Options UK Personal Pensions LLP (formerly Carey Pensions UK) is the SIPP operator at the centre of two Court of Appeal rulings — Adams [2021] and Fletcher [2024] — that define SIPP operator liability in England and Wales. Options UK is in FSCS default with extensive FOS upheld decisions. If you held an Options SIPP, multiple claim routes are available.
Start your free assessment →Options UK Personal Pensions LLP, previously known as Carey Pensions UK Ltd, is the defining SIPP operator case in UK regulatory history. It was the respondent in both Adams v Options UK [2021] EWCA Civ 1188 — which established FSMA s.27 unwinding rights for unregulated introducer cases — and R (Options UK) v FOS [2024] EWCA Civ 541 (Fletcher) — which confirmed constructive knowledge liability for operators who failed to check the FSA/FCA warning list.
Options UK accepted thousands of clients via unregulated introducers including CLP (Commercial Land and Property Brokers, registered in Spain) and directed them into Store First storage pod and Cape Verde4 Life overseas property investments. The FOS upheld the overwhelming majority of complaints against Options UK. Options UK is now in FSCS default.
The following decisions are a matter of public record held in the FOS decisions database. Summaries are factual and based on published ombudsman findings. Decision references can be verified at financial-ombudsman.org.uk.
The ombudsman found Options had not conducted adequate due diligence on the Store First investment before accepting it into its SIPP. The complaint was upheld and Options directed to compensate the claimant based on them having remained in their original pension.
The FOS upheld the complaint finding Options had failed in its obligations by accepting business from Cape Verde4 Life, an unregulated firm. Options' execution-only status was rejected as a defence. The Berkeley Burke standard was applied and full compensation directed.
The FOS found Options failed to identify that a director of TPS Land appeared on the FSA warning list at the time of transfer — publicly available information Options did not check. This decision directly informed the Fletcher [2024] Court of Appeal ruling on constructive knowledge.
Options UK is in FSCS default. Direct FSCS claims are open for eligible claimants relating to Store First, Cape Verde, and other unregulated investments introduced via the CLP broker network and others.
Up to £85,000Adams v Options UK [2021] EWCA Civ 1188 confirmed the SIPP contract is unenforceable where the introducer was unregulated. The full transfer value is recoverable as if the contract never existed — not limited by the FSCS cap.
Full transfer value — s.27Options UK has used time limit arguments aggressively in FOS proceedings. The six-year absolute FOS clock runs from the date of transfer — for Store First transfers between 2011 and 2015, this may have expired. The three-year awareness clock and FSMA s.27 civil route have different rules. Do not assume time has run without a formal assessment. See redressadvisory.com/time-limits for the full limitation framework.
Figures are indicative only and based on typical case profiles. Your actual position depends on your specific circumstances, the transfer value, and the applicable claim route. Not a guarantee of outcome.
Yes. Carey Pensions UK Ltd was renamed Options UK Personal Pensions LLP. Both names refer to the same legal entity. The Adams and Fletcher Court of Appeal cases are both named against Options UK.
Store First was an unregulated storage pod scheme promoted by CLP and other broker networks. Clients invested pension funds in storage pods that later became effectively worthless. The FOS upheld hundreds of complaints arising from Store First investments in Options/Carey SIPPs.
Yes. FSMA s.27 is a standalone remedy that does not depend on whether you knew the investment was high risk. If the introducer was unregulated, the contract is legally unenforceable and the full transfer value is recoverable regardless of your awareness of the risk. This is what Adams v Options UK [2021] confirmed.
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