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!!
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”
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.
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.
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You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.