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Mother loses her life savings after finance company collapses

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After 40 years working, a mother from Kent lost her life savings when the financial service company she was using collapsed.

Pauline Creasey from Dover lost £500,000 from the sale of her home when Portuguese company Premier FX went into administration, leaving behind millions in unpaid debts and hundreds of people without their money.

The British financial watchdog says it will prosecute anyone found to have broken the law.

In the meantime, Pauline says she doesn't know how long she can keep a roof over her own head.

Sarah Saunders went to meet Pauline at her at her home in Dover:

After retiring and selling her house in Portugal, this is the home Pauline Creasy was dreaming of buying in the UK, until her entire life savings disappeared.

This is the home Pauline Creasy was dreaming of buying in the UK Credit: ITV Meridian

However, the financial services company she deposited the house money with collapsed under a cloud of financial questions.

£500,000 lost.

Now she is renting a home in Dover, until the last of her money runs out.

Pauline Creasey:

Pauline had deposited her money with Portuguese financial services company Premier FX who were regulated by the British Financial Services Authority to operate in the UK.

However, the company set up for currency exchange had apparently started taking deposits against the rules.

When the company director died and the administrators were called in, they face a clamour of customers asking where there money was, amounting to more than £10,000,000, affecting hundreds of people here in the UK.

Charlie Elphicke MP for Dover has asked why the FCA failed to pick up on irregularities at a Treasury select Committee Meeting:

Pauline is calling for the FCA to compensate the families who have lost everything if it is shown that they had not carried out sufficient checks.

The authority says it's investigation is ongoing.