Pay it Back, Benstead

Pay up for FSA flaws say Crown’s victims as MPs join clamour for tougher controls

By Richard Dyson Last updated at 9:31 PM on 11th December 2010 Re-post from Mail Online

Pressure is growing on the Government to improve the policing of companies selling foreign currency - and to compensate customers for millions of pounds lost in the spectacular collapse of Crown Currency Exchange. There are indications the Treasury could act by altering regulations and making better efforts to explain where consumers are protected, or not.

Crown was Britain’s first large currency business to fail when it collapsed in September. Its 11,000 customers are expected to have lost more than £16 million.

But final losses might be lower if, as is hoped, assets are seized from the company’s two owners and directors, Peter Benstead, of Rosehill, Penzance, and Edward James, former Mayor of Glastonbury, both of whom were arrested in separate dawn raids last Tuesday. They were released on bail. Later that day in the Commons, 40 MPs representing thousands of Crown customers raised objections over the way the company had been regulated.

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