Carey Pensions UK is another SIPP provider linked to the pension mis-selling scandal that has exploded in recent years, causing huge losses to many people’s pensions.
One such claim has even landed Carey’s in an ongoing court case, in which a client took action against the provider for accepting business from CL&P – an unregulated introducer firm whose managing director Terence Wright was on the Financial Conduct Authority’s watchlist.
CL&P – Commercial Land & Property – targeted people and persuaded them to transfer their pensions into SIPPs which contained high-risk investments.
These types of firms were notorious for their “cold call pension review” way of marketing and many investors unknowingly transferred their very safe and secure pensions for risky and sometimes worthless SIPPs, thinking it would bring a better financial outcome for their futures.
Not only was CL&P on the FCA watchlist, but these types of investments are generally considered unsuitable for the average investor, who cannot afford the potential losses.
Also, there are certain criteria in ensuring financial products are suitable, which unfortunately unregulated firms do not have to adhere to – but regulated ones do.
The majority of mis-selling occurs as a result of people taking advice to invest into a SIPP (Self Invested Personal Pension) which contains investment(s) which are not suitable for them. It’s usually the job of a Financial Adviser to advise as to whether a pension transfer or investment is suitable.
That’s why this court case is so interesting because it questions whether the regulated SIPP provider should also be accountable for their part in the pension transfer, despite it being “execution only” business.
There are many claims currently on hold with the Financial Ombudsman Service pending the outcome of this case.
Some investments linked to mis-sold Carey SIPPs are:
As of 2018 STM bought the majority stake in Carey Pensions.
If you want to know if you might be able to make a claim for compensation – we may be able to help you.
We offer a free initial check to see if you have a good case for compensation. If you have, we’ll explain your options. There’s no obligation to use our service.
For a free initial check fill in the enquiry form to arrange a convenient time for us to call you. Or you can call 0114 2664216 to talk to one of the team.
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 Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.
