Financial Conduct Authority v Avacade (t/a Avacade Investment Options)

Subject Matter

FINANCIAL SERVICES — Regulated activities — Restitution order

[2020] EWHC 2175 (Ch), Ch D

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 — Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, arts 25, 33

[2021] EWCA Civ 1206; [2021] Bus LR 1810; [2021] WLR(D) 481, CA

Appellate History