Avacade Limited trading as Avacade Investment Options was wound up in November 2015. Both companies introduced pension transfer business to a number of independent financial advisers (IFAs) such as Shah Wealth Management
Both companies were unregulated introducers and via a free non-advised pension report, pension holders were induced to transfer their funds into SIPPs and invest in a host of alternative investments.
It is believed that Avacade – in both its guises – made arrangements with a number of SIPP providers such as Liberty SIPP to introduce and process a raft of unregulated collective investment schemes (UCIS).
They are alleged by the FCA to have provided “misleading statements and carried out regulated activities in the UK without FCA authorisation or exemption and communicated financial promotions without the required authorisation or approval.” At the end of 2017, the FCA commenced civil proceedings against Avacade and Alexandra Associates together with Craig Lummis, Lee Lummis and Raymond Fox as individuals. This will comprise two trials, the first to prove liability and the second to determine the amount of losses suffered by investors. It is understood to involve the transfer of £86 million in pension assets across 2000 consumers. The first trial is due to commence in January 2020 with the FCA known to have written to all former clients of Avacade advising of the impending court cases.
If you’ve been recommended by either of the Avacade brands to transfer your pension into a SIPP and have lost money, Beat the Banks are here to help. Simply complete our enquiry form
Avacade Limited and Alexandra Associates (UK) Limited