The FSA has targeted those believed to be conducting unauthorised business and in particular prohibited individuals by taking action in two separate investigations.

With the assistance of Kent Police, the regulator today executed a search warrant at an address in Kent in connection with an investigation into the provision of mortgage advice by a prohibited individual.

A 64 year old man was arrested on suspicion of committing offences under the Financial Services and Markets Act 2000 (FSMA).

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.

Meanwhile, in one case the FSA has charged Gary Hexley with six offences relating to investment advice given whilst unauthorised. Hexley is a formerly approved person subject to a prohibition order preventing him from performing any function in relation to any regulated activity in the financial services industry.

The charges are as follows:

• Carrying on a regulated activity without being an authorised or exempt person, contrary to sections 19 and 23 of FSMA
• Five counts of dishonestly concealing a material fact, contrary to section 397 of FSMA.

John Cooper, Hexley’s business partner has also been charged with three offences:

• Three counts of dishonestly concealing a material fact, contrary to section 397 of FSMA.

Hexley and Cooper have been bailed to attend Birmingham Magistrates’ Court on 26 October 2012.