Avacade Limited and Alexandra Associates

Avacade Limited and Alexandra Associates were Cheshire based Introducer companies.

The high court ruled in favour of the FCA in a civil action case brought against the two unregulated introducer firms and their managing directors.

They Court of Appeal upheld the decision in August 2021 and collectively they were ordered to pay £10,715,000 in restitution.

Avacade Limited and Alexandra Associates – along with their directors Craig Lummis, Lee Lummis and Raymond Fox – were accused of providing unlawful pension advice, making unapproved financial promotions and making false or misleading statements.

The FCA case centred around the pension report service both companies provided and the alleged unregulated conduct which “induced” clients to transfer their pensions into SIPPS and then into alternative investments. These investments included tree plantations and a Brazilian property development.

£10m in commissions

According to the regulator Avacade and Alexandra Associates received over £10m in commissions as more than 2000 clients transferred around £91m.

More than two-thirds of that amount was invested in products promoted by Avacade.

Almost £1m went into Paraiba bond – a Brazilian property development promoted by Alexandra Associates.

Many of the underlying investments have now failed or are in liquidation.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said at the time:

“The actions of those involved put the pension savings of thousands of people at risk. We will now seek restitution for them.”

Avacade Limited is currently in liquidation.

Liberty SIPP

Liberty SIPP accepted business from Avacade Limited. They went into Administration in 2020 and were declared in default by the FSCS in January 2021.

Get an expert opinion with our free assessment check

If you want to know if you may have been mis-sold to you – we can help!

Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.

Our assessment is free and there’s absolutely no obligation to use our service if you have case.

Key Facts

Avacade Limited and Alexandra Associates directors were ordered to pay over £10m in restitution after the FCA took them to court for "unlawful pension advice"
Avacade Limited is currently in liquidation
Liberty SIPP accepted business from Avacade Limited and were declared in default by the FSCS in January 2021

We win more than 9 out of 10 claims

The cost of our service is 18% inc VAT on the total monies awarded for a successful claim

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.