FOS defends approach to SIPP complaints following Carey Pensions ruling

On Monday (18 May), Carey Pensions - now named Options Pensions - won its legal battle against former client Russell Adams, with Adams' claims dismissed on all grounds. During the 2018 trial, Adams' representatives argued Carey had breached Financial Conduct Authority COBS rules that dictate a firm must act in a client's best interest by allowing Adams to use Carey's SIPP to invest in a risky, unregulated Store Pods scheme. Carey, however, argued SIPP providers were under no obligation to reject the investment. The ruling had been keenly awaited by the self-invested personal pensions ...