King Charles gestures during an event. File photo

British police said on Monday they would not take any further action following an investigation into media reports that honours had been offered in return for donations to one of King Charles's charities.

London's Metropolitan Police's Special Enquiry Team (SET) began investigating in February last year after the Sunday Times reported a Saudi businessman had received an award after paying thousands of pounds towards projects supported by Charles.

Detectives said the inquiry began after liaising with the Prince’s Foundation, one of Charles's main charities before he became king, about an independent report into its fundraising practices and assessing documents it had provided.

Two unnamed men were later interviewed under caution and police said it had also requested specific documents from the newspaper.

However, after prosecutors had reviewed evidence to see if any offences had been committed under the Honours (Prevention of Abuses) Act or the Bribery Act, detectives said they had concluded no further action would be taken.

"Should any new information or evidence come to light that requires further assessment, this will be carried out by the Met’s SET," the police statement said.

"Nobody has been arrested or charged during the course of this investigation."

After the Sunday Times published its report, Michael Fawcett, who had been the right-hand man to Charles for decades, stepped down from his role running the charity.

"We have noted the decision of the Metropolitan Police Service," a Buckingham Palace spokesperson said. "All other enquiries are a matter for the Prince’s Foundation."

A spokesperson for Charles has previously said the monarch had no knowledge of the alleged offer of honours on the basis of donations.

Reuters