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FSA investigates BNP arm Albion

The FSA is investigating the British National Party’s financial services arm Albion Life after concerns were raised about its unregulated status.

In documents seen by Money Marketing, the FSA has responded to an enquiry about Albion with the statement: “We are aware of this firm and it is currently being investigated by the relevant department.”

The BNP launched the life arm recently to raise funds for the party using Welsh broker Financial Solutions Unlimited to target party members.

But earlier this month, FSU broke off links with Albion Life after it emerged that two of the three partners were unaware of the BNP link.

Albion acts as an unregul-ated introducer and claims it does not have to be regulated by the FSA because of this status.

Albion is currently looking to secure a replacement broker and says: “Nothing will stop Albion conducting business to raise funds for the BNP. Our struggle is a matter of life and death for our people.”

Compliance consultant Adam Samuel says: “It is very simple. You are not allowed to set up an introducer or life company or get involved with arranging insurance without getting authorised by the FSA. Is the BNP fit and proper to be authorised in this way? That is the question the FSA will have to answer.”

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