Carey Pensions to face fresh legal challenge as judgement looms

£30,000 lost to unregulated scheme

Hannah Godfrey
clock • 2 min read

Self-invested personal pension (SIPP) provider Carey Pensions has become the subject of a fresh legal challenge, facing a claim it failed to undertake the required due diligence when accepting SIPP investments.

Solicitor Anthony Philip James & Co (APJ) is bringing the case on behalf of Mr R, who lost £30,000 after investing into Green Oil Australia through a Carey Pensions Sipp. It has said Mr R decided to make the investment following communication with an unregulated introducer, who had cold-called him. A spokesperson for Carey Pensions told Professional Adviser the case in question was time-barred, and the firm had not been issued with any court proceedings. Green Oil Australia was an unregulated collective investment scheme (UCIS) that has since failed. The parent company - Green Oil Pla...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Partner Insight: Embracing the future of retirement planning

Partner Insight: Embracing the future of retirement planning

Brooks Macdonald
clock 31 October 2024 • 2 min read
Pension tax rules uncertainty shows 'need to shift retirement planning'

Pension tax rules uncertainty shows 'need to shift retirement planning'

Needs to include wider considerations of capital drawdown beyond pensions

Isabel Baxter
clock 24 October 2024 • 2 min read
Looking ahead of the Budget: Implications for retirement planning

Looking ahead of the Budget: Implications for retirement planning

Advisers must ‘balance client demands with prudent advice'

Isabel Baxter
clock 18 October 2024 • 4 min read