FCA wins Court of Appeal case against Avacade

£91m transferred into SIPPs

Sophie King
clock • 2 min read

The Financial Conduct Authority (FCA) has won the Court of Appeal case against a case against unregulated introducers Avacade and Alexandra Associates.

On Wednesday (4 August), the Court of Appeal, which was submitted by Alexandra Associates, upheld findings of breaches against the unregulated introducer that was trading as Avacade. The appeal, which began last month after being 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, and the High Court has now found, that Avacade, Alexandra Associates, Craig Lumis, Lee Lumis a...

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