The FCA has advised victims of an unauthorised land banking scheme to contact the watchdog in order to have their funds returned.
Between 2005 and 2010, an estimated 870 members of the public invested £32.8m in Countrywide Land Holdings Limited, James Kenneth Maynard, trading as Regional Land, and Countrywide Land Holdings Limited and Stephen Ronald Watkins, trading as Consolidated Land UK Limited.
Only 392 of the 870 investors affected have been in contact so far, the regulator says.
The FCA has received £2.5m from a related unauthorised Panamanian company, Paradigm Consultancy S.A., which has said it intends to return funds to eligible investors.
FCA executive director of enforcement and market oversight Mark Steward comments: “We will work to resolve this matter and return funds to eligible investors as soon as is possible, but we need to demonstrate to the court that we have taken reasonable steps to identify everyone affected.”