CL&P Brokers – Terence Wright

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

They’ve been involved in many mis-sold SIPP cases involving Store First Store Pods and GAS Verdant.  They were part of the recent high court case against SIPP operator Carey Pension and former client Russell Adams.

Free Pension Reviews

CL&P cold called people offering free pension reviews. These were little more than sales exercises designed to persuade people to transfer their pensions into SIPPs which contained these investments.

Whilst accepting business from an unregulated introducer was not against the rules, it seems many red flags against CL&P were not picked up and acted on promptly by the SIPP operator.

These included an FSA warning from 2010 advising firms not to do business with CL&P’s director Terence Wright, as well as CL&P offering financial incentives to clients to invest.

The FSA said in the warning that they believed he was targeting UK investors through the firm Cash In My Pension.

Carey Pensions

CL&P also featured in a FOS complaint we represented on behalf of our client Mr S, who was successful against Carey pensions, now known as Options.

Whilst the Ombudsman did acknowledge that Carey’s had carried out some level of checks on CL&P it described them as being “reactive” and done in a “piecemeal” way. They also noted that they were carried out after Carey’s had already accepted business from CL&P.

If you’ve had dealings with CL&P or any other unregulated introducer regarding your pension you need to check if you should be making a claim for mis-selling.

 

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Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.

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Key Facts

1
CL&P Brokers were based in Spain but persuaded many UK investors to invest in Store First and GAS Verdant by cold calling and offering "pension reviews"
2
An FSA warning in 2010 advised firms not to do business with CL&P’s director Terence Wright

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