STM Group, the cross-border financial services provider, "secured indemnities" and benefited from "significant existing PI cover" which would minimise exposure to historic Carey Pensions issues, it said in a statement after the Pensions Ombudsman confirmed it would restart Carey Pension claim investigations.
The Pensions Ombudsman confirmed it will reopen its investigations into Carey Pensions claims following the Court of Appeal's latest ruling against the SIPP operator.
Last week (1 April), the Court of Appeal ruled in favour of Russell Adams and against his self-invested personal pension (SIPP) operator Options Personal Pensions, formerly Carey Pensions, in its long-running legal dispute.
Whilst we acknowledge there are a number of cases outstanding, it’s important to recognise that the appeal in itself did fail in its entirety."
Christine Hallett, manging director, Options UK Personal Pensions, said: "Whilst we acknowledge there are a number of cases outstanding, it's important to recognise that the appeal in itself did fail in its entirety and as expected the Court of Appeal upheld the judgement of the first instance that Carey had met all its obligations under the Conduct of Business principles (COBS2.1.1). This means that the HHJ Dight's approach to determine the scope of COBS rules remains good law."
She added: "At the time of acquiring Carey pensions in February 2019, STM announced that it "noted that Carey Pensions was party to a high profile Court case (the 'Adams' case). STM has secured indemnities and the benefit of significant existing PI cover from the sellers and considers any residual exposure to this and any other historic industry issues, to be minimal". The appeal judgment does not change that position, with any cost excesses of the policy having previously been expensed within the normal course of business."