Unregulated introducers ordered to pay nearly £17.5m restitution to consumers

Directors to pay upwards of £6m

Hannah Godfrey
clock • 1 min read

The High Court has ordered unregulated pension introducers Avacade and Alexandra Associates, as well as their directors, to pay a combined £17,450,000 in restitution to members of the public who were induced to transfer their pensions into self-invested personal pensions (SIPPs).

The order was made on 7 August 2020, commanding Avacade to pay £10m to consumers, Alexandra Associates £750,000, directors Craig Lummis and Lee Lummis were each ordered to pay £2,500,000 and Raymond Fox, another director, £1,700,000. In a judgment dated 30 June 2020, the Court found that Avacade's and Alexandra Associates' activities were unlawful as they had engaged in the regulated activities of arranging and advising on investments, made unapproved financial promotions through their websites, promotional material and in telephone calls to consumers and made false or misleading stateme...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Reeves's IHT raid could push 'average' estates into six-figure bills

Reeves's IHT raid could push 'average' estates into six-figure bills

Advisers warned to prepare clients as new rules drag more families into IHT net

Sahar Nazir
clock 20 August 2025 • 2 min read
Aberdeen sells financial planning arm to Ascot Lloyd

Aberdeen sells financial planning arm to Ascot Lloyd

Part of provider’s plan to simplify business

Jenna Brown
clock 20 August 2025 • 2 min read
IHT on pensions 'will create confusion' and drive gifting mistakes

IHT on pensions 'will create confusion' and drive gifting mistakes

Inclusion of unused pensions in IHT will come into effect 6 April 2027

Sahar Nazir
clock 20 August 2025 • 3 min read