Campbell & Associates Independent Financial Advice Ltd (FRN: 602550), whose director has been facing a £2.3m fraud charge, has today been declared as failed by the Financial Services Compensation Scheme.
The declaration of default means that the FSCS will step in to pay compensation to ex-clients of the Hampshire firm, up to £85,000 per successful claim.
The FSCS has received nine claims against the firm relating to pensions and investments advice, with one upheld triggering the default declaration.
The FSCS says it has been working with the FCA to understand whether there are likely to be any further valid claims that would allow it to pay compensation.
The FCA began investigating director Lisa Campbell in February 2023 and first brought criminal charges against her in February 2025.
The FCA brought an additional charge of fraud by abuse of position against Mrs Campbell in November.
Mrs Campbell was the sole director of Campbell & Associates Independent Financial Advice Ltd (Campbell & Associates), an FCA authorised financial adviser firm which 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.
According to the FCA Register, Campbell & Associates was registered in October 2013 by IFAs Lisa Campbell and Nicola Raffle. It was known as Campbell & Raffle Independent Financial Advice Ltd from February 2014 until November 2020 when Ms Raffle resigned, according to records at Companies House.
It registered the name Campbell & Associates Independent Financial Advice Ltd in November 2020 and began trading as Campbell & Associates in May 2021. The firm had a range of restrictions placed upon it by the FCA in February 2023, including being instructed to, “immediately cease carrying on all regulated activities for which it has a Part 4A permission.”
The FSCS has declared six financial advisory firms as failed so far this year.
Failed firms include Hanson Financial Partners (FRN529347), a Financial Planning firm based in the North East. The firm was based at Boldon Business Park, Boldon Colliery, Tyne and Wear. Hanson said it offered all types of Financial Planning as well as advice on areas such as mortgages and equity release.
Other firms recently declared in default by the FSCS include Donre Advisory Limited (FRN: 513993), based in the City of London and formerly known as Basi & Basi Financial Planning Ltd, and MHMW1 Ltd, formerly M L Robinson Financial Advice Ltd (FRN 575253) which was based in Cwmbran, Gwent, Wales, and Scottish financial adviser firm, G60 Limited (formerly known as Pacific Shelf 989 Limited), which was based at Perth Airport and believed to have been dissolved in 2005.