FCA bans Arck fraudsters Clay and Clark

Pair were convicted in 2014

Carmen Reichman
clock • 1 min read

The Financial Conduct Authority (FCA) has banned former Arck partners Richard Aston Clay and Kathryn Joy Clark from performing any function in regulated financial services.

Clay and Clark were convicted of fraud and forgery after pleading guilty in 2014. The pair had created and marketed various unregulated financial products between 2006 and 2012 through their UK-based investment vehicle Arck and Sipp firm HD Administrators. It is estimated approximately £60m was invested in these products by individual investors and, in some cases, IFAs themselves. On 22 November 2013, Clay and Clark were charged with fraud and forgery by the Serious Fraud Office and Nottinghamshire Police. On 4 July 2014, Clark pleaded guilty to two counts of forgery and on 3 Oc...

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