Carey Pensions UK LLP are a SIPP provider and they are currently facing a legal claim over the involvement of unregulated introducers. The case was heard in the High Court and is currently awaiting judgment. Many people have suffered a loss due to their pensions being transferred via an Independent Financial Adviser or unregulated broker/ agent. It is argued that Carey Pensions have failed to comply with strict regulations that are imposed by the Financial Conduct Authority (FCA). Investors were presented with unsuitable investment choices such as Store First Ltd, GAS VERDANT, Sovereign, InvestUS, Asia Teak and Harlequin.
The FCA has reiterated to providers that the weight of regulation is on them when accepting business from unregulated companies. “ the onus is on the authorised firm which accepts business from an introducer to meet its regulatory requirements”. “If it is non-advised, then the onus is till on the regulated firm who has the introduction to do their due diligence”.
It appears that Carey Pensions have failed to comply with the FCA regulations as they did not warn potential investors that certain investments would be unsuitable for their needs, did not advise customers not to take advice from an unregulated introducers, and proceeded to invest into high risk schemes.
If you have been affected by the above please contact us today.