FCA takes legal action against unregulated firms promoting 'misleading' SIPP investments

Firms were not authorised

Hannah Godfrey
clock • 1 min read

The Financial Conduct Authority (FCA) has started civil legal action against two firms it alleges misled savers and promoted self-invested personal person (SIPP) investments into alternatives such as tree plantations.

The FCA said it was taking action against firms Avacade and Alexandra Associated, and three employees of the firms, Craig Lummis, Lee Lummis and Raymond Fox.   The firms provided a pension report service, marketed at summarising a consumer's pension information and retirement objective to help them decide what to do with their retirement assets. However, the FCA said it believed when performing the service, Avacade promoted SIPPs and alternative investments such as tree plantations. The regulator alleged the firms made misleading statements, carried out regulated activities in the ...

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