FSA winds up unauthorised firms operating £1m CIS

Bio Partners Limited and Zambia Alpha One LLP invested funds in the farming of a bio-fuel crop in Africa but did not have FSA authorisation to do so. The businesses, which took in almost £1m from UK investors, failed to present to the FSA a satisfactory alternative solution and produce evidence the scheme was being managed competently. Margaret Cole, the FSA's managing director of enforcement and financial crime, says: "If things go wrong for people who've invested with an unauthorised business they rarely get any money back because the firms are not covered by the Financial Services ...