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Warning 1 – Christian Orpin trading as PDS Business Finance

This article has been updated – see Warning 2

Mr Orpin appears to have been taking customers' money with a view to investing it. We have not authorised Mr Orpin or PDS Business Finance to carry on this activity. Mr Orpin then lent the money to Orpery Limited to buy properties.

Mr Orpin is a 60% shareholder in Orpery Limited and Mr Vickery holds the remaining 40%.

A total of 180 investors are thought to have paid over £10 million into the scheme run by Mr Orpin. The total value of the properties purchased by Orpery Limited was estimated at approximately £6 million (net of mortgage loans). There appeared, therefore, to be a substantial shortfall in assets (of at least £4 million) to repay investors their capital.

Orpery Limited has now gone into liquidation as a result of voluntary action taken by its shareholders. Gary Pettit and Gavin Bates, partners of Business Recovery & Insolvency (BRI) of 100–102 St James Rd, Northampton, NN5 5LF have been appointed as joint liquidators.

We are currently in discussion with Mr Orpin, Mr Vickery and BRI regarding proposals for the repayment of customers. The process may take a long time and depends on the method adopted. This is because claims are against Mr Orpin and not Orpery Limited. Orpery Limited's main assets are in property, which will need to be sold.

Who does this affect?

All customers who have invested with PDS Business Finance.

What should affected customers do next?

Because Mr Orpin or PDS Business Finance have never been authorised by the FSA, their customers cannot claim compensation from the Financial Services Compensation Scheme or make a complaint to the Financial Ombudsman Service.

Always make sure that the firm you use is on our Register and is allowed to give investment advice before handing over your money – see Check our Register. If we do not regulate them and things go wrong, you won't have access to UK complaints and compensation procedures.

The FSA is keeping a record of all PDS customers and has already written to all known customers for confirmation of their details to help with our investigation. If you have not already responded or have not received the letter, please contact us by writing to:

Dick Donouzjian
Enforcement Division
Financial Services Authority
25 The North Colonnade
Canary Wharf
London, E14 5HS

Or Contact us

Further information

We have published some additional questions and answers on our corporate website – see Christian Orpin trading as PDS Business Finance

We will update this information over the coming months.

Disclaimer

News articles on this website are accurate, to the best of our knowledge, only at the date of publication. If the information they contain changes, follow-up articles may be published.