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FCA Investigates MFS Collapse Amid Fraud Allegations

3/21/2026

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Summary

Story summary

The Financial Conduct Authority has opened an enforcement investigation into Market Financial Solutions (MFS) after its collapse amid fraud allegations.
A £1.3bn asset-freezing order has been issued against founder Paresh Raja to prevent asset dissipation.
Creditors secured court orders in London and Dubai to stop Raja from dissipating assets.
Barclays' CEO said the bank's losses from MFS would be materially lower than £500 million.

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Story summary

The Financial Conduct Authority has opened an enforcement investigation into Market Financial Solutions (MFS) after its collapse amid fraud allegations.
A £1.3bn asset-freezing order has been issued against founder Paresh Raja to prevent asset dissipation.
Creditors secured court orders in London and Dubai to stop Raja from dissipating assets.
Barclays' CEO said the bank's losses from MFS would be materially lower than £500 million.