The FCA, backed by City of London Police, has arrested four individuals over suspected fraud and money laundering offences.

The regulator has not named the individuals or given further details of the alleged offences.

The FCA and City of London Police, the UK’s key police unit for fraud investigation, carried out operations in London and Oxfordshire.

The two organisations carried out a joint operation on 20 March when more than 20 FCA and City of London Police officers searched three addresses.

Four individuals, suspected of offences including fraud by false representation and money laundering, were arrested, the FCA said.

The 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.”

• Money laundering can result in a prison sentence of up to 14 years on conviction while fraud by false representation can lead to up to 10 years’ imprisonment on conviction.