The FSA has petitioned the High Court to wind up the activities of an investment firm that was taking deposits illegally.
Edinburgh-based Cameron Farley Ltd did not have permission to hold customer deposits and its assets have been frozen.
The FSA says consumers were at risk as depositors at Cameron Farley would not have statutory regulatory protection were the firm to go bust.
The company is known to have offered very attractive returns on its savings accounts of up to 9.75%.
Robert Caven and James Earp from Grant Thornton UK LLP have been appointed to liquidate the firm and control its assets until the High Court gives permission for the firm to be wound up.
A statement from Grant Thornton reads: “At present, we do not know how long it will be before the company's position is determined. An average would be around 2-3 months, but this can vary considerably. All investors will be contacted when the Court finally decides what should happen to the company.”
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