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Carey Pensions Mis-Sold SIPP Claims

Have you invested into a SIPP through pension provider Carey Pensions? They may have provided you with unsuitable investment options and you could be owed thousands in compensation. Find out today if you have an eligible mis-sold Carey Pensions SIPP claim.

Carey Pensions were a SIPP provider that persuaded thousands of UK investors to invest into the schemes that they promoted. These investment schemes were unsuitable for thousands, leaving them out of pocket and worried about their pension savings.

They have since rebranded as “Options Pensions” but are still left with a significant number of claims against them in relation to unsuitable investments and lack of due diligence for their customers. Many of these claims are from investors who are looking to be repaid for the financial losses they have suffered as a result of using Carey’s services.

 Many customers were promised high returns from investments which have never materialised. These investments are now infamous, such as Ethical Forestry, Global Plantations, and Store First Storage Pods.

If you have lost money after using Carey Pensions services, or if you are not aware if you have but are concerned, let our panel of expert mis-sold SIPP solicitors help. They can inform you whether you have an eligible claim for compensation, and offer a free, no-obligation review of your case. Start today by filing out our easy-to-use eligibility form below.

 

Who were Carey Pensions?

Carey Pensions UK LLP formed in April 2009 and were a SIPP provider in the UK. They have often made headlines due to the poor performance for their investments and a lack of care for their clients.

Like most Self-Invested Personal Pension providers, the SIPPs that Carey Pensions offered were known to involve high-risk investments, such as Storage pods and other non-standard investments. Carey were known to use pension introducers who used cold calling as a tactic to get their customers to invest. In 2018, they defending high-court allegations from some clients that they were “in bed with scammers.

Later in 2018 saw Carey Pensions placed for sale, as it reported losses for the second year in a row after a number of mis-selling claims against it.

 

What are mis-sold SIPP claims?

In relation to Carey Pensions, they often mis-sold their SIPPs to investors due to the high-risk nature of the schemes. SIPPs are intended for experienced investors who are not afraid of losing their money to unregulated, risky investment schemes. They are not suitable for the majority of the UK.

The mis-sold SIPP claim may be valid if:

  • Salesmen pressured you into investing via Carey
  • You transferred into an unsuitable scheme
  • There were unexplained or undisclosed fees
  • The risks were not explained to you
  • You have lost money as a result of the SIPP

Financial advisors, both regulated and unregulated, will often receive a commission for advising individuals to transfer from a safe pension into a SIPP, meaning sometimes they do not act in their client’s best interest.

Many of these advisors fail to carry out proper due diligence for this reason, with the investments not being right for certain SIPP clients. These high-risk, unregulated, and inappropriate schemes can end up failing or becoming complete disasters for the investors involved.

The mis-sold SIPP claim is intended to put you in the financial position you were in had you not invested your money via Carey Pensions.

 

The Carey Pensions Landmark Legal Ruling

In April 2021, a landmark decision was handing down by the Court of Appeal against Carey Pensions. This had a significant ripple effect across the SIPP industry, as it proved that mis-sold SIPP cases were valid.

The case centred around lorry driver, Russell Adams, who was left out of pocket after transferring his pension into SIPP in 2012. He invested £50,000 into the notourious storage unit pod investment scheme which later became completely worthless.

The Court of Appeal overturned a key part of a previous High Court ruling which found against him, meaning Mr Adams was then told he was entitled to compensation. At the time, The Pensions Ombudsman has also confirmed it was re-opening its investigations into the private pension management provider, Carey Pensions, now rebranded as Options Personal Pensions.

The judgment set out a clear explanation of the law surrounding SIPP and mis-sold pensions. It was scrutinised by both SIPP providers and those advising people who have lost their pension funds to unscrupulous introducers peddling esoteric, high risk investments to trusting and unsophisticated members of the public.

 

Making a Carey Pensions Mis-sold SIPP claim

Have you lost money as a result of transferring your pension into a Carey Pensions SIPP? Have you been left out of pocket due to their negligence? Even if you are not aware that you have lost money yet, you still could be owe mis-sold Carey Pension SIPP compensation.

The ClaimExperts panel of solicitors can assist you with building your case. They work on a No Win, No Fee basis, and can inform you as to whether you are eligible to claim with a free, no-obligation review of you case.

This April 2021 could potentially fast-track hundreds of complaints against Carey Pensions. If you believe you have a potential claim, fill out our enquiry form below.

Ready To Get Started?

ClaimExperts.co.uk provides a free educational service to the public, and connects potential claimants with pre-vetted legal firms operating on our panel. 

Our panel of legal firms all:

  • Operate on a No-Win, No Fee Basis
  • Require No Upfront Fees
  • Are Regulated by either the FCA or SRA

Start your claim today by completing the quick enquiry form below.

Mis-Sold SIPP Claim - Start Here


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