On 4 August 2021, the Court of Appeal handed down its judgment on the appeal in FCA v Avacade, relating to more than two thousand consumers who transferred pensions worth around £91.8 million, following contact from unregulated companies. Much of that money was then invested into high risk investments, from which the introducers obtained commissions in excess of £10.5 million. The FCA has taken action against the unregulated companies, and their directors, to obtain restitution orders, in order to compensate investors.
The Court of Appeal dismissed the appeal, and upheld judgments at first instance from Mr Adam Johnson QC (as he then was) and Mr Stephen Houseman QC. In so doing, Popplewell LJ commented on the scope of ‘making arrangements’ and associated exceptions in the Regulated Activities Order, and the ability of appellants to supplement their grounds of appeal by relying on another judgment of the Court of Appeal handed down after judgment in this case.
Adam Temple acted for the FCA, led by Nicholas Vineall QC.