{"id":776,"date":"2020-02-24T15:03:43","date_gmt":"2020-02-24T15:03:43","guid":{"rendered":"https:\/\/www.chrishegarty.com\/?p=776"},"modified":"2020-02-24T15:03:43","modified_gmt":"2020-02-24T15:03:43","slug":"fca-v-avacade-promoting-or-introducing","status":"publish","type":"post","link":"https:\/\/chrishegarty.com\/?p=776","title":{"rendered":"FCA v Avacade &#8211; promoting or introducing?"},"content":{"rendered":"\n<p>The\nFCA is, unsurprisingly, pursuing significant proceedings against\nAvacade, a related company and its directors in relation to\nunregulated business.<\/p>\n\n\n\n<p>This\nis an important case as it relates to the responsibility of those\nunregulated introducers who\nclaim to be \u201cintroducers\u201d but the FCA is pursuing as \u201cpromoters\u201d.<\/p>\n\n\n\n<p>The\nimportance is that there is a narrow, bland exemption from the\nrequirement to be regulated by the FCA when introducing a customer to\na financial product. That is often typified as covering situations\nsuch as dental insurance leaflets in a dentist\u2019s office.<\/p>\n\n\n\n<p>Avacade\nhowever is alleged to have gone further and promoted to individuals\nthat they transfer their pensions into SIPPs and then invest in  the\npromoted investments (the FCA\u2019s case summarised at p.85)<\/p>\n\n\n\n<p>This\nis quite important as following SimplySure v Personal Touch Financial\nServices the threshold to cross into \u201carranging\u201d (a different\nregulated activity) is very low and it will be important to see where\nthe line is drawn for \u201cpromoting\u201d.<\/p>\n\n\n\n<p>The recent decision of Mr Adam Johnson QC (sitting as a Judge of the Chancery Decision) in <a href=\"https:\/\/www.bailii.org\/ew\/cases\/EWHC\/Ch\/2020\/26.html\">FCA v Avacade [2020] EWHC 26 (Ch)<\/a> concerned the application to adjourn the trial on ill health ground of one of the directors. Having dismissed this we can expect a trial within a window from 13 January 2020.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FCA is, unsurprisingly, pursuing significant proceedings against Avacade, a related company and its directors in relation to unregulated business. This is an important case as it relates to the responsibility of those unregulated introducers who claim to be \u201cintroducers\u201d but the FCA is pursuing as \u201cpromoters\u201d. The importance is that there is a narrow, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-776","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/chrishegarty.com\/index.php?rest_route=\/wp\/v2\/posts\/776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chrishegarty.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chrishegarty.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/chrishegarty.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/chrishegarty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=776"}],"version-history":[{"count":0,"href":"https:\/\/chrishegarty.com\/index.php?rest_route=\/wp\/v2\/posts\/776\/revisions"}],"wp:attachment":[{"href":"https:\/\/chrishegarty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chrishegarty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chrishegarty.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}