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The cautionary tale of Carey Pensions As Carey seeks another court appeal, the never-ending Sipp drama is becoming more painful than Brexit. When will it stop? By Michael Klimes 15 Image credit: Shutterstock There is no immediate resemblance between Brexit and an obscure court case involving a Sipp provider. One is a national psychodrama that will define the direction of the country for generations. The other is a niche legal dispute that attracts the interest of oddball pension journalists: the Carey Pensions court case. But take a closer look and unusual parallels start to emerge. Initially, both are not given much attention, yet they snowball to become the main fixture in the news cycle. This draws passionate comment from individuals not directly involved in the matters at stake. The buzzword, whether it is Brexit or Carey, is a proxy for deep-seated grievances. ....
By Mark Kenkre10 May 2021 A recent Court of Appeal decision marks a watershed moment for consumer protection in respect of self-invested personal pensions (SIPPs). The court held that SIPP providers can be held liable for losses incurred by consumers who are introduced to investments by unregulated introducers. Mark Kenkre On 1 April 2021, the court handed down its judgment in Adams v Options UK Personal Pensions LLP (Options) [2021] EWCA Civ 474. The facts of the case were that in 2011 the appellant, Mr Adams, was contacted by an unregulated introducer CL&P Brokers (CLP). CLP gave Adams information about the possibility of investing in a company called Store First, which leased storage pods. In 2012, Adams went on to set up a SIPP with Options to hold this investment. After transferring his existing pension into the SIPP, Adams became concerned at the poor performance of the investment and commenced proceedings against Options, seeking damages and to unwind h ....
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FSCS speeds up complaints process as it expects more SIPPs to fail Can handle more complaints The FSCS said its data tool means it will no longer have to manually assess every single page or document in a customer s file. The Financial Services Compensation Scheme (FSCS) has launched an in-house data lake tool to enhance the efficiency with which it can assess claims, helping to speed up the process for consumers as it expects pension advice and SIPP failures to take up more of its resources. A data lake is a system of stored data that has no structure. Therefore, the FSCS said, its Resolution Data Lake tool will mean it will no longer have to manually assess every single page or document in. ....
Pensions Ombudsman to restart Carey Pensions claim investigations Had previously put on hold Lord Justice Newey, Lady Justice Rose and Lady Justice Andrews found Adams was unauthorisedly advised by CLP Brokers (CLP), an unregulated introducer based in Spain. The Pensions Ombudsman has confirmed it will reopen its investigations into Carey Pensions claims following the Court of Appeal s latest ruling against the SIPP operator. Last week (1 April), the Court of Appeal ruled in favour of Russell Adams and against his self-invested personal pension (SIPP) operator Options Personal Pensions, formerly Carey Pensions, in their long-running. Sign In To read this story please register ....