Pensions

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Lack of Data Impacts Efforts to Fight Pensions Scams

The Pensions Policy Institute (“Institute“) has said that a lack of comprehensive data on the number and scale of pensions scams, places limitations on the industry’s ability to effectively protect savers. According to the Institute, “victims of pension scams [are] losing more than £80,000 on average.” There is growing concern from the Institute that during the COVID-19 … Continue Reading

Relief for SIPP providers as Court hands down long awaited judgment in Carey Pensions case

Yesterday, the Court finally gave judgement in Russell Adams v Options SIPP UK LLP, a significant test case on the potential liability of an execution only SIPP provider to an investor whose underlying investment in the SIPP had incurred significant losses. In a 99 page judgment, His Honour Judge Dight decided that the Defendant was … Continue Reading

Not a risk worth taking – FCA fines and bans pensions’ advisor

Earlier this month, the FCA fined a former advisory firm director £23,400 for overseeing the transfer of £112m of pension retirement funds in to risky investments. The FCA is concerned about unsuitable advice around pensions’ transfers and this latest action sends another strong regulatory message to the market about the FCA’s “get tough” approach towards … Continue Reading

FCA begins contacting pensions advice firms over suitability and value concerns

The retirement income market is a key area of FCA focus, particularly the suitability of both products and advice as the industry adapts to pension freedoms. In the FCA’s Sector View Report published on 18 February 2020, Pension freedoms are highlighted as one of the continuing key drivers of change in the sector with more … Continue Reading

Court refuses defendants’ document request at £86million FCA pensions’ trial

Last week, the Court prevented two unregulated introducers and their directors (the “Defendants“) from seeing documents linked to an investigation by the FCA into pensions’ providers and financial providers that did business with the Defendants. The Defendants are currently on trial in the High Court and stand accused of having given unauthorised and misleading advice about … Continue Reading

Court reviews summary judgment jurisdiction in dispute over pension plan guarantee

The recent High Court decision in Caribonum Pension Trustee Limited v Pelikan Hardcopy Production AG [2018] EWHC 2321 (Ch) will provide some comfort for pension plan trustees owed money by insolvent sponsoring employers by allowing trustees to pursue guarantors within the same group for those debts. What was contended to be an abuse of Court process … Continue Reading
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