The FCA, supported by the City of London Police, conducted an operation in London and Oxfordshire.
On 20 March, more than 20 FCA and City of London Police officers searched three addresses across London and Oxfordshire. Four individuals, suspected of offences including fraud by false representation and money laundering, were arrested.
All suspects were interviewed under caution by the FCA and released on bail. The FCA’s investigation into the case is ongoing.
Steve Smart, joint executive director of enforcement and market oversight at the FCA said:
‘The FCA is committed to rooting out fraud and money laundering which undermine trust in our financial services. We want to thank the City of London Police for their assistance with this operation. Fighting financial crime is a key priority for the FCA’s new strategy and joint working like this ensures that we can act swiftly to protect consumers.’
Further information
- 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.
- Money Laundering is an offence under the Proceeds of Crime Act 2002, punishable upon conviction by up to 14 years’ imprisonment.
- Fraud by False Representation is an offence under the Fraud Act 2006, punishable upon conviction by up to 10 years’ imprisonment.
- Almost all firms offering financial services in the UK must be authorised by us. Search our list of unauthorised firms and individuals to be especially wary of[1].
- The FCA cannot comment further at this time but will make further announcements when appropriate.
- Find out more information about the FCA[2].