Regulation  

FCA begins criminal proceedings against unregulated adviser

FCA begins criminal proceedings against unregulated adviser

The Financial Conduct Authority has begun criminal proceedings against Ian James Hudson, following an investigation related to unregulated advice.

Appearing at Westminster Magistrates’ Court, Hudson was accused of three charges which included carrying on a business called Richmond Associates with the intention to defraud creditors. 

He was also accused of carrying on regulated activities, namely advising on investments and accepting deposits without authorisation.

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The FCA alleges that between January 1, 2008 and July 31, 2019, Hudson advised on investments and purported to invest deposits received by him from clients on their behalf. 

During this time, he was not authorised by the FCA to undertake these financial services.

Hudson is also alleged to have told clients that the money they deposited with Richmond Associates would be invested in various financial vehicles or otherwise put to specific uses - which the FCA stated was not always the case.

Hudson will appear at Southwark Crown Court for a plea and trial preparation hearing on June 17, 2021.

sonia.rach@ft.com

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