Carey Pensions ombudsman ruling contradicts High Court judgment

Decision one month before Court judgment

clock • 4 min read

Carey Pensions has been asked to compensate a client who lost out from the same investment involved in the landmark High Court case against the self-invested personal pension (SIPP) provider.

The Financial Ombudsman Service (FOS) heard that a Carey client, known as Mr A to retain his anonymity, transferred his defined contribution pension valued at £40,000 into a SIPP through Carey in March 2012. When Mr A's SIPP dropped in value he accused Carey, which has since been rebranded Options Pensions, of not conducting proper due diligence and failing to meet its obligations as an authorised firm. Carey used Spain-based introducer CL&P to facilitate investments on Mr A's behalf into storage facility Store First and Global Agricultural Services (GAS) Verdant Australian farmland. ...

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