FCA Charges Ian Hudson with Unauthorised Investment Advice

The Financial Conduct Authority (FCA) announced on Thursday that it has commenced criminal proceedings against Ian James Hudson, following an investigation.

Mr Hudson appeared at Westminster Magistrates’ Court in relation to three charges. This includes carrying on a business via Richmond Associates to defraud creditors and carrying on regulated activities namely advising on investments and accepting deposits without authorisation.

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The UK regulator alleges that, between 1 January 2008 and 31 July 2019, Mr Hudson provided his clients with investment advice and claimed to leverage clients' deposits to invest on their behalf. 

More specifically, Mr Hudson told clients that the money they deposited with his business, Richmond Associates, would be invested in various financial vehicles or otherwise put to specific uses, this was not always the case. Moreover, he was not authorised by the FCA to offer these financial services.

Mr Hudson will appear at Southwark Crown Court for a Plea and Trial Preparation Hearing on 17 June 2021.

As Fazzaco reported earlier, FCA has set out plans for a new Consumer Duty​, which will set a higher level of consumer protection in retail financial markets for firms to adhere to. Firms are already bound by FCA rules and principles to treat customers fairly.