U-turns and sky-high fees: A tale of two FOS decisions

clock

Two recent Financial Ombudsman decisions are crucial reading for the SIPP industry. Fiona Murphy looks at the issues.

The Financial Ombudsman Service (FOS) has recently taken two high-profile decisions on SIPPs. The first involved the FOS revisiting a ruling concerning SIPP operator Berkeley Burke, which led to questions over due diligence practices and suitability of high-risk investments. In 2011 an investor, referred to as Mr A, transferred £29,394 from a personal pension plan into a SIPP through Berkeley Burke after being introduced by an unregulated agent. He invested £24,195 in Sustainable AgroEnergy, an unregulated investment. The firm went into administration and Mr A lost his entire fund, go...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Retirees feel regret after rushing to take out tax-free cash

Retirees feel regret after rushing to take out tax-free cash

Chancellor urged to provide earlier clarity ahead of 2026 budget

Isabel Baxter
clock 02 July 2026 • 3 min read
Third Financial launches white-labelled SIPP

Third Financial launches white-labelled SIPP

Titan Wealth first client to use service

Jenna Brown
clock 29 June 2026 • 1 min read
Environmental due diligence for SIPP/SSAS is as important as ever

Environmental due diligence for SIPP/SSAS is as important as ever

Environmental due diligence isn't just a ‘tick-box'

Caitlin Southall
clock 29 June 2026 • 4 min read