A 54 year old man was arrested yesterday on suspicion of committing offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006 in connection with an ongoing FSA investigation into a suspected unauthorised foreign exchange trading scheme.
No one has been charged at this stage in connection with the FSA’s investigation, which is ongoing.
No further details can be confirmed at this time. The arrest is part of an ongoing FSA investigation in which a 23 year old man from east London has previously been arrested.
Background
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
- The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013. The Financial Services Bill currently undergoing parliamentary scrutiny is expected to receive Royal Assent by the end of 2012.