Police and FCA investigate advice firm

Police and FCA investigate advice firm

The Financial Conduct Authority has said it is working with the City of London Police on an investigation around a Hertfordshire-based financial advice firm.

In a statement today (1 December) the FCA has said a 49-year-old male from Borehamwood has been arrested as part of the investigation into HBFS Financial Services.

The FCA said: "HBFS’s customers are advised to check the status of any investments made through HBFS and, if they have any concerns, to contact City of London Police.

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"The City of London Police and the Financial Conduct Authority investigations are continuing."

According to the FCA register, the regulator has recently imposed a number of restrictions on the company, including closing the firm to all new business.

Meanwhile HBFS has been required to provide to the FCA  daily bank statements, by no later than 5pm, for its office accounts.

HBFS was also required is to cease advertising its services in all forms and to write to all existing customers to confirm that it is prevented from holding client money and all investments, including premiums, should be provided to the product provider.

According to its website HBFS provides wealth management, inheritance tax solutions, advice on Qrops and fund management portfolios for self-invested personal pensions.

The FCA has said any HBFS customer which has concerns should contact the City of London Police on