In particular, that the scope of the FCA's conduct of business sourcebook must be considered through the lens of the individual contractual arrangements with customers.
Ms Hallett added: "It is a judgment that has been long awaited by the Sipp industry and consumers alike, and gives clarity to what is expected of a Sipp provider under English law and the FCA conduct of business principles when acting upon the instructions of a client.
"In addition, it has given a much better understanding of the legal relationship between an introducer and the service provider which will provide valuable guidance for both consumers and industry professionals."
A wider issue
This case touched on similar issues to the judicial review case brought by Berkeley Burke, which has since been thrown out.
Berkeley Burke Sipp dropped its appeal against a Financial Ombudsman Service decision from 2014 which ordered it to compensate a client after it failed to carry out adviser-style due diligence on his investment, in October.
Many claims against Sipp providers on the due diligence they conducted on underlying investments are in relation to business that took place before July 2014, when the FCA made it clear Sipp operators should be doing due diligence to a high degree on any asset they accept within their book.
Carey Pensions was acquired by STM Group in October 2018 and now goes by the name Options Pensions following a rebrand earlier this year.
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