Sipp provider Berkeley Burke has had its claim for a judicial review against a decision by the Financial Ombudsman Service (FOS) dismissed.
In 2014 the FOS found that Berkeley Burke was responsible for failing to perform the required due diligence over accepting unregulated investments it accepted.
Berkeley Burke launched a legal challenge against this decision. It claimed that as a Sipp provider it did not have a regulatory duty to ensure all investments were suitable.
However Justice Jacobs found that the FOS followed Financial Conduct Authority guidelines when making its decisions. He has therefore dismissed the appeal claim. (Citywire 30/10/18)
The lawyer argued that Berkeley Burke ‘was aware in 2009 that this was an important thing. So investing in foreign jurisdiction is overreaching of due diligence.’
‘There was no investigation of title [of the investments], let alone proof of title,’ he said.
As a result, the provider is guilty for its administrative failings in the area and not providing the established and required due diligence. (Citywire 12/10/2018)
Many clients that we represent have lost substantial sums via investments that are now valued as worthless.
Many client appear to have not realised that the investments that they were placed into were relatively high risk and that they could lose money within them.
If you have been affected it's time to get in touch - whether you received advice or not at the time.
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