to order the Defendants to pay a just sum to the FCA to then distribute among the investors who have suffered loss as a result of the Defendants’ alleged contraventions.
The FCA is also seeking:
- a declaration that the schemes were collective investment schemes and that the Defendants have unlawfully established, operated and promoted them (or were knowingly concerned in establishing, operating and promoting them), and that the Defendants made false or misleading statements and impressions about the schemes
- injunctions restraining the Defendants from doing the same again
The FCA’s proceedings have been brought against chief executive, Toby Scott Whittaker, director John Slater and a number of companies involved or connected to the scheme, including Park First Limited, Harley Scott Residential Limited (previously known as Park First Glasgow Limited), Park First Skyport Limited, Paypark Limited, Help-me-park.com Limited and Group First Global Limited.
Four of the Park First companies involved in the scheme were placed in administration in July 2019.
Notes to editors
- More information on these proceedings and why we have taken action now
Latest News from
Financial Conduct Authority
22 years of pension savings gone in 24 hours11/11/2019 10:25:00
Victims of pensions scams could lose 22 years’ worth of savings within 24 hours, according to the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).
FCA urges victims of illegal loan scheme to come forward01/11/2019 10:25:00
The Financial Conduct Authority (FCA) yesterday urged customers who took out a loan with Mr Dharam Prakash Gopee to contact them as they may be eligible for compensation.
FCA confirms help for mortgage prisoners29/10/2019 10:25:00
The Financial Conduct Authority (FCA) yesterday confirmed that it has removed barriers that stop some mortgage customers from finding a cheaper mortgage deal.
FCA data show 4.29m complaints for first half of 201917/10/2019 15:25:00
The Financial Conduct Authority (FCA) has today published the complaints figures for regulated firms for the first half of 2019. The data showed an increase in complaints from 3.91m in the second half (H2) of 2018 to 4.29m for the first half (H1) of 2019.
FCA announces future work on climate change and green finance17/10/2019 13:25:00
The FCA has published a feedback statement setting out its proposals to improve climate change disclosures by issuers and information to consumers on green financial products and services.
FCA acts to protect those buying motor finance16/10/2019 14:10:00
The Financial Conduct Authority (FCA) yesterday announced plans to ban the way in which some car retailers, and other brokers in the motor finance sector, receive commission.
The FCA fines Tullett Prebon £15.4 million14/10/2019 16:25:00
The Financial Conduct Authority (FCA) has fined Tullett Prebon (Europe) Limited (Tullett Prebon) £15.4 million for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA.
FCA sets out latest expectations for firms on Brexit11/10/2019 16:20:00
The FCA and regulated firms have been taking steps to prepare in the event the UK leaves the EU on 31 October 2019 without a deal. Today the FCA has issued an update on steps certain firms need to take.
FCA urges remaining victims of Churchgate Trading Syndicate to get in touch09/10/2019 10:25:00
The Financial Conduct Authority (FCA) urges members of the public who lost money in an unauthorised scheme called the Churchgate Trading Syndicate and who may be eligible to receive some of their money back, to get in contact with the FCA.