Two advice firm professionals plead guilty in £2m fraud case

Two people who worked at financial advice companies have pleaded guilty to fraud after four clients lost a total of £2m.

Nexus Independent Financial Advisers and Nexus Investment Managers director, Kerry Nelson, and business operations manager, Jacqueline Stephens, admitted all charges brought by the Financial Conduct Authority (FCA) at Portsmouth Crown Court.

Nelson and Stephens admitted to defrauding clients between January 2019 and January 2023, and to using false documents as part of the fraud.

Additionally, Nelson admitted a money laundering offence after money was withdrawn from the firms, which the FCA said she used to fund an “extravagant” lifestyle.

The FCA began criminal proceedings against the pair in February 2025, after imposing restrictions on Nexus Independent Financial Advisers and Nexus Investment Managers in January 2023.

Both firms were banned from carrying out regulated activity and from reducing the value of the assets they held.

The High Court placed both firms into administration on 26 January 2023.

Nelson and Stephens will be sentenced at Portsmouth Crown Court on 10 December 2026.

The FCA said it would seek confiscation proceedings to ensure Nelson does not retain any financial benefit from her criminal activity.

“This was a serious breach of trust,” commented FCA executive director of enforcement and market oversight, Therese Chambers.

“Nelson and Stephens caused significant losses to clients who relied on them. We will continue to act where people exploit clients for their own gain.”

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