Did you invest your hard-earned money into a SIPP with Avacade or Alexandra Associates? There has been lots of news surrounding the unregulated introducers in recent weeks, with a High Court case resulting in a large payout for clients of the introducers.
If you believe you were mis-sold by Avacade Investments or Alexandra Associates, here’s how you can claim back your investment.
Who are Avacade Investments and Alexandra Associates?
Avacade and Alexandra Associates are two unregulated SIPP introducers who mis-sold their clients’ property developments, tree plantations and other illegal asset investments. The introducers worked with unregulated SIPP providers, like the controversial Liberty SIPP and Ethical Forestry investment, by offering a free pension report. Ultimately, the report was designed to entice pension investors into unregulated SIPP investments, in which the introducers would gain a significant referral fee.
How are the two companies linked?
Avacade entered liquidation back in 2015 after 2,000 clients transferred over £68 million into various investments. However, the company directors continued to trade illegal assets through another company named Alexandra Associates, which then went on to generate a further £905,000 in property development investments. However, the FCA is now striving to recover these funds so that investors can be paid back their hard-earned money.
The FCA orders Avacade and Alexandra Associates to pay over £10m in compensation
On 10th August 2020, the High Court ordered the illegal SIPP introducers to pay back £10.7 million to clients who were wrongly referred and therefore were mis-sold their pension investments.
The three directors behind the firm, Craig Lummis, Lee Lummis and Raymond Fox, have been banned from future unregulated activities within the UK and were also ordered to pay an additional £6.7m between them, bringing the total compensation amount to £17.4m.
The FCA’s executive director, Mark Steward, said “The FCA will make wrongdoers financially accountable to consumers whom, as the court recognises in this decision, “include elderly and vulnerable citizens who have paid their due share of income tax, made sacrifices, and taken prudential decisions for their future retirement over the course of an honest working life”.’
How do I know if I was mis-sold?
As both Avacade and Alexandra Associates were unregulated by the FCA, and they worked with countless unregulated providers, it is likely that any dealings with the companies will be eligible for compensation.
If you believe you were a victim of either Avacade Investments or Alexandra Associates, we’re here to help you submit your claim to the FCA.
Claim against Avacade and Alexandra Associates
Our professional team is experienced in such mis-sold SIPP pension claims and are here to support you every step of the way. Whether you dealt with Avacade Investments or Alexandra Associates, rest assured your claim is in safe hand with Expert Pension Claims.
We’ll take care of every aspect of the claim for you, from contacting your pension providers to escalating to the Financial Ombudsman if required.
In the meantime, here are some more resources that you might find useful: