The Business Law Reports
[2021] Bus LR 1810
Court of Appeal
Financial Conduct Authority v Avacade (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— Consumers contacted by unauthorised intermediaries and persuaded to transfer existing pension funds into self-invested pension scheme— Consumers divesting cash from new SIPP and purchasing unregulated investments promoted by intermediaries— Financial Conduct Authority contending intermediaries in breach of general prohibition by making arrangements “with a view to” person participating in them buying or selling securities— Whether arrangement made “with a view to” relevant transaction— Whether necessary to establish direct link by way of causation between arrangements and investments— Whether arrangement within exclusion and therefore not regulated activity—
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, arts 25, 33