The FCA and police have arrested two individuals after a joint swoop on a suspected unauthorised debt and claims management company.

The FCA recently executed search warrants at seven addresses across the West Midlands, Cambridgeshire, Stirling and Cumbernauld as part of the probe.

Two individuals were arrested in Birmingham and Huntingdon.

The regulator said the operations were conducted because the individuals were, “suspected of being involved in debt and claims management activities when they were not authorised by the FCA to do so.”

The two suspects were arrested were interviewed under caution and then released. The FCA says it is continuing its investigations.

The swoops were part of two separate investigations by the FCA into unauthorised debt and claims management firms.

The FCA, with the support of West Midlands Police, the Eastern Region Special Operations Unit and Police Scotland, recently conducted two operations to search seven addresses across the West Midlands, Cambridgeshire, Stirling and Cumbernauld.

The FCA says it cannot comment further at this time but will make further announcements when appropriate.

The Financial Services and Markets Act 2000 gives the FCA the 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 and is punishable on conviction by a fine and/or up to 2 years’ imprisonment.

The FCA says that communicating unauthorised financial promotions is an offence under Sections 21 and 25 of the Financial Services and Markets Act 2000, punishable on 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 on conviction by a fine and/or up to 6 months’ imprisonment.