FCA wins legal battle against unregulated pension introducers Avacade and Alexandra Associates
£91m invested
"Unregulated introducers, like Avacade, often try to skirt regulation by making false claims about the kind of service they provide" - FCA's Mark Steward.
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...
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