Arrests Made In UK's Financial Services Authority Land Banking Investigation

The Financial Services Authority (FSA) today took action against five individuals suspected of involvement in land banking by way of an unauthorised collective investment scheme.

With the assistance of the City of London Police, the FSA executed search warrants on nine premises in Kent and Greater London and five individuals were arrested. Nobody has been charged at this stage in connection with the FSA's investigation, which is ongoing.

The FSA cannot comment further at this time.

Background

1. The FSA does not regulate land as an investment but collective investment schemes, including those concerning land, are subject to regulation.
2. 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.