A Court of Appeal challenge submitted by unregulated introducer firm Alexandra Associates has begun today (7 July) which aims to overturn a previous Financial Conduct Authority (FCA) legal victory over the firm.
The appeal, submitted in July last year, was put forward after the High Court ruled in favour of the FCA in a civil action against Avacade and Alexandra Associates after pension savers were persuaded to invest millions of pounds into risky, unregulated schemes. 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. At the time, the High Court found Av...
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