The FCA commences civil proceedings in relation to alleged unauthorised deposit takers

On 10 January 2020, the FCA announced that it has commenced civil proceedings in the High Court against Bright Management Solution Ltd [sic] (the Firm), Soccer League International Ltd, Soccer League UK Ltd, as well as senior individuals at these companies. The FCA alleges that the defendants have been carrying on unauthorised deposit taking by accepting money from the public for different projects, including forex trading and cryptoassets. 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. You can view the press release by clicking here.

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