Three people have been arrested in the West Midlands as part of a Financial Conduct Authority (FCA) investigation into suspected unauthorised debt activities.

The regulator said these activities are believed to have targeted vulnerable people facing repossession proceedings.

With help from the National Crime Agency, the FCA searched two residential addresses, one office and a storage facility. The individuals have been interviewed under caution and released on conditional bail.

The FCA said it could not comment further but would release more details “in due course”.

It added that consumers should be cautious of anyone offering debt help or repayment solutions without FCA authorisation.

The three suspects cannot be named unless they are charged with an offence by the police.

Last week trade body UK Finance said repossessions rose by 4% in the third quarter of the year.