Last updated 29 October 2026 by Jonathan Paton
Campbell & Associates Independent Financial Advice Ltd, trading as Campbell & Associates
Why can you claim for compensation against Campbell & Associates Independent Financial Advice Ltd, formerly Campbell & Raffle Independent Financial Advice Ltd?
Campbell & Associates was a small Hampshire financial adviser. Its permissions covered arranging investments, advising on pension transfers and opt outs, and mortgage advice. According to the FCA, the firm never had permission to hold client money. In February 2023 the FCA stopped the firm carrying on any regulated activities and restricted access to its assets. It gave concerns about the potential misappropriation of client funds as the reason.
The FCA has since charged the firm’s sole director, Lisa Campbell, with fraud offences. Money Marketing reported the FCA’s allegations that more than £2.3m was taken from clients between April 2013 and May 2023, and that false documents were produced to reassure clients their money had been invested. In November 2025 the FCA added a further charge about £262,500 that a client allegedly handed over to be invested. These are allegations only. According to the FCA, Mrs Campbell has pleaded not guilty and is contesting all the charges. Professional Adviser reported that she denies all wrongdoing.
The FSCS declared the firm in default on 3 March 2026. This firm is no longer trading, so you may be able to make a claim against it through the FSCS, which assesses each claim on its own facts.
Latest update: what it means for you (05 Mar 2026)
On 3 March 2026 the FSCS formally declared Campbell & Associates Independent Financial Advice Ltd in default. It confirmed this in an update two days later. The FSCS finished its investigation in July 2025 and passed the claims it had already received to its claims teams. It says it will look at each claim individually and pay compensation where a claim is valid.
This is good news for anyone who may have lost money. The default declaration means compensation is now available, up to the FSCS investment limit of £85,000 for eligible claims. That is welcome, but I would keep expectations measured. Professional Adviser and Financial Planning Today both reported that the FSCS had received nine claims about pensions and investment advice at that point and upheld one. Every case will turn on its own evidence.
The official records fit the firm’s failure. The company is dissolved at Companies House, and Campbell & Associates is shown as No longer authorised on the FCA Register. Separately, the FCA’s criminal case against the former director is ongoing, and she has pleaded not guilty. Nothing has been proven.
What stands out to me is the FSCS’s own evidence list. If you dealt with this firm, it is worth gathering the following:
- any advice letters
- paperwork showing where your money was meant to be invested
- bank statements showing payments to the firm
If you would rather not do this alone, we offer a free initial assessment and work on a no win no fee basis on investment claims, mis-sold pensions and financial adviser claims. Talk to us about your claim.
Company background (public record)
The company was incorporated at Companies House on 14 February 2013 under company number 08403304. Its status at Companies House is recorded as dissolved.
Registered office: Suite 1 Chatmohur Estate Crawley Hill, West Wellow, Romsey, SO51 6AP, England.
Previously named: CAMPBELL & RAFFLE INDEPENDENT FINANCIAL ADVICE LTD.
Nature of business (SIC): 66220.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 14 Feb 2013 | Company incorporated | Companies House |
| 14 Feb 2013 | Lisa Maureen Campbell appointed director | Companies House |
| 14 Feb 2013 | Nicola Anne Raffle appointed director | Companies House |
| 04 Oct 2013 | Nicola Anne Raffle approved by the FCA at the firm | FCA Register |
| 04 Oct 2013 | Lisa Maureen Campbell approved by the FCA at the firm | FCA Register |
| 22 Oct 2020 | Nicola Anne Raffle resigned as director | Companies House |
| 18 Nov 2020 | Company renamed (previously CAMPBELL & RAFFLE INDEPENDENT FINANCIAL ADVICE LTD) | Companies House |
| 03 Jun 2025 | Company dissolved | Companies House |
| 03 Jun 2025 | FCA status recorded as: No longer authorised | FCA Register |
| 25 Jul 2025 | FSCS update: We've now finished our investigation into Campbell & Associates Independent Financial Advice Ltd (Campbell & Associates) | FSCS |
| 03 Mar 2026 | Declared in default by the FSCS | FSCS |
| 05 Mar 2026 | FSCS update: Following our last update, we can confirm that on 3 March 2026, FSCS declared Campbell and Associates Independent Financ… | FSCS |
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Nicola Anne Raffle. Listed on the FCA Register as having held CF30 Customer (04/10/2013 to 08/12/2019), CF11 Money Laundering Reporting (04/10/2013 to 08/12/2019), CF1 Director (04/10/2013 to 08/12/2019), Responsibility for MCD Intermediation (14/09/2016 to 26/11/2020) at the firm.
- Lisa Maureen Campbell. Listed on the FCA Register as having held CPD21 – Advising or arranging equity release transactions (from), CPD20 – Advising or arranging regulated mortgage contracts (from), CPD18 – Administrative life policies functions (from), CPD17 – Administrative functions in relation to managing investments (from) at the firm.
How can we help?
If you trusted this firm with your savings or your pension, not knowing where your money stands can be deeply unsettling. Some people chose this adviser because they were a friend or close to the family, which can make it harder still. Feeling embarrassed, angry or simply confused is a very normal reaction. Placing your trust in a regulated adviser is not something to be embarrassed about.
We work on a no win no fee basis and do the investigation for you. We gather the evidence and deal with the FSCS, and we only contact you with updates or when we need something. We also handle pension transfer claims where money was moved on an adviser’s recommendation. No outcome is ever guaranteed, but we will pursue the compensation and justice you deserve. At the very least, you will have the peace of mind of knowing you did everything you could.
How does it work?
- We start with a free initial assessment over the phone and aim to give you an early indication of what your claim may be worth.
- If you choose to go ahead, you sign our no win no fee agreement. We then carry out the investigation, including writing to your providers where needed.
- Once we have the evidence, we carry out a detailed assessment and give you a valuation of your claim. This usually takes around two to three months.
- We submit your claim to the FSCS and keep you updated until it is decided.
If we don’t think you have grounds, or your claim isn’t successful, you don’t pay a penny.
Seek claim advice today
You may have been a client of Campbell & Associates, or of Campbell & Raffle before the 2020 name change, and be unsure whether your money was invested as you were told. If so, it is worth having someone with claims experience look over your paperwork. You can approach the FSCS yourself. If you lack the time, confidence or inclination, talk to us about your claim or call 0800 041 8359 to book a free, no obligation consultation.
Sources: FSCS, Campbell & Associates Independent Financial Advice Ltd – check if you can claim, 2026-03-05; Financial Planning Today, IFA firm fails after director accused of £2.3m fraud, 2026-03-03; Professional Adviser, FSCS declares Campbell & Associates failed after director's fraud charge, 2026-03-03; FCA, FCA charges Hampshire-based independent financial adviser with multiple fraud offences (update 28 Nov 2025), 2025-11-28; FCA, Campbell & Associates under investigation by FSCS, 2025-05-02; Money Marketing, FCA charges financial adviser with multiple fraud offences; FCA, First Supervisory Notice 2023: Lisa Maureen Campbell and Campbell & Associates Independent Financial Advice Limited, 2023-04-03; FCA, Restrictions placed on Campbell & Associates Independent Financial Advice Ltd, 2023-02-10.
