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FCA takes legal action over misleading Sipp investments

Retirement plan-pension-reportThe FCA is taking legal action against two firms and three individuals over allegations they provided misleading statements on pension investments.

The regulator alleges that Avacade Limited and Alexandra Associates promoted alternative investments such as tree plantations and other Sipps, when their service was only marketed as a report service that would summarise a client’s pensions and retirement objectives to help them decide on a course of action.

The FCA has also started civil proceedings against Craig Lummis and Lee Lummis over claims they were “knowingly concerned” about Avacade’s breaches, and Raymond Fox, for being “knowlingly concerned” about Alexandra Associate’s breaches.

The two Lummis’ are listed as active directors at Avacade. Fox was a director at Avacade until 2014.

The regulator says in a statement today: “The FCA is seeking restitution orders in favour of consumers who were affected by these breaches as well as declarations of contravention and injunctions to prevent further breaches. The court proceedings are at an early stage and no date for trial has been set.”

The regulator says it is unable to comment further on the proceedings.


Lloyds to close 49 bank branches

Lloyds Banking Group is to close a further 49 branches – resulting in 99 job losses. The union Unite said the bank has informed staff of the closures, which will involve Halifax, Bank of Scotland and Lloyds Bank branches. Earlier this year Lloyds announced that it would close 100 branches between July and October this […]

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Mifid II checklist: Are you ready?

The implementation date for Mifid II (3 January) is rapidly approaching, with seasonal celebrations reducing preparation time further. Now is the time to conduct a self-assessment to establish your firm’s state of readiness. Mifid II affects investment advice and discretionary management firms differently, so your actions will be tailored to your firm type. In addition, advice […]


Old Mutual’s Quilter launches Aim portfolio

Quilter Cheviot is joining with OMGI to launch a discretionary tax-advantageous Aim portfolio. The Quilter Cheviot Aim strategy service will be overseen by chief investment strategist Alan McIntosh alongside OMGI head of UK mid and small cap equities Dan Nickols. Quilter Cheviot and OMGI are both owned by Old Mutual, but the latter is currently in the […]


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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