Context
The FCA has started criminal proceedings against Anthony Hay, Laura Hay, Tim Stewart, Premier Finance GB Ltd and Proserv GBR Limited, for allegedly engaging in unauthorised business. The FCA is prosecuting these firms and individuals for breaches of section 23(1) of the Financial Services and Markets Act 2000 (FSMA) namely by carrying out debt administration and debt collection, entering into regulated credit agreements and hire agreements, and effecting and carrying out contracts of insurance with retail customers for vacuum cleaners, whilst not being authorised.
Key points to note and next actions
The FCA is also prosecuting Mr Hay, Ms Hay and Mr Stewart as company officers under Section 400 of FSMA, in that they consented, connived or neglected to act in relation to the firms’ misconduct. They will be attending Westminster Magistrates’ Court on 7th November 2024.