FOI release

FOI21/22-159 - Question about complaint made to FCA

Updated 14 July 2022

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Our ref: FOI21/22-159

Date: 03 March 2022

Dear

Re: Your Request for Information

I respond further to your email of 8 February in which you made the below request for information:

“Following complaints, however, the Insolvency Service conducted a confidential investigation into the company’s activities.

Investigators were able to establish that Asset Backed Management is not, and has never been, regulated by the FCA. Additionally, it hasn’t employed an FCA-authorised person or had its marketing materials approved by an FCA-authorised person.

Additionally, the FCA carried out a regulatory enquiry into the company and it was agreed with Asset Backed Management and its director, Amir Damoussi, that they would not promote or invite investments in bonds or other controlled investments without approval of an FCA-authorised person.

See: [https://www.gov.uk/government/news/court-winds-up-asset-investment-company–2 (https://www.gov.uk/government/news/court-winds-up-asset-investment-company–2)

The information I am requesting is:

  1. When (month and year) did the Insolvency Service first receive a complaint as referred to in the above excerpt?

  2. When (month and year) did the Insolvency Service commence the investigation referred to in the above excerpt?

  3. When (month and year) did the FCA commence the regulatory inquiry referred to in the above excerpt?

  4. When (month and year) did the FCA agree with Asset Backed Management and its director that they would not promote or invite investments in bonds or other controlled investments without approval of an FCA-authorised person?”

Your request has been dealt with under the Freedom of Information Act 2000 (FOIA).

I can confirm the agency holds some of the information that you have requested and I have provided answers to your questions below.

With regards to questions 1 and 2, the Insolvency Service confirms that a complaint was first received in February 2018 and the investigation commenced in November 2018.

The Insolvency Service is unable to respond to questions 3 and 4, and these should be directed to the FCA.

Complaints

If you have any questions, or are dissatisfied with the way in which we have dealt with your request please contact the Information Rights Team on the details below:

Information Rights Team
The Insolvency Service
3rd Floor
Cannon House
18 Priory Queensway
Birmingham B4 6FD

You also have the right to contact the Information Commissioner’s Office (ICO) if you wish for them to investigate any complaint you may have regarding our handling of your request.

Yours sincerely,

Information Rights Team

The Insolvency Service

The Department for Business, Energy and Industrial Strategy, Official receivers and the Adjudicator are Data Controllers in respect of personal data processed by the Insolvency Service. For the details about how personal data is processed by the agency, please see the full Insolvency Service Personal Information Charter here: https://www.gov.uk/government/organisations/insolvency-service/about/personal-information-charter

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