The FCA has charged Mrs Lisa Campbell with multiple criminal offences, including fraud by abuse of position and providing false or misleading information to the FCA to conceal her wrongdoing.
Update: 28 November 2025
The FCA has brought an additional charge of fraud by abuse of position against Mrs Lisa Campbell, an independent financial adviser based in Hampshire. Mrs Campbell, who has pleaded not guilty, is already facing multiple fraud allegations in ongoing proceedings at Portsmouth Crown Court.
The latest charge relates to £262,500 transferred by a long-standing client between April 2017 and August 2021. The FCA alleges that Mrs Campbell dishonestly used these funds for her own purposes rather than investing them as agreed.
The FCA began investigating Mrs Campbell in February 2023 and first brought criminal charges against her in February 2025. After Mrs Campbell’s first court appearance in May 2025, a further client reported concerns to the FCA, prompting a full investigation into their case.
Mrs Campbell has not been interviewed regarding these latest allegations. She continues to deny all wrongdoing and is contesting all of the charges.
Update: 2 May 2025
Mrs Campbell will now appear at Portsmouth Magistrates Court on a revised date of 19 May 2025. This change was directed by the Court.
Mrs Campbell was the sole director of Campbell & Associates Independent Financial Advice Ltd (Campbell & Associates), an FCA authorised financial advisory 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.
The FCA alleges that between 1 April 2013 and 10 May 2023, Mrs Campbell misappropriated funds from clients on numerous occasions. The allegations include that Mrs Campbell created multiple false documents which she used to falsely reassure her clients that their money had been invested. In addition, the FCA alleges that Mrs Campbell provided false documents to the FCA in an effort to conceal her criminal behaviour.
During the period, the FCA alleges that Mrs Campbell stole more than £2.3m, leading to significant financial losses for multiple victims, including family members, friends and a vulnerable child.
Mrs Campbell has been released on bail and will appear at Portsmouth Magistrates Court on 17 April 2025.
Therese Chambers, joint executive director of Enforcement and Market Oversight, said:
‘Mrs Campbell’s actions are a betrayal of trust on a massive scale. 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.'
Notes to editors
- Lisa Maureen Campbell was born on 6 January 1970.
- This case took 24 months from opening in February 2023 to bringing criminal charges – compared to an average of 42 months for cases closed in 2023/24. This is an example of how the FCA is improving the pace of its enforcement investigations.
- Fraud by abuse of position is an offence under sections 1 and 4 of the Fraud Act 2006 (6 offences).
- Knowingly providing false information in purported compliance with a requirement imposed under the Financial Services and Markets Act 2000 is an offence under section 177 of the same Act.
- Campbell & Associates held FCA permissions from 4 October 2013 until 9 February 2023
- On 9 February 2023, the FCA issued a First Supervisory Notice[2] to Campbell & Associates, requiring the firm to cease regulated activities, notify customers and platform providers of the restrictions, and retain assets held by the firm.
- On 3 April 2023, due to concerns that Mrs Campbell had not complied with restrictions imposed on the firm on 9 February 2023, the FCA imposed conditions[3] preventing Mrs Campbell from performing any activity for which she has approval without the FCA’s written consent.
- The FCA has been working with Hampshire Police in this investigation, which included Mrs Campbell’s arrest and the seizure of evidence.
- Consumers who believe they may have had funds misappropriated by Campbell & Associates or Lisa Campbell can contact the FCA[4].