Financial loss on SIPPs with Carey Pensions UK LLP

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Many people have suffered financial losses investing or transferring their pension funds into a Self Invested Personal Pension (SIPP) provided by Carey Pensions UK LLP.

The SIPP has acted as a wrapper in many instances for investment of funds into high risk or illiquid investments which are wholly unsuitable for pension fund investments. This has led to people suffering devastating financial losses on their pension funds and in some situations, the full fund value has been lost entirely.

We are aware of particular problems and instances of high levels of financial loss on the following SIPPs provided by Carey Pensions UK LLP;

  • Store First (Storage Pod investments)
  • GAS Verdant (Australian Agricultural land investments)
  • Templeton Securities (AIM stock investments)
  • ISP Securities (Carbon credit investments)
  • Sovereign (Green and Environmental investments)

We are acting for over 40 clients who have suffered losses on these funds provided by Carey Pensions UK LLP. If you are similarly affected then we would like to hear from you as we may be able to assist you in bringing a no win, no fee claim to recover your losses.

Carey Pensions UK LLP are a company whose business activities are authorised and regulated by the Financial Conduct Authority (FCA), who are the relevant regulatory body for the financial services industry.

This means they are subject to strict professional standards and have to abide by rules and regulations prescribed by the FCA. Breaches of these provisions could mean that they are liable for any subsequent financial losses suffered by their clients and customers.

We believe that Carey Pensions UK LLP have breached several important, fundamental regulatory rules prescribed by the FCA with regards to the dealings they have had with customers who invest into SIPPs which they provide.

The Financial Ombudsman Service have previously stated that SIPP providers such as Carey Pensions UK LLP have a duty to warn customers not to proceed with unsuitable SIPP investments. In our experience, there are a considerable number of cases where this has not happened.

If you have suffered financial loss as a result of investing or transferring a pension to a SIPP with Carey Pensions UK LLP then Neglect Assist may be able to help. Please call us on 0208 870 7849 for free and without obligation advice.

Dealings with unauthorised third parties

In our cases, advice to invest in, or transfer to, a SIPP provided by Carey Pensions UK LLP has commonly been given by third parties who in many cases are unauthorised and who are not regulated by the FCA.

However, these third parties act as an introducer to Carey Pensions UK LLP. In such circumstances, it may be possible to establish that Carey Pensions UK LLP are liable for losses caused by reliance upon such advice.

This position is enforced by statute. Section 27 of the Financial Services & Markets Act 2000 allows a customer to recover losses which have been caused by making investments through authorised firms where this follows advice or recommendations made by unauthorised firms.

We are proceeding with a significant number of cases where our clients have suffered financial losses after being introduced to Carey Pensions UK LLP by an unauthorised and unregulated party and would welcome contact from anyone who has been similarly affected.

Relevant Case Studies

Mr S from Surrey

He held two mainstream personal pension funds worth a combined total of slightly over £57,000. He did not have any significant savings or investments elsewhere and therefore wanted to be cautious with how these pension funds were used.

Mrs B from Kent

She had a mainstream personal pension fund valued at slightly over £30,000. This was the entirety of her retirement savings and she was reliant upon this money for her future retirement. Due to this, she required a low risk pension savings strategy which would keep her capital secure.

Mr B from Manchester

He had pension savings of slightly over £32,000 and did not want to take any risks with this money as he was approaching retirement. He would therefore have little opportunity to make back any losses which may potentially be suffered through higher risk investments.

Ms N from London

She had an occupational pension fund of around £18,000 and required a low risk option which would preserve the capital she had and offer a reasonable rate of future growth. She was not seeking an investment with high elements of risk involved.

Why Choose Us?

  • We have over 15 years’ specialist experience in financial services professional negligence with a team of lawyers working exclusively on these cases.
  • You only normally get one shot at making a pension or investment mis-selling claim.  If it is not done properly it can be rejected.  It is important you submit the right evidence, presented in the right way and emphasising important points.  Unlike claims submitted to the Ombudsman who only uphold up to 60% of pension and investment complaints*, if we take your case on and it is within time limits, we are successful in over 95% of our cases.
  • We only operate on a “no win, no fee” basis.  If you are not successful you do not pay us a penny.
  • We are leaders in pension and investment negligent law and are frequently asked by newspapers, TV and radio for commentary on this area of law.  We also give lectures on our specialist work to other lawyers.
  • We are pursuing several ground-breaking group claims.  One such case was Adams v Options SIPP.  Hundreds of our clients had their pensions defrauded by unregulated introducers and advisers.  These advisers had disappeared with the money and the Ombudsman had rejected many complaints because these advisers were unregulated.  We pursued claims against the self-invested personal pension (SIPP) operators for failing to make proper checks on these introducers and other regulatory breaches.  After years of fighting, including losing the first court case, we persuaded the Court of Appeal these pension operators were liable.  Thousands of pensioners have been able to recover their lost pensions as a result.

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Mis-selling or mis-management by a SIPP Operator?

Have you suffered financial losses on a SIPP operated by a SIPP operator? If so, then you may have grounds for bringing a No Win No Fee claim.

Some SIPP operators have entered into dealings with third party advisers who are not authorised and regulated by the Financial Conduct Authority to give pension or investment advice. This is despite their regulatory body publishing alerts and giving warnings against such actions.

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Mis-sold or mis-managed investment or pension?

  • You were sold an investment without having been properly advised of the risks
  • Your personal circumstances or attitude to risk wasn’t properly considered
  • You were sold a SIPP or poor returning annuity
  • You were advised to invest all or most of your savings into a single investment
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