The Financial Conduct Authority (FCA) has been accused of "not understanding its own rules" by Berkeley Burke lawyers, after it withdrew a key argument having discovered it might not be applicable in this case.
Lawyers representing the self-invested personal pension (SIPP) administrator yesterday argued that, due to the FCA's Conduct of Business (COBs) rule 11.2, they are obligated to follow specific instructions from clients. In this case, in 2011, Wayne Charlton decided to invest his £29,000 pension pot into unregulated investment scheme Sustainable Agro Energy, which sold plots of land in Cambodia on which trees would be planted to create bio fuel, following contact with an unregulated introducer. The scheme was later found to be fraudulent. Berkeley Burke needed 'crystal ball' to know 20...
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