SIPP pensions provider faces legal challenge
The client, Mr R, said he was introduced after a cold call. He took the matter up with the Pensions Ombudsman in 2015, receiving a ruling that he had been poorly advised and that it was a questionable investment for a SIPP. However, the ombudsman also found the Financial Conduct Authority (FCA) guidance on SIPP monitoring was not applicable in this particular case.
This is being disputed by the solicitors on the grounds that it conflicted with FCA's stated position in a similar case, which supported a claim against a pensions firm. News of the legal action comes as STM Group confirmed it has mounted a takeover bid for Carey Pensions.