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.’