The Financial Conduct Authority (FCA) has charged a Hampshire-based independent financial adviser (IFA) with multiple criminal offences, including fraud by abuse of position and providing false or misleading information to the regulator.

It alleged that Lisa Campbell, who was the sole director of Campbell & Associates, misappropriated funds from clients on several occasions between 1 April 2013 and 10 May 2023.

Campbell & Associates, an FCA-authorised financial advisory firm that operated as Campbell & Raffle Independent Financial Advice until November 2020, provided financial advice on investments, insurance, and pensions, but was not authorised to hold or control client money.

The allegations against Campbell included creating false documents to “falsely reassure” her clients that their money had been invested.

The FCA also alleged that Campbell provided it with false documents to try and conceal her alleged criminal behaviour.

During the period, the FCA said that Campbell stole more than £2.3m, leading to "significant financial losses" for multiple victims.

She has been released on bail and will appear at Portsmouth Magistrates Court on 17 April.

The FCA issued a First Supervisory Notice to Campbell & Associates on 9 February 2023, which required 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, it imposed conditions on Campbell due to concerns she had not complied with the restrictions placed on the firm, preventing her from performing any activity for which she has approval without the FCA’s consent.

Joint executive director of enforcement and market oversight at the FCA, Therese Chambers, 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."

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