The UK’s Financial Conduct Authority has charged an independent financial adviser with multiple criminal offenses that led to in excess of £2.3m client losses.
In a statement on 13 February, the FCA said the charges against Mrs Lisa Campbell included fraud by abuse of position and providing false or misleading information to the FCA to conceal her wrongdoing.
Campbell was the sole director of Campbell & Associates Independent Financial Advice Ltd (Campbell & Associates), an FCA authorised financial advisory firm which operated under the name Campbell & Raffle Independent Financial Advice Ltd until November 2020.
The firm provided financial advice on investments, insurance, and pensions, but was not authorised to hold or control client money.
The FCA alleged that between 1 April 2013 and 10 May 2023, Mrs Campbell misappropriated funds from clients on numerous occasions. The allegations include that Mrs Campbell created multiple false documents which she used to falsely reassure her clients that their money had been invested.
In addition, the FCA alleged that Mrs Campbell provided false documents to the FCA in an effort to conceal her criminal behaviour.
During the period, the FCA alleges that Mrs Campbell stole more than £2.3m, leading to significant financial losses for multiple victims, including family members, friends and a vulnerable child.
Mrs Campbell has been released on bail and will appear at Portsmouth Magistrates Court on 17 April 2025.
Therese Chambers, joint executive director of Enforcement and Market Oversight, said: “Mrs Campbell’s actions are a betrayal of trust on a massive scale. We allege she used her position to defraud clients out of millions, including vulnerable people and her own friends and family who relied on her for advice, using falsified documents to cover up her lies.
“We are determined to hold her accountable for her actions.”
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.
Campbell & Associates held FCA permissions from 4 October 2013 until 9 February 2023
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.
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.
The FCA has been working with Hampshire Police in this investigation, which included Mrs Campbell’s arrest and the seizure of evidence.
