In 2022, the FCA published a warning about the investment company “Future Bright Investment” that was providing financial services and products without authorisation or regulation.

Investors affected by the Bright investment scheme will receive restitution totalling £533,000 following a distribution order granted by the High Court to the Financial Conduct Authority (FCA). 

The FCA successfully recovered the funds from Bright, Soccer League International Limited, and three individual defendants: Mohammed Zakir Hussain, Mohammed Abdul Kahhar, and Kayes Miah, all of whom acknowledged the FCA’s claim against them. 

While these defendants accepted liability, two others initially contested the FCA’s claim. However, one of them, Mohammed Abdul Kabir, eventually settled, agreeing to contribute £100,000 towards restitution. Mr Kabir has until October 2026 to fulfil this obligation.

This resolution is a step in the FCA’s efforts to address the fallout from the Bright investment scheme, which left many consumers financially impacted. The successful recovery of funds from both corporate entities and individual defendants highlights the FCA’s commitment to holding accountable those responsible for financial misconduct. It also serves as a reassurance to affected investors that steps are being taken to rectify the harm caused.

The FCA intends to contact consumers known to them directly regarding the distribution of funds. However, individuals who believe they may have a claim and have not previously been in contact with the FCA can reach out regarding the proposed distribution order (via the email address BrightInvestors@fca.org.uk). This inclusive approach ensures that all affected parties have the opportunity to participate in the restitution process, reflecting the FCA’s dedication to fairness and transparency in resolving such matters.

To safeguard yourself against unauthorised investment companies, it’s crucial to transact only with financial firms that are authorised or registered by regulatory bodies. Use resources like the Financial Services (FS) Register to verify their status, ensuring they are compliant with regulations. 

The register contains comprehensive information on firms and individuals regulated by governing bodies. When dealing with authorised or registered firms, you gain access to additional layers of protection through avenues like the Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS). However, the extent of this protection depends on factors such as the nature of the investment, the services provided, and the permissions granted to the firm. For further clarity on protection measures, consult with the authorised or registered firm, as they should be equipped to provide comprehensive guidance tailored to your specific circumstances.