Fraudster Andrew Currie has been hit with a confiscation order following his release from prison.
Currie’s brother Peter remains behind bars following the collapse of their peer-to-peer lending platform Collateral.
The Financial Conduct Authority has secured a confiscation order of £265,523.96 against Andrew Currie, who was convicted in 2023 and sentenced to two and a half years imprisonment for defrauding investors. Peter was handed a five-and-a-half-year sentence.
Before its collapse into administration in February 2018, Collateral offered peer-to-peer style investments on a website fraudulently claiming it was authorised and regulated by the FCA.
In December 2015 director Peter Currie swapped the details of a separate company he had agreed to sell – Regal Pawnbrokers Ltd – for the details of Collateral on the FCA’s public Register. Over the following 18 months, the company was advertised as authorised by the FCA to encourage people to invest in loans on the Collateral platform.
In January 2018, the FCA notified Peter Currie that they had uncovered the Register change and ordered Collateral to cease unauthorised business. After this, Collateral not only continued to receive investments, but Peter and Andrew Currie also removed approximately £750,000 from Collateral client accounts.
At around the same time, the Curries appointed an administrator without informing the FCA as they were required to, and transferred £88,000 from Collateral funds. The FCA successfully challenged the appointment of this administrator in court.
A new administrator appointed following the FCA’s intervention estimated that of the £17.9 million in customer loans outstanding at the time of Collateral’s collapse, approximately £11m will not be recovered. This is because of significant shortfalls between the valuations applied to the property used as securities for the loans and the amounts the administrators have been able to realise on the market.
In sentencing, Judge Griffith remarked in respect of Peter Currie that “Collateral was built on foundations of sand and dishonesty” as a result of his fraudulent register change.
He said of Peter Currie: “The clearest impression of your actions …. was to get more money out to the detriment of investors.”
Andrew Currie diverted funds from Collateral investors and used them for personal gain, including the purchase of a property in Spain.
At a hearing at Southwark Crown Court on 9th January 2026, Andrew Currie was ordered to pay £265,523.96. This amount represents the total value of assets the court determined were still available to be recovered. The funds will be redistributed to the victims of his crimes.
Confiscation orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit they gained from criminal conduct or the value of their available assets, whichever is lower.
Defendants are required to pay back the amount they benefited, but this is always limited to their means.
If Andrew Currie does not pay the confiscation order within 3 months, he faces a default prison sentence of up to three years.
The confiscation proceedings for Peter Currie were concluded in November 2024 and an order made in the sum of £5,000.
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