The Financial Conduct Authority is searching for investors in Asset Land investors who may be due compensation payments.

Investors who think they may be due compensation need to get in touch with the regulator by 25 March.

Those who have already been contacted by the regulator do not need to take any action.

The FCA took legal action against the Asset Land companies and their directors, David Banner-Eve and Stuart Cohen, following an investigation into unlawful activity in 2012. Following a trial and multiple appeals, the defendants were ordered to pay £21m to the FCA for compensation to affected investors.

No payment was made so the FCA took action to enforce the payment, resulting in the compulsory liquidation of the companies and bankruptcy of the directors.

The joint liquidators have concluded the insolvency proceedings following the sale of remaining assets and the regulator is now looking to distribute the funds to eligible investors.

It plans to make the distribution of compensation in the first half of this year, subject to High Court approval, it said.

Investors in Asset Land can contact the FCA at This email address is being protected from spambots. You need JavaScript enabled to view it. and will need to provide details of the total amount invested, sites and plot numbers where the land is situated, and any register of title number(s) issued by the Land Registry where available.

Any advisers acting on behalf of an investor, or their estate, will need to provide evidence of their authority to act on their behalf.

Asset Land operated a land banking scheme. Land banking companies divide land into smaller plots to sell to investors on the basis that once planning permission is granted it will soar in value. But many plot-holders instead lose large sums of money as this permission is often never granted or even applied for, and they are left with a plot that is practically worthless.

The FCA estimates that land banking schemes have cost UK investors as much as £200m.