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Pension Firms That Cost Clients $113 Million Lose FCA Fight (1)

July 1, 2020, 8:47 AM

A pair of pension firms that lost almost 92 million pounds ($113 million) in investments in projects such as Brazilian real estate and tree farms while charging allegedly exorbitant fees lost a U.K. court ruling that found they acted improperly, the U.K.’s financial watchdog said.

The court ruled against Avacade Ltd., which is in liquidation, Alexandra Associates (UK) Ltd., and directors Craig Lummis, Lee Lummis and Raymond Fox in the civil case, the Financial Conduct Authority said in an email on June 30.

The companies provided pension services to consumers without FCA authorization and made misleading statements to get consumers...

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