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Supreme Court rejects Carey Pensions Appeal

11 April 2022

The Supreme Court has denied Options UK LLP the right to appeal in the landmark Carey Pensions SIPP Case, therefore the decision in favour of Mr Adams will stand.

This is a landmark victory for consumer’s and complainants against SIPP providers on the same basis as this case.

STM, who purchased Carey Pensions in 2019, said “The decision does not directly impact STM’s exposure in this case, but will have implications for the financial services industry more broadly.”

A condition of the acquisition by STM was the indemnity on any claims in the Adams v Carey court case.

STM is the parent company of Options UK Personal Pensions, who were formerly known as Carey Pensions.

This latest decision potentially means an end to this case, as the Supreme Court is the final court of appeal in the UK.

STM has reportedly set aside £3.6mn for possible future claims that may arise as a result of this case.

Background – Adams v Carey Pensions

This court case has been a long running battle between Carey Pensions and their client Mr Adams.

Mr Adams argued that Carey Pension were responsible for significant losses to his pension fund after he transferred into a SIPP they administered.

Options (Carey Pensions) initially won the case in May 2020.

However, the decision was overturned last year when Mr Adams won his case at the Court of Appeal.

This meant he was entitled to recover the money he paid into it, as well as compensation for the losses he suffered

The latest on Mis-selling Cases against Options (Carey Pensions)

Hopefully the outcome of this case should now give the FOS the power and freedom to progress and uphold cases much quicker in favour of the consumer. Without battling negative responses from the SIPP providers using the previous argument that awaiting the outcome of this court case was a valid reason to reject FOS decisions.

Last year the Financial Ombudsman Service said it had nearly 600 open complaints against Options UK Personal Pensions (Careys)

Fortunately, the ongoing Carey Pensions court saga hasn’t had a detrimental effect on our Financial Ombudsman decisions.

In fact, we were one of the first Claims Management companies to receive a positive final decision from The FOS against Carey’s (Options SIPP UK).

This was on behalf of our client Mr S, who like Mr Adams, invested in Storefirst through a Carey SIPP though CL&P.

This is one of the many Final Decisions we have now received on the same basis as the Adams Vs Carey case. All of which have all been successful in favour of our clients!

If you have any questions about the Carey Pensions court case please feel free to get in touch. 

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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.
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