FSA takes fight against land banks to YouTube

The Financial Services Authority (FSA) has taken its fight against illegal land banking to YouTube, uploading a four-minute video onto the site to warn investors of the dangers of the schemes.

FSA head of retail enforcement Jonathan Phelan (pictured) appears in the video, and appeals for those contacted by land banks to speak to the regulator.

'This is a £200 million-a-year problem and over the past 18 months we've closed down eight firms that caused £50 million of victims' losses,' he says.

'What bothers us about the current crop of land banks is they are much more criminal and aggressive in their nature.

The video is the first to be uploaded by Youtube user FSAconsumerinfo, and at the time New Model Adviser® viewed it had attracted just 88 views.

The FSA is currently pursuing six other High Court cases against land banking operations, having obtained initial injunctions against all of them, and has said it is actively investigating several more.

In 2008 the FSA first took High Court action against a land banking firm UK Land Investments Limited and recently obtained a High Court winding-up order against Plott UK Limited, another land banking operation, on 8 June.

Last week it secured a High Court ruling against a £11 million land bank, ordering Stephen Watkins, who traded as Consolidated Land, and ordered him to pay £920,000 to his victims.