The Financial Conduct Authority (FCA) has charged Lisa Campbell with multiple criminal offences, including fraud by abuse of position and providing false or misleading information to the regulator.
Campbell was the sole director of Campbell & Associates Independent Financial Advice Ltd, an FCA-authorised financial advisory firm that 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 April 1, 2013, and May 10, 2023, Campbell misappropriated client funds on multiple occasions. It is claimed that she created false documents to mislead clients into believing their money had been invested. The regulator also alleged that she submitted false documents to the FCA to conceal her actions.
According to the FCA, more than £2.3 million was taken during this period, resulting in financial losses for several victims, including family members, friends, and a vulnerable child. The alleged misconduct took place over a decade, affecting multiple clients who had entrusted Campbell with their financial affairs. The FCA has stated that the alleged fraud involved a pattern of deception that extended to both clients and regulatory authorities.
The FCA has heightened its crackdown on current and former executives accused of wrongdoings. In November, the regulator banned former Inspire Insurance Services director Leigh Mackey for financial misconduct and misleading regulatory authorities. It also banned and penalised Perry Prowse Ltd.’s sole director Martin Sarl for grave misconduct and dishonesty.
Campbell has been released on bail and is scheduled to appear at Portsmouth Magistrates Court on 17 April 2025. If convicted, she could face significant legal penalties.
“Mrs Campbell’s actions are a betrayal of trust on a massive scale,” commented Therese Chambers, joint executive director of Enforcement and Market Oversight at the FCA. “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.”
