An adviser has asked the Financial Ombudsman Service (FOS) to hold self-invested personal pension (SIPP) provider Berkeley Burke accountable over its failure to stop a pension transfer into high risk storage pods, in a case which could re-open the debate about liability for SIPP investments.
Harris Independent Financial Advice adviser Matthew Harris said he wanted FOS to acknowledge Berkeley Burke had a role to play in allowing his clients to transfer their entire savings into the illiquid investments, which have since become "worthless". The ombudsman had already ruled against Berkeley Burke in a similar case in 2014 - then hailed as a game-changer by regulatory lawyers - but it had reopened the file after the SIPP operator called for a judicial review of the decision. Harris' clients, a husband and wife pair, invested £40,000 each in storage pods developed by Store Firs...
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