Carey Pensions suffers £44,000 loss in 2018

Carey Pensions suffers £44,000 loss in 2018

Carey Pensions reported a loss of £43,623 for 2018 after it faced a number of complaints and legal cases.

But according to the self-invested personal pension provider’s annual report for 2018, this was down from the loss of £215,226 posted in 2017.

The losses occurred due to a number of complaints and legal cases relating to historic business which is now being run down.

In 2018 Carey Pensions reported a turnover of £1.8m but suffered administration costs of £1.85m. This compares to £1.63m turnover and £1.85m administration costs in 2017.

Although the company faced legal challenges during 2018 it did not set any provisions to cover these costs and it also set no provisions in 2017.

Carey Pensions was sold to STM Group in February and as part of the £400,000 deal, STM bought Carey Administration Holdings, which in turn owns 70 per cent of Carey Pensions and 80 per cent of Carey Corporate Pensions.

The remaining minority interests are held by Christine Hallett, Carey's chief executive, who continued in her role.

A judgement is currently pending in a court case between Carey Pensions and an investor who argued the company had a duty of care towards him when allowing him to set up a Sipp to make unregulated investments, despite the sale being classed as execution-only.

In October 2018 a second legal challenge from solicitors Anthony Philip James & Co was launched against Carey Pensions involving a client who claims to have lost £30,000 after investing in Green Oil Australia, an unregulated collective investment scheme, through the Carey Pensions Sipp.