Under-fire introducers win reprieve in high risk pensions case
By Michael Klimes 17
th December 2020 12:22 pm
Unregulated introducers accused of giving advice on high-risk pensions have won the right to appeal a ruling against them.
In August, the High Court ordered two companies and three individuals to pay nearly £11m in compensation over unauthorised pension services.
The order concerned the case of Avacade Limited, which is in liquidation, and Alexandra Associates (UK) Limited trading as Avacade Future Solutions (AA).
It also concerned their directors, Craig Lummis, Lee Lummis and Raymond Fox.
The court found Avacade’s and AA’s activities were unlawful as they engaged in the regulated activities of arranging and advising on investments.