SIPP  

Carey calls on Fos to 'stick to the law' after losing complaint

Meanwhile, Glyn Taylor, support lawyer at APJ Solicitors, said the Adams v Carey case and the recent Fos decision considered different issues.

Mr Taylor said: “In any event Fos is not bound to strictly follow the law when making its determinations but must instead make decisions that are fair and reasonable in all the circumstances. 

“The law in this regard has not changed since the Adams v Carey judgment. I therefore expect Fos to continue making similar decisions where Sipp operators have accepted high volume business from unregulated firms promoting high risk unregulated investments.”

But the Fos said it will take into account the law when making future decisions.

A spokesperson said: “The High Court has already upheld our approach to Sipp complaints in the Berkeley Burke case. 

“We will consider the judgment in the Carey case and continue to take relevant law, including case law, into account when resolving complaints.”

Ms Hallett said the Fos will need to take into account case law so that “Options and other reputable providers can not be held responsible for the failings of the client’s decision or the investment they have chosen”. 

She added: “That is the only fair and reasonable outcome going forward following the Adams v Carey judgment.”

amy.austin@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.