Public policy is rather against it. If claims were permitted, everyone who was arrested and not charged would sue. The present law is that an officer who has reasonable grounds for suspecting that a crime has been committed and that the person has committed it, shall arrest that person. All of us run the risk of being arrested on that basis because an officer may have reasonable grounds which prove later to be unfounded. But to change the rule to a requirement of compelling evidence, admissible in law, sufficient to justify a charge would bring obvious difficulties. A policeman could never arrest anyone who was running away from the scene of a crime, for example, though the suspect fitted the description of one of the alleged perpetrators.
The remedy, such as it is, is to sue for wrongful arrest or malicious prosecution. These are based on showing that the police acted without reasonable cause and in bad faith. Understandably, and, perhaps happily, such actions are rare