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...
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