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Carey Pensions loses FOS case

2 June 2020

Whilst we cannot guarantee the success of any case – We are the first Claims Management Company to have received a successful final decision against Carey Pensions (Options SIPP) on the basis of our complaint. 

The Financial Ombudsman Service have published their decision regarding a claim against Carey Pensions, in which they ruled in favour of the client – Mr T.

Carey Pensions – now known as Options SIPP – were found to have carried out an inadequate level of due diligence when accepting Mr T’s SIPP application and have been ordered to compensate the client.

This decision will no doubt come as a surprise to many in this industry in light of the recent Adams vs Carey court case in which the judge ruled in favour of the SIPP provider. 

However, here at PCC we are not so surprised, more delighted to be honest, as Mr T is one of our clients!! 

 

Background and the decision 

Mr T had been approached by introducer firm CL&P who were based in Spain. They were an unregulated firm and their Managing Director – Terence Wright – had an FCA warning against his name. The investment in the SIPP was StoreFirst; a high-risk investment in storage pods. 

In the published decision the Ombudsman decided “it was not appropriate to wait on the outcome…” of the Adams court case, as requested by Carey, before making their decision. 

They added “My finding is not that Carey should have concluded that the investment or SIPP was not suitable for Mr T. It is that Carey did not meet its regulatory obligations and should not have accepted the business from CL&P”

 

So why was our claim against Careys successful?

The ombudsman considers the information submitted by both parties and determines a case on the basis of what it considers to be fair and reasonable, with reference not only to the law, but other guiding principles. 

Whilst the court case had similarities to our Mr T’s case (both involved Careys, CL&P and Storefirst) it was not challenged by Mr Adams’ representatives on the same principles that we challenged the SIPP provider on in our case. 

Want to know more?

If you’d like to know more about pension and SIPP mis-selling call 0114 2664216 and have a chat with one of the Team. We’ll be happy to answer any of your questions regarding mis-selling and making a claim. We can also help assess if you have a case with our free no obligation check.

See what our clients have to say about us on Trustpilot.

 

Robert Pemberton
2022-04-11
Antony Stroud
2022-04-08
Excellent company, would definitely use again, they never gave up
Junior Geener
2022-03-20
always kept you informed has to what was going on .I'd recommend pension claim to anybody
Ian Gaynor
2022-03-14
A thoroughly positive result and experience. In all honesty I didn't have much hope of any success following a truly dodgy pension investment. I spent years angry at myself then decided to let these guys have a go on my behalf. It took hardy any effort on my part and they kept me fully informed, then out of the blue I got a call saying they have won all my pension back plus more and within days it hit my account. Thrilled with their effort and professionalism. I dealt with a few different staff and all were informative, polite and helpful. I great end to a terrible situation. 100% genuine review and I cannot recommend them enough. Thank you.
Grace Anderson
2022-03-11
Pension Claim Consulting were a Godsend. I was told about them by a friend who had also invested in a pension. They kept me informed on the progress of my claim with regular updates and answered my queries with patience and professionalism. There percentage for on behalf was also lower than expected. I can't thank them enough
adrian buck
2022-03-10
Keith Wilkins
2022-03-09
Very thorough and achieved the goal regarding compensation in full. Took a while but was worth the wait
Mark Holmes
2022-03-08
Excellent service. Great result.
michael dixon
2022-03-08
I was approached by Pension Claim Consulting after the company that was handle ing my SIPP had been investigated by the Financial Ombudsmen and informed me i had a case, with this information given to me i agreed to let them represent me in trying to reclaim my investment. All through the process i was informed of every step and on a regular basis even though it took many months the outcome was successful and i was reimbursed fully. This is a fantastic company to work with and dedicated staff who know their business. Many Thanks. Mike Dixon.
Roderick Turnbull
2022-03-08
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