The Financial Conduct Authority (FCA) has charged a firm director with multiple fraud offences, including abuse of position and providing misleading information to the regulator.
Lisa Campbell, 55, was the sole director of Campbell & Associates Independent Financial Advice Ltd, an FCA-authorised financial advisory firm that operated 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 alleges that between 1 April 2013 and 10 May 2023, Campbell misappropriated funds from clients on numerous occasions.
The allegations include that Campbell created multiple false documents that she used to falsely reassure her clients that their money had been invested.
In addition, the FCA alleges that Campbell provided false documents to the FCA in an effort to conceal her criminal behaviour.
During the period, the FCA alleges that Campbell stole more than £2.3m, leading to significant financial losses for multiple victims, including family members, friends and a vulnerable child.
Campbell has been released on bail and will appear at Portsmouth Magistrates Court on 17 April.
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.”
It said the firm, which does not have the permission to hold client funds, facilitated the transfer of £1.5m of advised client funds to its bank account.
Following the restrictions, FCA then launched a fraud investigation that took 24 months to bring criminal charges against Campbell.
