Store First News Today

There may 'still be room' for firms to challenge complaints

An architect firm which is working on the new Thwaites Brewery siteis one of several new tenants to set-up shop in the £34 million Northlight…

My reporting life at Money Marketing can be summed up in two words: defined benefit pensions and Sipps. The latter was shaped by the Carey Pensions court case that dragged on for more than four years.

The Supreme Court has declined to hear an appeal into the most consequential ruling to effect the Sipp industry in the past decade. 

The cautionary tale of Carey Pensions As Carey seeks another court appeal, the never-ending Sipp drama is becoming more painful than Brexit. When will it stop? By Michael Klimes 15 Image credit: Shutterstock There is no immediate resemblance between Brexit and an obscure court case involving a Sipp provider. One is a national psychodrama that will define the direction of the country for generations. The other is a niche legal dispute that attracts the interest of oddball pension ...

By Mark Kenkre10 May 2021 A recent Court of Appeal decision marks a watershed moment for consumer protection in respect of self-invested personal pensions (SIPPs). The court held that SIPP providers can be held liable for losses incurred by consumers who are introduced to investments by unregulated introducers.  Mark Kenkre On 1 April 2021, the court handed down its judgment in Adams v Options UK Personal Pensions LLP (Options) [2021] EWCA Civ 474. The facts of the case were that in 2011 th...

FSCS speeds up complaints process as it expects more SIPPs to fail Can handle more complaints The FSCS said its data tool means it will no longer have to manually assess every single page or document in a customers file. The Financial Services Compensation Scheme (FSCS) has launched an in-house data lake tool to enhance the efficiency with which it can assess claims, helping to speed up the process for consumers as it expects pension advice and SIPP failures to take up more of its resources. A ...

Pensions Ombudsman to restart Carey Pensions claim investigations Had previously put on hold Lord Justice Newey, Lady Justice Rose and Lady Justice Andrews found Adams was unauthorisedly advised by CLP Brokers (CLP), an unregulated introducer based in Spain. The Pensions Ombudsman has confirmed it will reopen its investigations into Carey Pensions claims following the Court of Appeals latest ruling against the SIPP operator. Last week (1 April), the Court of Appeal ruled in favour of Russell A...

Appeal Judgment in Adams v Carey case   STM Group Plc (AIM: STM), the cross-border financial services provider, announces the outcome of the appeal judgment in the long-standing Adams v Carey case. The original case was heard in March 2018.    The High Court found at first instance wholly in favour of Carey Pensions LLP ("Carey"), with Mr Adams claims against Carey being dismissed on all grounds. However, the Court of Appeal granted Mr Adams permission to ap...

‘UK regulated firms will need to consider implications of dealing with unregulated third-parties’ The court of appeal has delivered a blow to Carey Pensions after a judge ordered the firm to compensate one of its former clients. The Adams v Carey Case has been ongoing since 2018. The client sued the pension company after experiencing losses in investments made through his Sipp. Adams was introduced to Carey by an unregulated introducer and agreed to transfer funds from an existing pension i...