On November 2, the Financial Services Authority announced the arrest of two men on October 31 in connection with an ongoing FSA investigation into overseas boiler room activities.

This is the FSA's first criminal investigation into such activities and followed several complaints the FSA had received of cold calling and high pressure selling.

The FSA obtained search and arrest warrants using its criminal powers under the Financial Services and Markets Act 2000 and also obtained freezing orders against assets of up to £5.45 million ($11 million).