Enforcement

FCA takes Hunter Jones (Osborne Baldwin) to High Court over alleged unauthorised loan note sales

The FCA has launched High Court proceedings against Osborne Baldwin Limited over alleged unauthorised regulated activity, seeking to halt the business and return money to investors.

Verdict: context, not action required. If your firm has dealings with loan note issuers or any commercial relationship with Hunter Jones, read to the end.

The FCA has begun High Court proceedings against Osborne Baldwin Limited, which trades as Hunter Jones and Hunter Jones Group. The allegation is straightforward: the firm sells loan notes and, in doing so, carries out regulated activity without authorisation. The FCA is asking the court both to stop the activity and to require money to be returned to investors.

Proceedings are at an early stage and no trial date has been set. The court has not yet determined the claim, so nothing has been proven. The remedy being sought is worth noting: restitution alongside injunctive relief signals the FCA is treating investor harm as the central concern, not merely stopping the conduct.

For authorised firms, the immediate read-across is perimeter awareness. Under section 23 of the Financial Services and Markets Act 2000 (FSMA), carrying on regulated activities in breach of the general prohibition is a criminal offence. The maximum penalty is two years' imprisonment and an unlimited fine. There is a second consequence worth noting: agreements entered into by an authorised firm can themselves become unenforceable if they arise from the activities of a person in breach of the prohibition. If your firm has any commercial relationship with a loan note issuer whose authorisation status you have not verified, that is worth checking now.

For most compliance teams this is a watching brief. If loan note issuers appear anywhere in your distribution or referral chain, verify their authorisation status now. The FCA has also asked anyone who has invested through Hunter Jones and is concerned to contact AvillConsumers@fca.org.uk, which may be relevant if your firm has referred clients.

Sources

FCA takes hunter jones high court over alleged unauthorised activityfca.org.uk
Perg2handbook.fca.org.uk

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