Freddy David, the managing director of HBFS, has stepped down from day-to-day running of the wealth management company during a Financial Conduct Authority investigation into one of its investment accounts.

The JC understands that the high-interest investment account was arranged by HBFS but is unrelated to any other of the company's transactions. 

Mr David's role will be taken over by an interim managing director while the investigation takes place. 

A  spokesperson for HBFS said: "We will be cooperating fully with the FCA investigation into this matter. 

"We have assured our clients that all money is completely secure. 

"HBFS continues to operate and hopes this operation will be concluded speedily."

Mr David joined the company in 2000 having previously worked as corporate manager at Barclays Bank. 

He has been in his current role since 2005. 

Mr David's wife Hannah stood as a Conservative candidate for Harrow West in the last election.