Last month self-invested personal pension (SIPP) provider Carey Pensions was in the High Court. They are facing claims worth up to £3m. This could be a landmark ruling for other SIPP providers.
The firm stands accused with unregulated introducers. These include Commercial Land and Property Brokers. The SIPP provider invested individuals pension pots into investments including Storefirst, a UK self-storage unit facility. They also offered Gas Verdant, which offered returns from plots of farmland in Australia. These and other similar investments, were unsuitable for many of the investors.
Glyn Taylor is one of our solicitors specialising in mis-sold investments. He attended the case in the High Court and believes it could act as a precedent for other claims against SIPP providers. This could be notable in the upcoming group litigation against Berkeley Burke.
The FCA and Carey Pensions
The Financial Conduct Authority (FCA) took the unusual step of giving evidence in the landmark case. In additional, they stated that the actions of Carey Pensions went against the FCA principles of business, which govern all regulated firms. Their 11 principles include an obligation to treat customers fairly. They also command providers to communicate information to clients in a way which is clear, fair and not misleading.
The FCA also believe that where the asset is extremely high risk, it should not be put into a SIPP as it is too high risk to deliver a return in retirement.
If you think you have been mis-sold a SIPP by Carey Pensions, get in touch with our expert team of solicitors today to find out how we can help.