The Financial Services Authority, the industry regulator has been granted injunctions against two accountancy firms in Nottingham.
Both firms are authorised to conduct accountancy business but after investigations by the FSA, the Serious Fraud Office and the Police, the firms were believed to be running illegal investment schemes, which they were not authorised to do.
The injunctions awarded mean that both companies are not allowed to transact financial services business. They have also had their assets frozen in an attempt to protect the public, whilst the investigations continue.
Our view
This type of publicity for the FSA will give consumers confidence, which can only be good.