Between 2005 and 2010 approximately 870 people invested around £32.8m in unauthorised collective investment schemes established and operated by three firms.
These schemes involved the unlawful selling of plots of land.
So far only 392 out of approximately 870 possible investors have contacted the FCA.
The firms running the investments were 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).
Following High Court cases in which the unauthorised businesses were ordered to repay investors, the FCA has received approximately £2.5m from a related Panamanian company Paradigm Consultancy S.A., which it intends to return to eligible investors
The regulator said it wanted those who thought they or a family member might have invested in these schemes to get in contact even if they no longer have records or documentation relating to the investments.
FCA executive director of enforcement and market oversight Mark Steward said: “If you believe you were an investor in one of these unauthorised schemes, please get in contact with us.
“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.”
Potential victims should email email@example.com or write to the FCA at Freepost RTZE–RHAL–URAJ, for the attention of UBD RC RE00654, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.