Court told FOS doesn’t understand FCA rules

Story from FT Adviser

“Carrying out due diligence on investments would have prevented a self-invested personal pension (Sipp) provider from complying with Financial Conduct Authority rules, a court has heard.

Berkeley Burke hit the headlines earlier this year when they were accused of ‘mis-selling’ Sipps.

The company is now fighting a decision made in 2014 by the Financial Ombudsman Service ordering the company to repay Wayne Charlton after he lost part of his pension to a fraudulent company, Sustainable AgroEnergy.

Representing the company Jonathan Kirk QC said Berkeley Burke’s primary obligation was to carry out the instructions of its clients under the FCA’s Conduct of Business Sourcebook.”

Read the story in FT Adviser, also some interesting comments
Professional Adviser

Categories: FCA, FOS, JR

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