‘UK regulated firms will need to consider implications of dealing with unregulated third-parties’
The court of appeal has delivered a blow to Carey Pensions after a judge ordered the firm to compensate one of its former clients.
The Adams v Carey Case has been ongoing since 2018. The client sued the pension company after experiencing losses in investments made through his Sipp.
Adams was introduced to Carey by an unregulated introducer and agreed to transfer funds from an existing pension into a Sipp administered by the firm.
He then instructed Carey to purchase a number of storage units from Store First through his self-invested personal pension.