A London man has been charged with fraud and unauthorised financial activities following a comprehensive investigation by the Financial Conduct Authority (FCA).

Peterson Okoh, 63, of Peckham, London, appeared in Westminster Magistrates’ Court on July 31, 2024. He faces allegations of advising on and arranging mortgages without proper authorisation, spanning a period from January 2018 to December 2023.

The charges against Okoh include:

• Fraud: Engaging in deceptive practices to secure financial gains by providing fraudulent mortgage advice.
• Unauthorised Financial Activities: Advising on and arranging mortgages without holding the necessary authorisation from the FCA.

The FCA initiated the investigation after receiving multiple complaints from individuals who claimed to have been misled by Okoh’s financial advice. It is alleged that Okoh, who was not authorised to provide such services, operated under the guise of a legitimate financial advisor, thereby deceiving clients and arranging mortgages without proper regulatory approval.

A spokesperson for the FCA commented on the case, emphasizing the importance of adhering to regulatory standards in the financial sector. “This case underscores the FCA’s commitment to protecting consumers from unauthorised financial activities and ensuring that all financial advice and services meet our rigorous standards,” they stated.

The spokesperson added, “Unauthorised financial activities not only undermine consumer trust but also pose significant risks to individuals’ financial well-being. We urge the public to verify the credentials of financial advisors through the FCA’s register to ensure they are dealing with authorised and regulated professionals.”

The investigation revealed that Okoh’s activities involved a complex scheme where he provided mortgage advice to unsuspecting clients, many of whom were unaware of his lack of authorisation. These clients reportedly faced financial difficulties and complications with their mortgage arrangements as a result of Okoh’s actions.

During the court proceedings, Okoh was represented by his legal counsel, who argued that their client believed he was acting within the bounds of the law. However, the prosecution presented evidence suggesting that Okoh knowingly engaged in fraudulent and unauthorised activities.

The court has remanded Okoh in custody, and he is scheduled to appear in court again later this month for a preliminary hearing.

The FCA has reiterated its dedication to investigating and prosecuting cases of financial misconduct and fraud. They encourage anyone who suspects they have been a victim of unauthorised financial activities to come forward and report their concerns.

This case serves as a stark reminder of the importance of regulatory compliance in the financial sector and the potential consequences of operating outside the law. The FCA continues to work diligently to safeguard consumers and maintain the integrity of the financial markets.