Options Pensions denied appeal in Carey SIPP case

The Supreme Court has dealt a blow to self-invested pension plans (SIPPs) by denying permission to appeal in the Carey SIPP case.

Last year the Court of Appeal gave a member-friendly ruling in the case of Adams v Options UK Personal Pensions LLP (formerly known as Carey Pensions). The effect is that a SIPP provider can be held liable if an unregulated introducer is involved in a member’s decision to transfer to a SIPP and in the process breaches financial services laws by giving advice or making arrangements without the necessary authorisation.

This refusal by the Supreme Court to hear an appeal means that this is the end of the road for Options Pensions which reportedly has a large number of claims similar to the Mr Adams complaint outstanding. More widely this development means that it will continue to be risky for SIPP providers to accept business from unregulated introducers.