The Financial Conduct Authority (FCA) has started High Court proceedings against Concept Capital Group (CCG), Ian Anthony Elliott, Adrian Felix, Ayub Swaibu, Edmund Brew, Ernest Kargbo, Raymondip Bedi, Gateridge Consulting Limited and initially Riverrun Consulting Limited over an alleged unauthorised investment scheme involving consumer investments of more than GBP 23 million in static homes. CCG has given undertakings to the Court that freeze its assets pending trial or further order and prohibit promotion or sale of the scheme; the undertakings allow rent, licence fee or regular return payments but prohibit redemption or buy-back payments, and existing tenancies or licences relating to static homes owned by CCG or by investors are unaffected. The FCA alleges the scheme was marketed as investments in static homes said to be let to social housing tenants placed by local councils, with promised fixed returns and claims of UK Government backing that the FCA considers false or misleading. The claim alleges breaches of the Financial Services and Markets Act 2000 and the Financial Services Act 2012, including carrying on regulated activities without authorisation or exemption, issuing unauthorised financial promotions, and making false or misleading statements or impressions; several individuals and firms are alleged to have been knowingly concerned in CCG’s breaches. The FCA has discontinued its claim against Riverrun Consulting Limited, citing factors including that the company is now dissolved, and is seeking restitution orders for affected investors, declarations of contraventions and injunctions to prevent further breaches. The proceedings are at an early stage and no trial date has been set.

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