We asked the Court to make Arthur Temlett, trading as Abacus Insurance Consultants ('Abacus'), bankrupt. This is known as sequestration in Scotland. The Sheriff granted our application on 27 August 2026.
Emma Porter of Aver Chartered Accountants ('Aver') was appointed as trustee. She will now assess Mr Temlett’s financial affairs and seek to distribute any recovered funds to creditors.Arthur Temlett is awaiting trial on embezzlement charges brought following an investigation by Police Scotland.On 21 January 2025, we took action to protect consumers by stopping Arthur Temlett from carrying out any regulated activities, including acting as an insurance broker. This was because of concerns that he may have sold home and motor insurance without passing premium payments on to the insurance provider.
Author: FCA
Posted: 01-01-1970
Victims of a £1.5m crypto investment fraud will recover lost funds after the FCA obtained confiscation orders against Raymondip Bedi and Patrick Mavanga.
At a hearing at Southwark Crown Court on 28 September 2026, Raymondip Bedi was ordered to pay £603,404.28 and Patrick Mavanga £247,997.99.Between February 2017 and June 2019, Bedi and Mavanga operated a fraudulent investment scheme, cold-calling consumers and persuading them to invest in fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP. At least 65 investors were defrauded and lost £1,541,799.The FCA has identified and contacted victims of the fraud and will ensure that funds recovered through the confiscation process are returned to victims.In July 2025, following an FCA prosecution, Raymondip Bedi was sentenced to 5 years and 4 months' imprisonment and Patrick Mavanga was sentenced to 6 years and 6 months' imprisonment for their roles in the scheme.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'Bedi and Mavanga defrauded investors and left them out of pocket. These orders bring victims a step closer to getting money back.'We’ll keep coming after fraudsters and holding them to account.'Notes to editorsRaymondip Bedi’s date of birth is 9 October 1989.Patrick Mavanga’s date of birth is 24 November 1984.FCA secures convictions against two individuals for £1.5m fraud.Two individuals sentenced to a combined 12 years for £1.5m crypto fraud.Confiscation orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower.If the defendants fail to pay the confiscation orders within 3 months, Bedi will face up to an additional 5 years in prison and Mavanga could face up to 2 years.The FCA has previously sought to contact affected investors. Anyone who believes they may have been affected and has not heard from the FCA should contact the FCA's Consumer Helpline.Fighting financial crime is a priority in the FCA’s 5 year strategy.The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more information about the FCA.
Author: FCA
Posted: 01-01-1970
On 24 September 2026, IMFP and IMA entered administration. Robert Goodhew and Geoff Bouchier of Kroll Advisory Limited were appointed joint administrators for both firms.
The joint administrators are responsible for managing the affairs of the firms during the administration process. They are officers of the court and need to comply with all insolvency law.IMFP is authorised by the FCA. IMA is an appointed representative of IMFP.The firms carry out regulated activities, including financial planning and advice on pensions, mortgages and wider financial planning matters.On 24 July 2026, IMFP agreed to a voluntary requirement which restricted the activities it can carry out.Below we set out for customers:How to contact the joint administrators.Information about the administration.What to do if you are concerned about your investments.What to do if you have a complaint with the firms.How to protect yourself from fraudsters claiming to act on behalf of the firms, the joint administrators or the FCA.
Author: FCA
Posted: 01-01-1970
On 25 September 2026, ITI Capital Ltd (ITI Capital) entered special administration. Duncan Perring and David Soden, both of Teneo Financial Advisory Ltd (Teneo), were appointed as special administrators.
ITI Capital is a FCA authorised and regulated brokerage company that helped customers invest in shares and bonds and looked after their investments.On 10 August 2025, ITI Capital agreed to stop carrying out most regulated activity (UK and overseas) and to stop accepting any new client money or custody assets.
Author: FCA
Posted: 01-01-1970
Twenty-one Contracts for Differences (CFD) firms have closed since 2025, following a FCA crackdown.
The FCA was concerned the firms were misusing their authorised status to mislead consumers. Three other firms are currently cancelling their permissions.The FCA has been challenging CFD firms that carry out little UK business but use their authorisation as a badge to make linked overseas companies look more trustworthy than they really are. This creates the misleading impression that consumers are dealing directly with a UK-regulated firm and benefit from UK protections when they do not.Firms have faced a range of actions, including restricting their trading abilities, requiring independent reviews of their business and opening enforcement investigations in the 2 most serious cases.Dominic Holland, director of sell-side supervision at the FCA, said:'Consumers need to know exactly who they're dealing with and what protections they have. When firms blur the lines between their UK-regulated activities and overseas businesses, we will step in. These closures show we're prepared to take action to protect consumers.'Consumers thinking about trading CFDs should remember that these products are complex and often involve high levels of leverage, meaning large losses can build up very quickly.Before opening an account, consumers should check carefully that they are dealing with a UK authorised firm if they want the protections that come with FCA regulation.Consumers should also use our Firm Checker to check they are dealing with a UK-authorised firm, and not an overseas firm with a very similar name to a UK firm. In the latter situation, UK regulatory protections are unlikely to apply.Notes to editorsCFDs are complex financial products used to speculate on the movement in prices on a wide range of assets. As a result, they carry a considerable risk of substantial losses.In 2019, the FCA restricted the sale of CFDs to retail customers.In 2024, the FCA set out priorities for the CFD sector (PDF).In 2025, the FCA warned investors in CFDs at risk of losing UK protections through redirection offshore.
Author: FCA
Posted: 01-01-1970