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FCA wins long battle against Avacade introducers
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UPDATED: Pension introducer eyes Supreme Court bid
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Firm’s lawyer ‘surprised that the FCA chose not to include regulated Sipp providers and IFAs’ in the claim
The regulator would have then redistributed the funds to the investors who suffered losses by transferring their pensions into Sipps.
But Lady Justice Asplin allowed the three defendants to appeal the High Court decision, as she believes they have a “real prospect of success and there is a compelling reason why they should be heard”.
The firm and two individuals argue that they cannot be liable for any losses suffered by investors as they only acted as introducers to FCA-regulated Sipp providers and IFAs, which are the ones who made the investment decisions.
Under-fire introducers win reprieve in high risk pensions case
By Michael Klimes 17
th December 2020 12:22 pm
Unregulated introducers accused of giving advice on high-risk pensions have won the right to appeal a ruling against them.
In August, the High Court ordered two companies and three individuals to pay nearly £11m in compensation over unauthorised pension services.
The order concerned the case of Avacade Limited, which is in liquidation, and Alexandra Associates (UK) Limited trading as Avacade Future Solutions (AA).
It also concerned their directors, Craig Lummis, Lee Lummis and Raymond Fox.
The court found Avacade’s and AA’s activities were unlawful as they engaged in the regulated activities of arranging and advising on investments.