The latest action from the FCA;
The Financial Conduct Authority 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.
Anthony Hay, Laura Hay and Tim Stewart are jointly charged for their involvement in the conduct of two Bristol firms, Premier Finance GB Ltd and Proserv GBR Limited, in relation to high-end luxury vacuum cleaners retailing for up to £3,000. Between 1 April 2014 and 31 March 2023, the firms are alleged to have generated at least £4 million from unlawful business activities involving thousands of customers.
The individuals are accused of engaging in regulated credit agreements, hire agreements and contracts of insurance (service packages and callout covers) for vacuum cleaners, when they were not authorised by the FCA to do so. The firms also collected money from credit and hire customers without FCA authorisation. Anthony and Laura Hay served as directors of the companies and Tim Stewart was the compliance manager at both companies.
The defendants will appear before Westminster Magistrates’ Court on 7 November 2024.
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