The WLR Daily case summaries
[2021] WLR(D) 481
Court of Appeal
Financial Conduct Authority v Avacade Ltd (in liquidation) (trading as Avacade Investment Options) and others
[2021] EWCA Civ 1206
2021 July 7, 8; Aug 4
Sir Geoffrey Vos MR, Peter Jackson, Popplewell LJJ
Financial services— Regulated and prohibited activities— General prohibition— Defendant financial intermediaries contacting consumers first to offer them free pension report and then to discuss transferring pension funds into self-invested personal pensions— Defendants receiving substantial commissions from purchase by consumers within SIPPs of direct interest in assets— Whether defendants in breach of general prohibition against carrying on regulated activities by “making arrangements” “with a view to” person participating in them buying or selling securities— Whether defendants “making arrangements”— Whether made in relation to buying or selling of securities even if consumers having direct ownership of assets— Whether within exclusions and therefore not regulated— Whether defendants’ directors knowingly concerned in defendants’ infringements of general prohibition—
Financial Services and Markets Act 2000 (c 8), ss 19, 382
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Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544), arts 25, 29, 33