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 ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
