Carey Pensions has rebranded to Options Pensions amid the firm’s ongoing legal battle with a former customer.
In March 2018 Carey Pensions was accused of being "in bed with scammers" during a trial at the High Court in London in a case brought against the firm by a customer.
Lorry driver Russell Adams alleged Carey Pensions mis-sold him a SIPP. He and his lawyers accused Carey Pensions of using a Spain-based unregulated introducer to facilitate investments in Store First unit pods. Carey Pensions legal team said in court there was "no evidence at all" the investment was a scam.
Nearly two years later, there is yet to be a published judgement on the case.
In February 2019 Carey Pensions found a buyer despite the firm's ongoing legal battle and was acquired by financial services provider STM Group. STM bought the provider's automatic-enrolment and SIPP business for £400,000.
STM Group has denied the rebrand has anything to do with the legal battle. A statement given to Professional Adviser said: "The plan to rebrand Carey Pensions was agreed when STM Group entered into an agreement to acquire Carey Administration Holdings in October 2018."
STM Group CEO Alan Kentish said the rebrand was "the final piece of the jigsaw in being able to offer advisers and their clients a true, solutions-driven service that is capable to delivering workplace pensions via its authorised master trust through to highly complex bespoke SIPPs - including syndicated commercial property ownership - for the high net worth market".
Options managing director Christine Hallett added: "Options is a robust, honest and trusted service-driven business with a team who all passionately believe in pensions solutions as being the right way to plan for a secure financial future.
"With our wealth of experience, and the strength which is derived from being part of the STM Group, Options has a firm foundation from which we can offer a wide range of solutions and more options and therefore more choice when compared to most other providers."
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