Three individuals have been arrested by West Midlands Police as part of an investigation led by the Financial Conduct Authority (FCA) into suspected unauthorised debt activities.
The regulator said that the activities are believed to have targeted vulnerable people facing repossession proceedings.
With help from the National Crime Agency, the FCA searched two residential addresses, one office and a storage facility.
The Financial Services and Markets Act 2000 gives the FCA powers to investigate unauthorised business, and carrying on regulated activity without authorisation is an offence under the Act.
Making false claims to be authorised is an offence under Section 24 of the Financial Services and Markets Act 2000, and can be punishable upon conviction by a fine and/or up to six months imprisonment.
The FCA said the three individuals in this case have been interviewed under caution and released on conditional bail.
Enquiries are ongoing and the regulator will release further details in due course.
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