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th March 2021 5:03 pm
FCA lawyers have argued that regulations trump contract law when it comes to Sipp provider duties to vet unregulated investments.
In the third day of an intense court appeal battle to determine whether a landmark Sipp ruling was right, the regulator’s representatives suggested a Sipp provider ought to know if it is getting a business from an unregulated introducer.
The watchdog was giving evidence today, as part of the appeal hearing, in which a former client of Options UK Personal Pensions LLP, previously known as Carey Pensions UK, challenges the decision that the provider was not responsible for the investment losses he suffered.
Judges must avoid ‘hair trigger’ ruling in Carey appeal, QC says
By Michael Klimes 4
th March 2021 1:26 pm
There is no evidence a Sipp provider is responsible for the investment losses their former client suffered.
The argument was made by QC Andrew Green in the third day of a significant Court of Appeal hearing.
He said the case will have wide applicability and the judges should avoid coming to a “hair trigger” ruling.
The hearing concerns the exact duties Sipp providers have to vet unregulated investments arising from introducers.
Back in September the Court of Appeal granted Russell Adams permission to challenge a landmark Sipp ruling against Options UK Personal Pensions LLP.
Original Sipp ruling a ‘test case gone badly wrong’, QC says
By Michael Klimes 2
nd March 2021 1:41 pm
The original judgment in a landmark Sipp ruling has been described as a “test case gone badly wrong”.
The remark was made by QC Gerard McMeel in a Court of Appeal hearing which started today.
The hearing concerns the exact duties Sipp providers have to vet unregulated investments arising from introducers.
Back in September the Court of Appeal granted Russell Adams permission to challenge a landmark Sipp ruling against Options UK Personal Pensions LLP.
Options, formerly known as Carey Pensions UK, won in a key judgment in May 2020 against its former client Adams.
Liberty Sipp placed in default with nearly 1,700 pension claims
By Michael Klimes 26
The Financial Services Compensation Scheme has declared failed provider Liberty Sipp in default.
The update means 1,696 pension related claims against the firm can start to be settled in the near future.
All the claims are in some category of pension including Sipps, personal pension transfers or other pension advice.
Currently there about 1,100 under other pensions advice, 500 under Sipps and about 40 under personal pension transfers.
Money Marketing understands the vast majority of claims are in progress.
Liberty Sipp collapsed in April last year and its administrators have charged £347,328 to wind up the firm so far.
Collapsed DB transfer adviser’s wind-up drags on
By Michael Klimes 21
st January 2021 11:00 am
The wind up of a collapsed advice firm with a history of pension transfer complaints is set to drag on for another year.
Administrators for Kingsway Wealth Management – which racked up around £2.7m in liabilities from pension transfer complaints and went into liquidation in January last year – have had to extend their work by another 12 months, an update on Companies House shows.
The origin of the complaints dates from between 2009 and 2012 when the now-dissolved Pension Transfers Ltd was an appointed representative of Kingsway.
Money Marketing previously reported about how another adviser, DJ Financial Solutions, also doubled up as a member of Quilter’s network and an unregulated lead generator for Kingsway.