Clients receive threatening letter from SIPP provider

4 Sep 2017 | Comment


Carey Pensions UK has reportedly sent threatening letters to its investors in an attempt to prevent adverse Financial Ombudsman Service (FOS) decisions from being reported in the public domain.

It is has been reported by BBC Radio 4 that Carey Pensions UK is facing 24 preliminary decisions from FOS which suggest they are liable for losses incurred by investors as a result of their pension transfers.

It is understood that the decisions relate to complaints by pension investors who say they were persuaded to transfer their traditional pensions and to invest in highly speculative investments, such as self-storage units, by unregulated companies.

Following a report in October 2010, the Financial Conduct Authority (FCA) issued a warning in respect of Mr Terrence Wright, the man at the centre of a number of the unregulated companies involved. According to the BBC Radio 4 report, Carey Pensions UK failed to heed this warning and continued to accept business from those companies that Mr Wright had an interest in.

Following their recent investigation, BBC Radio 4’S “YOU&YOURS” has reported that  Carey Pensions UK has been sending “long and threatening“ letters to their investors, claiming that the 24 FOS decisions mentioned above, are wrong and that they could face losing all of their money if they were to proceed with their complaints.

In the same report by “YOU&YOURS” it was stated that Carey Pensions UK has been offering smaller but very quick cash settlements on the basis that the FOS complaints are withdrawn and no final decision is made public. Further, it is believed, that these quick cash settlements come with a condition that the investor enters in to a non-disclosure agreement, effectively ‘gagging’ him or her.

If you were persuaded to transfer your pension in to a Carey Pensions UK self-invested personal pension by an unregulated company, it may be possible to claim compensation.

Visit our financial mis-selling page for more information and to get in touch for a free, no obligation consultation.

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