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Carey case appeal denied by Supreme Court

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The Supreme Court has finally given its decision and denied permission to appeal in the long-standing Adams v Carey Pensions case. The case attracted industry-wide interest around SIPP provider obligations when accepting investments. Originally heard in March 2018, the case centred around how much responsibility a SIPP provider should have when accepting investments.

By way of a brief reminder, the Claimant Mr. Russell Adams was introduced to Carey Pensions by an unregulated introducer CLP Brokers. Following his interaction with the introducer, he invested his traditional pension funds in rental units from Store First. The investments were then held in a SIPP provided by Carey Pensions. Carey’s position was that they carried out the transaction on an execution-only basis as instructed. Mr. Adams later brought a claim against Carey Pensions after his investments did not perform as expected and their position as a regulated entity in the process was brought into question. Upon appeal the Court of Appeal upheld Mr. Adam’s case. Carey Pensions then requested permission to appeal but the Supreme Court have now refused permission.

The Supreme Court is the UK’s final court of appeal, so this latest dismissal effectively ends the ongoing case.

STM Group (the parent company of Option Pensions) said the original case related to an investment made in 2012, prior to its acquisition of Carey Pensions and a condition of the acquisition was the offer of indemnity on any claims, with the benefit of ‘significant’ existing professional indemnity cover held by the sellers.

Options Pensions today stated that ‘The decision, therefore, does not directly impact STM’s exposure in this case, but it will have implications for the financial services industry more broadly,’.

If you think you are the victim of a mis-sold SIPP or if your SIPP is not performing as you were told it should be, then please get in touch with our specialist mis-sold SIPP lawyers to see if we can claim compensation for you.

To make an appointment or to find out more about how our SIPP claims experts can help you make a claim for compensation for a mis-sold SIPP, telephone 0800 051 2579, email us at or complete our quick online enquiry form and one of our mis-sold SIPP claims experts will get in touch with you promptly.