The Financial Ombudsman Service (FOS) has upheld a complaint against troubled self-invested personal pension (SIPP) provider Options UK Personal Pensions – formerly Carey Pensions - over due diligence failures.
In the decision dated 17 December 2024, the complainant, Mr S, transferred his pension to a SIPP via TPS Land - an unregulated business based in Spain - which he was introduced to by a work colleague. TPS Land assured him that his investment had a "guaranteed buyback option" after five years, leading Mr S to believe the investment was safe. He applied his SIPP to Options in 2011, and his pension was transferred, with the investment in Store First being finalised for £16,500. Unregulated TPS Land On 15 October 2010, the Financial Conduct Authority posted a warning about TPS Land on i...
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