"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"
- Therese Chambers, joint executive director of enforcement and market oversight at the FCA
The FCA has charged independent financial adviser, Lisa Campbell, with multiple criminal offences, including fraud by abuse of position and providing false or misleading information to the FCA to conceal her wrongdoing.
Campbell was the sole director of Hampshire-based Campbell & Associates Independent Financial Advice, an FCA authorised financial advisory firm which operated under the name Campbell & Raffle Independent Financial Advice 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 April 2013 and May 2023, Campbell misappropriated funds from clients on numerous occasions. The allegations include that Campbell created multiple false documents which she used to falsely reassure her clients that their money had been invested. In addition, the FCA alleges that she 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 & Associates held FCA permissions until 9th February 2023, when the FCA required the firm to cease regulated activities, notify customers and platform providers of the restrictions, and retain assets held by the firm.
On 3rd April 2023, due to concerns that Campbell had not complied with the restrictions, the FCA imposed conditions preventing her from performing any activity for which she has approval without the FCA’s written consent.
Campbell has been released on bail and will appear at Portsmouth Magistrates Court on 17th April 2025.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, 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."
