Two Arrests have been made Following Two FCA Investigations on Unauthorised Debt and Claims Management Activities

Pictured: Nikhil Rathi, Chief Executive at the FCA

Content 

Two individuals were suspected of being involved in debt and claims management activities when they were not authorised by the FCA. Under the Financial Services and Markets Act 2000, the FCA investigated and then released the individuals in Birmingham and Huntingdon as investigations continue. 

Businesses Affected 

Financial institutions and businesses are encouraged to keep up to date with FCA policies and guidance especially in light of such breaches where vigilance will be higher. 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.