News and Events

Updated information regarding section 27 claims against Sipp operators

  • Posted

On 19th April 2022, in the case of Adams v Options, the Supreme Court refused the SIPP operators application for permission to appeal and as such there will be no further consideration of this case by the Courts.

With the uncertainty that followed the Court of Appeal decision in April 2021, the FSCS has been adopting a temporary method to paying out interim compensation in respect of relevant claims, specifically those against SIPP operators involving an unregulated introducer, where there could potentially be a supplementary liability under section 27 of the Financial Services and Markets Act 2000 (“FSMA”).

Now that the Supreme Court has decided that it will not hear an appeal in the Adams case, the FSCS has updated its approach when dealing with relevant claims. In addition to reviewing new claims they are also revisiting old claims to determine whether further compensation is due.

Have you had dealings an unregulated advisor; regulated advisor and a SIPP operator? Do have a SIPP which has left you out of pocket after the promised returns never materialised? Smooth Commercial Law can help.

If we believe you have eligible, we will offer to act for you on a strictly NO-WIN NO-FEE BASIS. In essence, if we lose your case, you do not pay us any fees. If we win, we take a percentage of your damages upon the conclusion of the case. This is called a Damages Based Fee Agreement.

We can deal with your case and look to recover your compensation, loss of investments and any adverse tax liabilities that you may now be facing.

You can contact the team by filling out the contact form or calling 0800 046 9976.