Carey Pensions was a provider of SIPPs. The company advised thousands of people in the UK to invest in unsuitable schemes, leaving them out of pocket and short on their pensions. If you moved your retirement money into a Carey Pensions SIPP, you could have a mis-selling compensation claim.
In 2021, the Court of Appeal ruled against the pension provider when it concluded unanimously that the firm was liable for a client’s losses. In this case (Adams v Carey), a lorry driver called Russell Adams took Carey Pensions to court after he lost thousands due to transferring his pension into an unsuitable and high-risk SIPP. The court has since ruled that the provider cannot appeal this case.
This landmark decision opens the way for more clients to make mis-sold SIPP claims. In particular, the ruling has implications for other customers of Carey Pensions who could potentially have a viable claim against the provider and therefore be entitled to compensation.
If you are or have been a client of Carey Pensions, now known as Options Pensions (part of the STM Group), don’t hesitate to contact us.
CLP Brokers Sociedad Limitada (CLP), based in Spain, contacted Russell Adams and convinced him that he would be better off having his funds in a SIPP. A SIPP pension plan gives people much more control over their pension funds and their investments.
At first sight, everything looked good, and he was introduced to SIPP provider Carey Pensions. One of its options was a high-risk and unregulated investment in store pod leases. Following CLP’s advice, Adams transferred his pension to the SIPP provider. But this resulted in a huge loss. In March 2015, Adams brought Cary Pensions to court to recover his losses. After a lengthy legal battle, the Court of Appeal voted that there had been a breach of the Financial Service and Markets Act, and that Adams was entitled to compensation.
This result is good news for others who invested via Carey Pensions and could potentially fast-track more complaints against the business. Common investments mis-sold by Carey Pensions include Ethical Forestry, Global Plantations, and Store First Storage Pods.
Technically, you can make a mis-sold pension claim yourself. But without the right professional advice and guidance, your claim could be inefficient and lead to you getting less compensation. There is no guarantee that you will win, and if you lose, you could also be liable for the other side’s costs
Here at Keller Postman UK, we provide professional, no-win, no-fee legal support for our clients. We work to ensure that you get the justice and compensation you deserve so you are not out of pocket due to being mis-sold or misadvised about your pension investments.
Contact our specialist team now. You could be owed thousands in compensation.
Where multiple people have received negligent or fraudulent pension advice from the same professional advisor/company, we can help them to recover their losses collectively. Group actions can be a powerful tool and can have a bigger impact than a single claim.
CONTACT US TO DISCUSS A PENSION MIS-SELLING GROUP ACTION CASE