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Carey Pensions now known as Options Pensions

Moved your pension into a Carey Pensions SIPP?

You may have been mis-sold and could claim compensation

Carey Pensions is now known as Options UK Personal Pensions LLP.

Hundreds of their clients have made complaints to the Financial Ombudsman Service regarding mis-sold SIPP pensions.

In 2018 Carey Pensions separated its book into “good and distressed” and sold the majority stake, excluding the “distressed” book, to STM.

STM has reportedly set aside £21.4m for possible compensation claims, following the outcome of the Adams vs Careys court case.

Was my Carey SIPP mis-sold? Check if you can claim compensation

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It’s simply a chat with one of our friendly straight-talking experts who will happily answer your questions and inform you of your options

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It’s free and there’s absolutely no pressure to use our claims service if you have case

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How your Carey SIPP may have been mis-sold – in a nutshell

Claims involving Carey Pensions, now known as Options, usually involve one, if not all of the following:

1. Unsuitable pension advice to transfer into a Carey SIPP

Many investors have been given poor or mis-leading advice about transferring their personal pension into a Carey Pension SIPP.

Fortunately, successful claims can and have been made against regulated financial advisers for recommending unsuitable pension transfers.

Even if your financial Adviser or firm is no longer trading, you may still be able to claim compensation.

 

2. Unsuitable Investments in Carey Pensions SIPPs

Carey Pension’s had high-risk and unregulated investments such as StoreFirst & GAS Verdant in some SIPPs.

These investments were not suitable for many of their clients.

 

3. Lack of due diligence by Carey Pensions 

Not all pension “advice” comes from an FCA regulated firm or individual.

Some people transferred their pensions into Carey SIPPs as a result of unregulated pension introducers.

Many investors unknowingly transferred their very safe and secure pensions into risky and sometimes worthless SIPPs.

Cases against Carey Pensions have shown that it did not carry out sufficient due diligence before accepting business from an unregulated introducer.

What are Carey pensions complaints about?

The majority of cases we deal with involve an unregulated introducer called Commercial Land & Property Brokers (CL&P).

Accepting business from an unregulated pension introducer wasn’t against the rules.

In fact, many Financial Advisers and Pension Providers also accepted business this way.

But upon investigation the FOS decided Carey’s/ Options did not meet its regulatory obligations. And it should not have accepted the business from CL&P.

In doing so, hundreds of clients have been mis-sold SIPPs causing millions in losses to pension funds.

Most cases also involve high-risk, unregulated investments – Storefirst and GAS Verdant.

CL&P and Carey SIPP mis-selling

CL&P – Commercial Land & Property Brokers were an unregulated introducer company based in Spain.

The managing director Terence Wright was on the FSA (now Financial Conduct Authority) watchlist.

Firms were advised not to do business with Terence Wright and that CL&P were offering financial incentives to clients to invest. They believed he was targeting UK investors through the firm Cash In My Pension.

Accepting business from CL&P wasn’t against the rules, but it seems many red flags weren’t picked up or acted on promptly by Carey’s.

Carey’s accepting business from CL&P was part of a high court case against the pension provider.

Unregulated introducers like CL&P Brokers were notorious for their “cold call pension review” way of marketing.

Our Success against Carey Pension / Options

We are proud to have helped many clients with successful compensation claims against Options Pensions (Carey’s).

If you’d like to know more – you can read our success cases against Options Pensions (Carey’s) here

 

The BAD news:

The Mis-sold SIPP scandal has cost pension savers BILLIONS of pounds

The GOOD news:

Compensation payments are hitting record figures every year

Adams v Carey Court Case

Carey Pensions (Options) was involved in high court proceedings in what was called a “landmark SIPP case”.

This has been a long running battle between the SIPP provider and their client Mr Adams.

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

He’d been introduced to Careys (now Options) by unregulated introducers CL&P

Options Pensions initially won the case in May 2020.

However, the decision was overturned in April 2021 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.

In April 2022 The Supreme Court denied Options the right to appeal and the decision in favour of Mr Adams will stand.

You can read more about the Carey Pensions court case here.

 

Will the outcome of Carey’s court case affect claims?

The outcome of this case was a landmark victory for consumers. Especially for consumers with complaints against SIPP providers on the same basis as this case.

But there were many claims put on hold with the Financial Ombudsman Service pending the outcome of this case and some SIPP providers used it as a valid reason to reject some FOS decisions.

Fortunately, the initial judgement hasn’t had a detrimental effect on our Financial Ombudsman decisions in cases that are on a similar basis to that of Mr Adams.

In fact, during the court case we received a positive final decision from The FOS against Carey’s (Options SIPP UK). This was on behalf of our client Mr S and was a similar to Mr Adams case.

Court of Appeal unanimously dismisses Options judicial review

In May 2024, the Court of Appeal dismissed Options claim for a judicial review of another FOS decision.

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