Two FCA investigations involving unauthorised debt and claims management activities have resulted in arrests.
The FCA, with the support of West Midlands Police, the Eastern Region Special Operations Unit and Police Scotland, has recently conducted 2 operations to search 7 addresses across the West Midlands, Cambridgeshire, Stirling and Cumbernauld. Two individuals were arrested in Birmingham and Huntingdon.
The operations were conducted because the individuals are suspected of being involved in debt and claims management activities when they were not authorised by the FCA to do so.
The 2 suspects who were arrested were interviewed under caution, and then released. The FCA's investigations continue.
Notes to editors
- The Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute unauthorised business cases.
- Breaching the General Prohibition is an offence under Sections 19 and 23 of the Financial Services and Markets Act 2000, punishable upon conviction by a fine and/or up to 2 years’ imprisonment.
- Communicating unauthorised financial promotions is an offence under Sections 21 and 25 of the Financial Services and Markets Act 2000, punishable upon conviction by a fine and/or up to 2 years’ imprisonment.
- Making false claims to be authorised is an offence under Section 24 of the Financial Services and Markets Act 2000, punishable upon conviction by a fine and/or up to 6 months’ imprisonment.
- Almost all firms offering financial services in the UK must be authorised by us. Search our list of unauthorised firms and individuals[1] to be especially wary of.
- The FCA cannot comment further at this time but will make further announcements when appropriate.
- Find out more information about the FCA[2].