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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 the appellant, Mr Adams, was contacted by an unregulated introducer CL&P Brokers (CLP). CLP gave Adams...

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 customer's 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 data lake is a system of stored data that has no structure. Therefore, the FSCS said, its Resolutio...

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 Appeal's latest ruling against the SIPP operator. Last week (1 April), the Court of Appeal ruled in favour of Russell Adams and against his self-invested personal pension (SIPP) operator Options Personal Pensions, form...

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 appeal. The appeal was heard remotely by video-conferencing between 2 and 4 March 2021.  ...

‘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 into a Sipp administered by the firm. He then instructed Carey to purchase a number of storage units ...