Court Orders Convicted P2P Lender to Pay £265k to Defrauded Investors

The Financial Conduct Authority (FCA) has secured a confiscation order of £265,523.96 against Andrew Currie, a convicted fraudster who misappropriated investor funds through the collapsed peer-to-peer lending platform Collateral. The order, issued at Southwark Crown Court on 9 January 2026, represents the total value of assets still available to be recovered for redistribution to victims of Currie's crimes.

Currie was convicted in 2023 and sentenced to two and a half years imprisonment for defrauding investors through Collateral, which he used to channel funds into personal purchases, including a property in Spain. The confiscation order comes with a stipulation that failure to pay within three months will result in a default prison sentence of up to three years.

Background and Context

The Collateral companies operated an online peer-to-peer lending platform that purported to hold interim permission from the FCA to conduct regulated activities. According to investigation findings, none of the Collateral entities actually held valid authorisation or permission from the regulatory body. When confronted by the FCA, Collateral agreed to cease lending activities, and by February 2018, the platform had become completely inoperative.

The case highlights ongoing regulatory challenges in the peer-to-peer lending sector, which has experienced significant growth in the UK over the past decade. The FCA has been tightening oversight of alternative finance platforms following several high-profile collapses that left investors with substantial losses.

Key Figures and Entities

Andrew Currie, the orchestrator of the fraudulent scheme, was found to have diverted investor funds for personal enrichment, including the acquisition of overseas property. His conviction in 2023 represented a significant victory for the FCA's enforcement division, which has increasingly focused on protecting retail investors from sophisticated financial crimes.

The Collateral companies operated under the pretense of regulatory compliance, falsely claiming FCA authorisation to lend credibility to their investment offerings. This misrepresentation enabled them to attract investors who believed their funds were protected by regulatory oversight.

Legal and Financial Mechanisms

The confiscation order of £265,523.96 represents the recoverable portion of Currie's illicit gains following his criminal activities. Under UK law, confiscation orders are designed to remove the economic benefits derived from criminal conduct, effectively making crime unprofitable. The court's determination reflects a thorough assessment of Currie's remaining assets after the initial proceeds of his fraud had been partially dissipated.

The three-month payment window with a potential three-year default prison term demonstrates the serious consequences for non-compliance with financial penalties. This enforcement mechanism serves as both a deterrent to other potential fraudsters and a tangible means of recovery for victims.

International Implications and Policy Response

Steve Smart, executive director of enforcement and market oversight at the FCA, emphasized the broader significance of the case, stating: "Mr Currie sought to profit by defrauding unwitting investors. Today's decision is a clear warning to fraudsters and scam artists that we will pursue them and ensure they don't benefit from their criminal activity."

The case underscores the increasing sophistication of financial crimes in the digital age and the importance of cross-border cooperation, given Currie's use of ill-gotten gains to purchase foreign property. The FCA has been working with international counterparts to trace and recover assets moved overseas as part of fraudulent schemes, recognizing the global nature of modern financial crime.

Sources

This report draws on official FCA announcements, court records from Southwark Crown Court, and publicly available information about the Collateral platform. Information regarding FCA enforcement activities was sourced from the regulator's official documentation.