The FSA has successfully taken legal action against offshore firm, Trident Market Advisers, which has been using mailshots to advertise share dealing and investment advice services to UK customers.
It has been accused of making misleading and false statements and issuing investment advertisements without approval.
The High Court in London has issued a permanent order requiring the Barcelona based Fraser Lindhart & Webb, which trades as Trident, to cease carrying out these activities.
An FSA investigation discovered Trident carried out 665 share trades worth over £2m between August and December 2000. The regulator will now look to return any available assets to investors who have suffered a loss.