The FCA Charges Hampshire-Based Financial Adviser with Multiple Fraud Offences

The Financial Conduct Authority (FCA) has charged 1. Lisa Maureen Campbell was born on 6 January 1970, sole director of Campbell & Associates Independent Financial Advice Ltd, with multiple criminal offences, including

• Fraud by abuse of position and
• Providing false or misleading information to the FCA.

The offences

• Fraud by abuse of position is an offence under sections 1 and 4 of the Fraud Act 2006 (6 offences).
• Knowingly providing false information in purported compliance with a requirement imposed under the Financial Services and Markets Act 2000 is an offence under section 177 of the same Act.

Campbell & Associates held FCA permissions from 4 October 2013 until 9 February 2023. Between April 2013 and May 2023, it's alleged that Mrs. Campbell

• Misappropriated over £2.3 million from clients, including family, friends, and a vulnerable child, using falsified documents to conceal her actions.

The FCA has been working with Hampshire Police in this investigation, which included Mrs Campbell’s arrest and the seizure of evidence.

She is scheduled to appear at Portsmouth Magistrates Court on 17 April 2025.

Key facts

1. On 9 February 2023, the FCA issued a First Supervisory Notice to Campbell & Associates, requiring the     firm to cease regulated activities, notify customers and platform providers of the restrictions, and retain   assets held by the firm.

1. https://www.fca.org.uk/news/news-stories/restrictions-campbell-associates-independent-financial-advice-ltd

2. On 3 April 2023, due to concerns that Mrs Campbell had not complied with restrictions imposed on the   firm on 9 February 2023, the FCA imposed conditions preventing Mrs Campbell from performing any   activity for which she has approval without the FCA’s written consent.

1. https://www.fca.org.uk/publication/supervisory-notices/first-supervisory-notice-lisa-campbell-campbell-associates-2023.pdf

3. This case took 24 months from opening in February 2023 to bringing criminal charges – compared to an   average of 42 months for cases closed in 2023/24. This is an example of how the FCA is improving the   pace of its enforcement investigations.

Key Takeaways:

• Breach of Trust: The allegations highlight a severe betrayal of client trust, emphasising the necessity for stringent internal controls and ethical standards within financial advisory firms.
• Regulatory Vigilance: The FCA's actions demonstrate its commitment to identifying and prosecuting financial misconduct, reinforcing the importance of compliance and transparency in client dealings.

Implications for Financial Firms:

• Robust Compliance Frameworks: Regularly audit and enhance compliance protocols to detect and prevent fraudulent activities.
• Ethics Training: Implement comprehensive ethics training programs to foster a culture of integrity and accountability among staff.
• Transparent Client Communication: Maintain open and honest communication channels with clients to build and preserve trust.

Source: 

1. FCA charges Hampshire-based IFA with multiple fraud offences. https://moneyage.co.uk/FCA-charges-Hampshire-based-IFA-with-multiple-fraud-offences.php.

2. FCA charges financial adviser with £2.3m fraud offences. https://www.financialreporter.co.uk/fca-charges-financial-adviser-with-23m-fraud-offences.html.

3. FCA charges Hampshire-based independent financial adviser with multiple .... https://www.wired-gov.net/wg/news.nsf/articles/FCA+charges+Hampshirebased+independent+financial+adviser+with+multiple+fraud+offences+14022025102000.

4. https://www.wired-gov.net/wg/news.nsf/articles/FCA+charges+Hampshirebased+independent+financial+adviser+with+multiple+fraud+offences+14022025102000