FCA starts misleading pension statements proceedings

FCA has announced the start of civil proceedings against Avacade Limited, which traded as Avacade Investment Options, and Alexandra Associates (U.K.) Limited, trading as Avacade Future Solutions, and against Craig Lummis, Lee Lummis and Raymond Fox. FCA says the firms provided a “pension report service” which, among other things, promoted SIPPs and alternative investments such as tree plantations. FCA says the firms made misleading statements, carried out regulated activities without authorisation or exemption, and made unapproved financial promotions. The individuals it is proceeding against are alleged to have been knowingly concerned in the breaches of one or both firms.  FCA is seeking restitution for the customers who were affected as well as injunctions to prevent further breaches.