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10/01/2020

FCA civil action to stop alleged unauthorised deposit takers

Subject: Financial services/Deposit taking

Source: Financial Conduct Authority

The FCA has commenced civil proceedings in the High Court against Bright Managment Solution Limited, Soccer League International Limited, Soccer League UK Limited and senior individuals at those firms. The FCA alleges the defendants have been carrying on unauthorised deposit taking by accepting money from the public for different projects, including forex trading and crypto-assets.

The FCA has secured an interim injunction, by consent, stopping these activities from continuing and freezing up to £1.3 million in assets pending further hearing.

The FCA is seeking a declaration from the Court that the defendants’ actions amounted to unauthorised deposit taking as well as an order preventing them from carrying out this activity in the future. The FCA will also seek a restitution order to return frozen funds to consumers who were affected by these alleged breaches.

 

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