A lawyer representing the Financial Ombudsman Service (FOS) has accused SIPP administrator Berkeley Burke of a 'tick-box mentality' after it allowed a client to invest in an unregulated investment scheme.
Speaking at a judicial review hearing taking place in London today (11 October), legal representatives of the FOS accused the self-invested personal pension (SIPP) administrator of "ticking boxes" without considering the wider implications of facilitating an investment. Legal representatives of Berkeley Burke had previously argued that, under Conduct of Business Sourcebook (COBS) rule 11.2, it was obligated to follow specific instructions from clients. This afternoon, however, FOS representatives suggested the SIPP administrator merely undertook a box-ticking exercise, rather than con...
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