The High Court has ruled in favour of the Financial Conduct Authority (FCA) in a civil action against unregulated introducers Avacade and Alexandra Associations after pension savers were persuaded to invest millions of pounds into risky, unregulated schemes.
The two firms provided pension services to consumers without FCA authorisation. The FCA alleged the two companies provided a pension report service and made misleading statements that induced customers to transfer their pensions into self-invested personal pensions (SIPPs) and then to alternative investments such as tree plantations and Brazilian property developments. On Tuesday (30 June) the High Court found Avacade's and Alexandra Associates' activities were unlawful as they had engaged in regulated activities, made unapproved financial promotions through their websites, promotions ma...
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