‘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.
SIPP investor Adams wins Court of Appeal battle against Carey Pensions professionaladviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from professionaladviser.com Daily Mail and Mail on Sunday newspapers.
Landmark court ruling turns client losses back on Sipp provider
By Michael Klimes 1
st April 2021 12:36 pm
The Court of Appeal has overturned a landmark judgment, ruling that a Sipp provider was in fact responsible for their ex-client’s losses.
The judgment marks a watershed over how much responsibility a Sipp provider has to vet unregulated investments.
It also brings to a conclusion several years of legal wrangling between Russell Adams and his old Sipp provider Options UK Personal Pensions LLP.
Options, formerly known as Carey Pensions UK, was fighting to maintain a key judgment it won in May 2020 against its former client Adams.
Profoundly important : Experts discuss Court of Appeal Carey Pensions ruling professionaladviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from professionaladviser.com Daily Mail and Mail on Sunday newspapers.