Two people who worked at financial advice firms have pleaded guilty to fraud after 4 clients lost £2m.

Kerry Nelson, the director of Nexus Independent Financial Advisers Limited and Nexus Investment Managers Limited, and Jacqueline Stephens, the firms' business operations manager, admitted all charges brought by the FCA at Portsmouth Crown Court.

They admitted defrauding clients between January 2019 and January 2023 and using false documents as part of the fraud. Nelson has also admitted a money laundering offence after money was withdrawn from the firms, which she used to fund her extravagant lifestyle.

Therese Chambers, executive director of enforcement and market oversight at the FCA, said:

'This was a serious breach of trust. 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.'

Nelson and Stephens will be sentenced at Portsmouth Crown Court on 10 December 2026. The FCA will seek confiscation proceedings to deprive Kerry Nelson of any financial benefit from her criminal conduct.

Notes to editors

  • The FCA started criminal proceedings against Kerry Nelson and Jacqueline Stephens in February 2025. For more details see, FCA charges two individuals with multiple fraud charges. They pleaded guilty at Portsmouth Crown Court on 12 October 2026.
  • Fraud by abuse of position is an offence under sections 1 and 4 of the Fraud Act 2006.
  • Using a false instrument is an offence under section 3 of the Forgery and Counterfeiting Act 1981.
  • Converting or transferring criminal property is an offence under section 327(1) of the Proceeds of Crime Act 2002.
  • Confiscation proceedings will be pursued under the Proceeds of Crime Act 2002.
  • Nexus IFA and Nexus IM were authorised by the FCA. Nexus IFA had permissions to provide investment, mortgage and pension advice and Nexus IM to provide discretionary fund management services. Neither firm was permitted to hold or control client money.
  • On 25 January 2023, the FCA imposed restrictions preventing both firms from carrying on regulated activity and from reducing the value of the assets they held. The High Court placed both firms into administration on 26 January 2023.