Avacade Limited and Alexandra Associates (UK) Limited
A pension represents a life-long investment designed to bring us a degree of comfort and peace of mind for our later years. We work hard all our lives to ensure we will have enough to live on and hopefully something to leave behind for our loved ones. When those plans are ruined by poor pension advice the repercussions can be hard to bear.
In 2017, the Financial Conduct Authority (FCA) instigated proceedings against Avacade Investment Options and Alexandra Associates (UK) Limited, alleging a number of issues, including:
• Making misleading statements to potential investors
• Acting without authorisation from the FCA
• Communicating financial promotions without approval
These actions contravened the Financial Services and Markets Act 2000 and the Financial Services Act 2012. For those investors left in its wake, this case has brought nothing but misery.
The companies involved were unregulated introducers which persuaded investors to transfer funds into Self-Invested Personal Pensions (SIPPs). This led to unregulated collective investment schemes into tree plantations and a resort in Brazil, a scheme that failed to bring in the yields that tempted the investors in the first place. It’s estimated that it brought in some £86 million in investments.