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. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Majority of UK wealth management sector eyes acquisitions this year

Majority of UK wealth management sector eyes acquisitions this year

Continued appetite and momentum in M&A space

Isabel Baxter
clock 30 June 2025 • 3 min read
How can firms improve client engagement with wealth products?

How can firms improve client engagement with wealth products?

Consumer first focus; Simplifying prodcut information

James Wood
clock 30 June 2025 • 4 min read
Verso rejects platform incentives model, says adoption must be earned

Verso rejects platform incentives model, says adoption must be earned

Nucleus-built platform rolled out across advice group with no mandated use as consolidator targets £5bn AUM

Sahar Nazir
clock 27 June 2025 • 2 min read