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, 55, who has pleaded not guilty, is already facing multiple fraud allegations in ongoing proceedings at Portsmouth Crown Court.

The FCA charged Ms Campbell in February after alleging that she stole more than £2.3m from clients on numerous occasions between 1 April 2013 and 10 May 2023.

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 this year, a further client reported concerns to the FCA, prompting a full investigation into their case.

Mrs Campbell has not been interviewed regarding the latest allegations, the FCA said. She continues to deny all wrongdoing and is contesting all of the charges.

Therese Chambers, joint executive director of enforcement and market oversight, at the FCA 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.”

Mrs Campbell's firm Campbell & Associates Independent Financial Advice Ltd (FRN: 602550) was placed under investigation by the Financial Services Compensation Scheme in April.

The FSCS said that it was probing the Romsey, Hampshire-based firm to see if any claims met the qualifying conditions for compensation. It has not yet declared the firm as in default.

According to the FCA Register, Campbell & Associates was registered in October 2013 by IFAs Lisa Campbell and Nicola Raffle. The firm provided financial advice on investments, insurance, and pensions, but was not authorised to hold or control client money.

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.”

In May 2023 notice was given that the firm would be struck off the Register of Companies but the striking off action was quickly discontinued as: “Cause has been shown why the company should not be struck off the Register.”

In November 2023 new notice was given that the firm would be struck off the Register of Companies, but that was temporarily suspended in December 2023 because of an objection. That notice to strike off remains active, according to the records.