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Ocean View Properties

Volume 488: debated on Friday 27 February 2009

To ask the Chancellor of the Exchequer what estimate the Financial Services Authority has made of the number of individuals who may have lost money in the Ocean View Properties International Ltd. property case; and what steps are being taken to assist those individuals. (258398)

Ocean View Properties International Ltd. was not regulated by the Financial Services Authority (FSA) because it did not carry on any FSA regulated business. It has therefore never been the direct subject of inquiry by the FSA.

There are firms connected with Ocean View Properties that were at one time authorized by the FSA. The FSA has cancelled their authorisations and is carrying on an investigation into those firms. It would not be appropriate to comment further at this time.

I express my sympathy to anyone who has lost money in this case, and would urge them to contact their local police force, to pass on any relevant information or evidence, if they have not already done so.