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FCA Investigates Market Financial Solutions Amid Fraud Claims

3/21/2026

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The Financial Conduct Authority (FCA) has opened an enforcement investigation into Market Financial Solutions (MFS) after its collapse last month amid fraud allegations.
A £1.3 billion asset-freezing order has been issued against Paresh Raja, founder of Market Financial Solutions (MFS).
Allegations suggest some borrowers connected to Raja received mortgages under false pretenses.
Raja's lawyer says there was no intention to defraud.
Barclays CEO CS Venkatakrishnan said the bank expects losses under £500 million.

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Story summary

The Financial Conduct Authority (FCA) has opened an enforcement investigation into Market Financial Solutions (MFS) after its collapse last month amid fraud allegations.
A £1.3 billion asset-freezing order has been issued against Paresh Raja, founder of Market Financial Solutions (MFS).
Allegations suggest some borrowers connected to Raja received mortgages under false pretenses.
Raja's lawyer says there was no intention to defraud.
Barclays CEO CS Venkatakrishnan said the bank expects losses under £500 million.