A 64-year old man was arrested on suspicion of committing offences under the Financial Services and Markets Act (FSMA) although no-one has been charged at this stage in connection with the ongoing investigation.
The Financial Services Authority (FSA) has also charged a former adviser with six offences relating to investment advice given whilst unauthorised.
Gary Hexley has been charged for carrying on a regulated activity without being an authorised or exempt person, contrary to sections 19 and 23 of the FSMA 2000, as well as five counts of dishonestly concealing a material fact.
A former approved person, he is currently subject to a prohibition order preventing him from performing any function in relation to any regulated activity in the financial services industry.
According to the FSA register, Hexley held the CF30 function at Exclusive Asset Management Limited until May 2010, having previously been a director at Berry Birch & Noble Financial Services.
His business partner John Cooper has also been charged with three counts of dishonestly concealing a material fact, and the pair have been bailed to attend Birmingham Magistrates’ Court on 26 October 2012.