APJ has learnt that the Financial Conduct Authority (FCA) has written to all former clients of Avacade Limited. This was to inform them they are taking legal action against the unregulated pension introducer and its directors.
The Avacade decision
We welcome the FCA action as it confirms our argument that the introducer was providing advice to clients despite them not being a regulated firm.
This is a key part of the cases we are bringing against Liberty Sipp on behalf of our clients. We expect that the FCA action will strengthen these cases as a result. Our cases against Liberty Sipp will continue to progress in tandem with the FCA action against Avacade.
The FCA has moved to act against the firm and directors after concluding they were operating unlawfully by providing financial advice to clients, and making arrangements for clients to transfer their pensions into self-invested personal pensions (Sipps).
The investigation has found Avacade carried out regulated activities. However, they are not authorised to do so and made misleading statements to clients.
The FCA has confirmed legal proceedings began in September 2017. It will consist of two trials. The first is to prove Avacade is liable for the advice given, and a second to determine the amount of losses suffered by investors. We will keep our clients updated with these trials and look forward to sharing the outcome.
The first trial is due to commence in January 2020.
We are continuing to fight to get all our clients who were advised by Avacade the compensation they deserve and our argument has bolstered by this news.
We will also work alongside the FCA to support with their case.
Were you cold called by Avacade? Did they offer a free pension review that led to you losing money, we can help. Contact our legal experts today for a no obligation consultation.