The FSA has acted against an individual suspected of involvement in an unauthorised collective investment scheme (UCIS).
With the assistance of the Dorset Police, the FSA executed search warrants on two premises in Poole, Dorset and one individual was arrested. No-one has been charged at this stage in connection with the FSA's investigation, which is on-going. Last December, the FSA secured winding-up orders from the High Court against two unauthorised UK firms operating a collective investment scheme. Unauthorised collective investment schemes are not covered by the Financial Services Compensation Scheme (FSCS).
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