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

Directors to pay upwards of £6m

Hannah Godfrey
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More than 2,000 customers transferred around £91.8m into products promoted by Avacade and around £905,000 into products promoted by Alexandra Associates.
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More than 2,000 customers transferred around £91.8m into products promoted by Avacade and around £905,000 into products promoted by Alexandra Associates.

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,...

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