Carey Pensions, which recently rebranded to Options Pensions, won its long-awaited landmark court case against one of its own clients a couple of weeks ago. Here, Suzanne Padmore and Anna Davis from law firm Burges Salmon discuss the case and its potential consequences...
To recap, the claim centres around Mr Adams' transfer of his existing FriendsLife personal pension, on an execution-only basis, into a Carey SIPP. Almost all of the £56,000 transfer value was used to purchase storage pod leases from Store First. Mr Adams had been introduced to the investment opportunity and to Carey by an unregulated Spanish-based introducer called CLP Brokers Sociedad Limitaa (CLP) who paid Mr Adams a £4,000 ‘cash back' inducement for entering into the investment. The investment didn't perform as Mr Adams expected. He received precious little in income and following ...
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