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Read some of our successful case decisions against Options/Carey’s

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

Many of which have taken years to resolve! This is because in the majority of cases Carey Pensions initially rejected the complaint. When this happens we take it to the Financial Ombudsman to resolve. Its’ complaints procedure can be a lengthy process at the best of times. But throw into the mix a landmark court case which caused serious delays for many other clients.

Here’s more about Carey Pensions and SIPP mis-selling cases…

Carey Pensions becomes Options Pensions

Carey Pensions, now known as Options Pensions, are perhaps the most infamous pension provider. Largely due to the landmark high-court case in which the outcome defined the pension industry. Especially in respect of claims against pension providers on the same basis as this claim.

In February 2018, before Carey Pensions became Options Pensions, it separated its’ book into “good and distressed.” Many of their SIPP clients with illiquid funds were moved into a separate scheme.

Later in 2018 it sold the majority stake in Carey Pensions, excluding the “distressed” book, to STM.

STM has set aside £21.4m for possible future claims that may arise following the outcome of the court case.

Successful claims against Carey Pensions (Options)

Claims are being made against Carey Pensions aka Options Pensions and successfully upheld by the Financial Ombudsman Service.

And in 2021 the Financial Ombudsman Service said it had almost 600 open complaints against Options UK Personal Pensions (Careys).

The majority of cases we have dealt with, including the ones we have featured, 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 did not meet its regulatory obligations and shouldn’t 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.

Commercial Land & Property Brokers (CL&P)

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

The managing director of CL&P – Terence Wright – was on the FSA (now Financial Conduct Authority) watchlist.

This advised firms not to do business with Terence Wright. And that CL&P were offering financial incentives to clients so they’d invest. They believed he was targeting UK investors through a firm called Cash In My Pension.

Terence Wright had a number of businesses that introduced clients to Pension Providers. Including TPS Land and Alhaurin Wealth Planning.

Unregulated introducers like CL&P Brokers were notorious for cold calling and using “free pension reviews” to persuade people to transfer their pensions.

Many investors have unknowingly transferred their very safe and secure pensions into risky and sometimes worthless investments, like Store First and GAS Verdant

Why were Carey Pensions in Court?

Carey Pensions were involved in high court proceedings that were dubbed the “landmark SIPP case”.

The outcome of which has determined the responsibility of SIPP providers and challenged their role in the mis-sold SIPP scandal.

This was a long running battle between Carey Pensions and their client Mr Adams,

And caused many other client’s claims to be put on hold with the Financial Ombudsman Service pending the outcome.

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

Options initially won the case in May 2020 but the decision was overturned in April 2021 when Mr Adams won his case at the Court of Appeal.

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

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

Carey’s court case – a landmark victory for consumers!

Especially for those with complaints against SIPP providers on the same basis as this case.

Many investors who transferred their personal pension into a Carey Pension SIPP received poor or mis-leading advice.

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

Unfortunately, in cases where the advice firm had gone into default some clients didn’t recover the full amount of their losses.

This is because the FSCS, who step in when a regulated firm defaults, is limited to the amount it can award. Which may be less than the amount lost.

This is why it’s a major breakthrough for consumers

Those clients who have made a successful claim against their adviser but didn’t recover all their losses may be able to make a second claim against the SIPP Provider.

If you like more info on this – call and have a chat. We are more than happy to let you know if you have a second case.

 

And in the cases where the “advice” came from an unregulated company like CL&P Brokers?

It may mean justice for those clients who can now hold someone accountable for their mis-sold pension losses!

Claiming compensation against SIPP Providers

Claims for mis-sold Sipps are regularly paid out against Sipp Providers. And it’s a fact of law that Pension Providers carry a certain amount of responsibility for failed Sipps, just as Financial Adviser firms do.

All responsibility revolves around Due Diligence and the following two main points:

  1. Was the Saver engaged through an unregulated Pension Introducer?
  2. Did the SIPP Provider check the legitimacy of the investments within the Sipp?

Since 2018 several SIPP operators have been declared in default by the FSCS as the result of claims brought against them.

 

How to check if you’ve been mis-sold a SIPP?

A simple way is to get in touch and have a free assessment by one of our highly rained mis-selling assessors.

It’s simply a brief chat in which we can tell you if you may have a case and how you can make a claim. There’s no obligation to use our service.

 

Our Success claims cases against Carey Pensions / Options

As one of the UK’s leading Claims Management Companies we’ve got quite a track record of successful claims against Carey Pensions / Options. In fact, Pension Claim Consulting has helped win back over £2.6m in compensation for our clients…so far!

