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Carey Pensions UK LLP

Carey Pensions UK LLP

Carey Pensions – established in April 2009 by Christine Hallett, a darling of the financial press – had been going from strength to strength until a series of claims, legal cases and losses resulted in their sale to STM Group in October 2018 as part of a £400,000 deal.

It transpired that the Self-Invested Personal Pension (SIPP) provider had been working with a number of unregulated introducers who targeted potential victims with cold calls to persuade them to transfer their pensions.

A breach of FCA principles

A landmark court hearing in March 2018 – for which the judgement is still eagerly awaited – saw the FCA take the unusual step of giving evidence against Carey. The case related to a lorry driver who was persuaded by an unregulated Spanish business called Commercial Land and Property Brokers (CL&P) to transfer his pension into a SIPP and then invest in Store First and Gas Verdant.

Carey’s defence rested on the fact that the claimant had signed a contractual Declaration of Indemnity. This denied any advisory relationship between himself and Carey in relation to the establishment of the SIPP and any investments subsequently made. It also acknowledged the high-risk and speculative nature of the storepod investments. 

Meanwhile, the FCA’s stance was that Carey had clearly breached both principles 2 and 11 of their Principles of Business – “not treating customers fairly” and “failing to communicate information to clients in a way which is clear, fair and not misleading.” 

The FCA were also of the view that in cases like this where the asset is extremely high risk, it should not be put into a SIPP due to the need to deliver a return in retirement.

It also emerged that in 2012 alone, a massive 30% of Carey’s revenue came via business from CL&P. All the more extraordinary given that the director of CL&P, Terrence (Terry) Wright, was the subject of an FSA warning notice as far back as October 2010.

Were you given poor pension advice?

If you feel you have been given poor pensions advice that led to you losing money, our team at Beat the Banks would like to hear from you. Whether you dealt directly with the pension scheme provider, a financial advisor or were advised and encouraged by unregulated introducers, our claims specialists are here to help. 

We will give you honest, straightforward advice about what to do next and help you seek the justice you deserve. Call us on 0800 193 1234 to start your claims process today.

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