A 49-year-old man has been arrested amid a probe into the affairs of a financial services company.

The City of London Police and the Financial Conduct Authority (FCA) are still working on an investigation concerning the affairs of HBFS Financial Services Limited, a wealth management company.

The FCA today announced that a 49-year-old man from Borehamwood had been arrested.

It added: “HBFS’s customers are advised to check the status of any investments made through HBFS and, if they have any concerns, to contact City of London Police.”

On Wednesday the JC reported that Freddy David, HBFS’s managing director, had stepped down from the day-to-day running of the company.

Mr David's role will be taken over by an interim managing director while the investigation takes place. 

A spokesperson for HBFS said at the time: "We will be cooperating fully with the FCA investigation into this matter. 

"We have assured our clients that all money is completely secure. 

"HBFS continues to operate and hopes this operation will be concluded speedily."