FCA Wins Lawsuit Over Risky Pension Investment Advice

Law360, London (June 30, 2020, 4:27 PM BST) -- A judge ruled in favor of the Financial Conduct Authority on Tuesday, finding that two companies and three of their directors violated financial market rules by giving unauthorized and misleading advice to more than 2,000 consumers about their retirement investments.

Adam Johnson QC, sitting as a deputy judge at the High Court, said it was "overwhelmingly clear" that the three men were knowingly involved in the unlawful activities of their businesses, which encouraged consumers to transfer about £91.8 million ($113 million) from their pensions into self-invested personal pensions, or SIPPs.

Craig Lummis, his son Lee Lummis and Raymond Fox were directors of Avacade...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!