FCA: Three arrested in investigation into suspected unauthorised debt activities

Three individuals have been arrested in the West Midlands as part of a Financial Conduct Authority (FCA) investigation into suspected unauthorised debt activities. These activities are believed to have targeted vulnerable people facing repossession proceedings. 

With help from the National Crime Agency, the FCA searched two residential addresses, one office and a storage facility. The individuals have been interviewed under caution and released on conditional bail. 

Enquiries are ongoing, and the FCA will release further details in due course. 

Notes to Editors 

1. The Financial Services and Markets Act 2000 gives the FCA powers to investigate unauthorised business. 
2. Carrying on regulated activity without authorisation is an offence under the Act.
3. 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.
4. Consumers should be cautious of anyone offering debt help or repayment solutions without FCA authorisation. The FCA site for consumers provides guidance on how to spot and report unauthorised firms and scams. 
5. 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.  
6. The FCA cannot comment further at this stage but will provide further announcements when it is able to do so. 
7. Find out more information about the FCA