The UK's Financial Conduct Authority has banned two individuals from performing any function in relation to any regulated activity in the financial services industry.

On 22 November 2013, Richard Aston Clay and Kathryn Joy Clark were charged with offences involving dishonesty by the Serious Fraud Office and Nottinghamshire Police. The offences they committed primarily involved investments in relation to Arck LLP made through HD Administrators LLP or through other related companies.

On 4 July 2014, Ms Clark pleaded guilty to two counts of forgery and on 3 October 2014 she pleaded guilty to three counts of fraud. On 19 December 2014, Mr Clay pleaded guilty to three counts of fraud.

Mr Clay was sentenced to 10 years and 10 months’ imprisonment and Ms Clark was sentenced to two years’ imprisonment for their offences. Ms Clark’s prison sentence was suspended for two years.

The FCA has concluded that both people are not fit and proper to carry out any function in relation to any regulated activities. In addition to banning Ms Clark, the FCA has also withdrawn her FCA approval in relation to HD Administrators. Mr Clay was not an FCA-approved person at HDA, nor has he been an FCA-approved person since 2005.