November 30, 2017 / 10:56 AM / a year ago

UK's FCA starts civil proceedings over pension investment statements

LONDON, Nov 30 (Reuters) - Britain’s Financial Conduct Authority (FCA) has begun civil proceedings against Avacade and Alexandra Associates, alleging the firms made misleading statements about pension investments and carried out regulated activities in Britain without authorisation.

The FCA on Thursday alleged that Avacade Ltd and Alexandra Associates (UK), trading as Avacade Future Solutions, promoted pensions and investments in alternative investments such as tree plantations.

The FCA wants customers affected to be compensated and injunctions to prevent further breaches of rules and is also bringing proceedings against three individuals, the market regulator said. (Reporting by Kirstin Ridley; editing by Jason Neely)

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