UK High Court orders illegal pension introducers to pay £10m restitution to consumers

In a case brought by the FCA, the High Court has ordered two companies and three individuals to pay a total of £10,715,000 in restitution to members of the public who were induced to transfer their pensions into self-invested personal pensions (SIPPs). The order was made on 7 August against Avacade (in liquidation), Alexandra Associates (trading as Avacade Future Solutions), Craig Lummis, Lee Lummis and Raymond Fox.  In a judgment dated 30 June 2020, the Court found that Avacade's and AA's activities were unlawful as they had engaged in the regulated activities of arranging and advisi...