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LATEST NEWS & EVENTS Insolvency Service warns investors over landbanking companies  People looking for property investment advice have been urged to pay heed to a warning from the Insolvency Service over a rise in landbanking scams. Between 2009 and 2011, there has been a 33 per cent rise in complaints about these firms, which market land under the pretext that planning permission will be granted for development. Since 2007, the Insolvency Service has closed down 49 landbanking companies that have among them cost unwitting members of the public £30 million. The average amount lost by people who fall victim to the scams, who are usually over the age of 50, stands at £23,000. Robert Burns, head of investigations at the Insolvency Service, said: "Landbanking scams are designed to target the more vulnerable investor, many of them trusting pensioners who are eager to see a greater return on their savings or pension lump sum." Mike Westcott-Rudd from the Land Registry explained that the plots of land involved in landbanking scams are usually ineligible for planning permission. He noted that companies sometimes use forged letters carrying a Land Registry stamp claiming that the plot of land already has, or will, gain planning permission. "Those looking to invest should remember that Land Registry is not involved in the planning process at all," he added. Posted by Georgina Price 
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