FTAdviser.com

Advertising

In a statement on the regulator's consumer website, Money Made Clear, the City watchdog said it strongly advised customers not to take mortgage or financial advice from Leicestershire-based Swati Patel or give her their personal and financial details.

The FSA said: "We strongly advise customers not to take mortgage or financial advice from Swati Patel or to give her your personal and financial details. If you have received mortgage or other financial advice from Swati Patel and you are concerned you may be a victim of financial crime please contact us."

The statement said customers who potentially may be affected are those who have arranged a mortgage or personal loan through Swati Patel and anyone else who gave her their personal and financial details.

Robin Gordon-Walker, press officer for the FSA, said: "This is to alert people to effectively not deal with her anymore. And certainly not to give her any information.

Mr Gordon-Walker said although he could not confirm if the regulator would take any further action, he said : "We would not be saying this if we had not found some things that could potentially put people at risk."

Anyone who took out a mortgage, remortgage or a personal loan through Ms Patel, or is in the process of doing so, has also been asked to contact Simon Boden at Leicestershire Police on 0116 222 2222, extension number 5194, or call the FSA's consumer helpline on 0845 6061234.

A statement issued from Leicestershire Police said: "Leicestershire Constabulary neither confirms or denies if it is carrying out investigations into named individuals/organisations unless or until someone has been charged and appeared in court.

"We can confirm that a 38-year-old woman has been arrested on suspicion of fraud and has been released on police bail pending further enquiries."