The Financial Conduct Authority (FCA) has written to SIPP providers to remind them of their regulatory commitments following the outcome of the Berkeley Burke case.
A letter from FCA chief executive Andrew Bailey to self-invested personal pension providers (SIPP) seen by Professional Adviser asked firms to consider the "potential implications" of today's Berkeley Burke decision. It was revealed earlier on Tuesday that the High Court has rejected Berkeley Burke's claim against the Financial Ombudsman Service (FOS) decision from 2014. The FOS decision had ruled Berkeley Burke had to compensate a client after it failed to carry out appropriate due diligence on their investment. Justice Jacobs backed the ombudsman's decision in the High Court. He fou...
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