Below are some of the cases we have successfully won against Carey’s / Options Pensions …

If you’d like to read more about some of the individual cases we’ve won against Careys/Options Pensions click the links below.  This will take you to the FOS website where you can read each case in more detail.

Mr T - £17,120.01

Mr T was invested in Storefirst and came to us for advice in 2016. In April 2020 we received a postive outcome from the FOS. He was awarded £17,120.01 in January 2021.

READ MORE

Mr H - £112,757.63

We started investigating Mr H's claim in February 2018 and in February 2021 he was Awarded £112,757.63. He was Invested in Storefirst & GAS Verdant

READ MORE

Mr S - £88,593.41

Mr S was invested in Storefirst storage pods and we began his mis-selling claim in August 2017. He was awarded £88,593.41 February 2021.

READ MORE

Ms M - £27,876.95

Ms M enlisted our services in January 2017. She was invested in Storefirst and in January 2021 she was awarded £27,876.95 in compensation.   

READ MORE

Mrs N - £94,081.20

Mrs N came to us to start her mis-selling claim in June 2016. we received a positive decision from the FOS in April 2020 and in August 2020 Mrs N received £94,081.20 in compensation.

READ MORE

Mr S - £139,678.33   

Mr S was invested in Storefirst and GAS Verdant and came to us to start a claim June 2016. In April 2020 we received a positive outcome and Mr S was awarded £139,678.33 

READ MORE

Ms L - £51,487.80

Ms L was invested in Storefirst and came to us for claim advice in 2017. In May 2020 we received a positive outcome from the Financial Ombudsman Service. She was awarded £51,487.80 in September 2021.

READ MORE
Rodders Hewitt
2024-03-08
Pension Claim Consulting Ltd ...have for me done a great job ...within the expected time scale ...Couldn't have asked for more
Phil C
2024-02-23
Thank you to all at PCC. My claim was managed brilliantly and was successful. I can highly recommended their services. Thank you once again
Christopher Fraser
2024-02-07
After identifying a concern regarding my pension, I sought advice from Pension Claim Consulting. The response and customer service was swift and amazing. The courtesy and care taken throughout the whole process was phenomenal. The consultant’s communication from start to finish filled me with confidence that PCC do exactly what they state and were on hand whenever required. The level of understanding, empathy for the frustrations, and patience is by far the best I’ve witnessed. I cannot thank PCC enough for their outstanding work ethic and dedication to customers/clients. If you have any concerns at all regarding your pension, then I would highly recommend that you get in touch with them.
Andy Yates
2024-02-06
Fantastic service, so impressed with Pension Claims Consulting. None stop updates throughout and everyone who works there was so helpful and supportive in every way. Thank you so much for getting my pension back.
Robert Manningham
2024-02-05
Pension Claim Consulting Ltd successfully won a case on my behalf following misguided advice I received in relation to my pension. They were most proactive in the process and kept me fully informed every step of the way. I have no hesitation in recommending their services.
Deanamo 84
2024-02-05
Very professional, very thorough and very good at what they do. Always at the end of the phone or email for any questions at anytime throughout the process. I can’t recommend them enough.
Roger King
2024-01-16
Pension Claim Consulting managed to reclaim some of my pension by constantly chasing the company that fraudulently took my money. I though that I had lost everything. I cannot thank them enough on recovering some of my pension back.
Susan Stringer
2023-10-17
Excellent standard of service. The claim was protracted substantially by virtue of opponents trying hard to not accept any responsibility for their actions and not return the pension fund. PCC kept me fully informed throughout the process, obtained an excellent result for me.They also kept chasing the opponent when little action was taking place from them. The staff were always pleasant and helpful to deal with and very encouraging when I felt my claim was doomed to failure. I can not praise highly enough
Paul Wilshaw
2023-10-17
Very professional and informative from the beginning of our 5 year relationship. They talked me through every step of the process with what to expect. I would recommend Pension Claim Consulting to anyone who wants an honest and professional service.
Bill Cass
2023-10-16
Great team and they will get the best outcome they can always kept informed the process took a longtime not because of anything pension claims consulting did purely the pension sip provider playing games i would 110% recommend this company to pursue your claim without doubt best thing i have done they didn't give up on my claim even though I had given up on any good outcome however finally resolved and paid thank you pension claim consulting
Important Information!

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.