The FCA’s position is that as a result of the actions of Avacade and Craig and Lee Lummis, consumers had transferred more than £86m in pension funds into Sipps and that £70m was then invested into investments which have failed.
Due to this, Judge Adam Johnson found there to be an “obvious public interest”.
Judge Johnson said: “It is certainly a highly unattractive proposition to subject the proceedings at this late stage to a substantial period of further delay.
“It is unclear what period of delay is sought, but it seems it is in the region of 12 months, and in practical terms any adjourned trial is unlikely to come on before that in any event.”
He also found that as Craig Lummis was of full mental capacity, as stated by one of his doctors, he was capable at least to some degree of engaging with the issues in the case.
Judge Johnson therefore dismissed the case for an adjournment of the trial.
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