View more on these topics

Berkeley Burke judicial review set for autumn hearing

A judicial review into a Financial Ombudsman Service determination that will have wide implications for Sipp providers is due to be heard in London this autumn, Money Marketing can reveal.

The case concerns a longstanding dispute between Berkeley Burke Sipp Administration and the FOS.

In 2014, the FOS ruled against Berkeley Burke for failing to carry out adequate due diligence on a £29,000 unregulated collective investment scheme. Berkeley Burke took legal action and the FOS agreed to look again at the decision, which was both controversial and unprecedented at the time.

Berkeley Burke faces legal action from 77 investors

In February 2017, the FOS issued a second determination upholding the original ruling but Berkeley Burke challenged the decision again.

In October 2017 the High Court struck down Berkeley Burke’s challenge and a question remained whether Berkeley Burke would pursue a judicial review to challenge the decision for a third time.

Money Marketing understands it has made an application for judicial review and lawyers who represent the FCA have written to a number of legal firms confirming the date of the hearing.

Sipp claims against Berkeley Burke could top 1,000

Hugh James partner Neil Stockdale, one of the solicitors leading a group action case for nearly 80 investors against Berkeley Burke, says: “I understand Berkeley Burke’s application for judicial review against the Ombudsman’s decision has now been listed for a three-day hearing on 10 October 2018. The court’s decision will no doubt have significant implications for Berkeley Burke given the volume of similar complaints lodged with the Ombudsman.”

The FCA and Berkeley Burke declined to comment.



Claimants to pursue Liberty Sipp over unregulated investments

A group of 27 investors is taking action against Liberty Sipp over allegations it was responsible for losses incurred from risky investments. Wixted & Co Solicitors has issued a case in the Circuit Commercial Court in Bristol against Liberty Sipp. The firm is also acting on behalf of investors in a claim against Berkeley Burke. […]

Behind the numbers: Do quality stocks offer an advantage during times of stress?

Quality stocks offer an appealing combination of defensive characteristics and potentially superior returns, but valuations are driven by greed and fear Recent market vulnerabilities have got many investors rethinking their exposures. What role do defensive assets play if interest rates rise? Is the downside risk unpalatable? Could it be better to seek safety in higher […]

File image of broken piggy bank

Berkeley Burke criticised over burial plot Sipp investments

Embattled Sipp provider Berkeley Burke has been criticised over inv­estments made into esoteric schemes such as burial plots. The provider is currently facing allegations it missold hundreds of Sipp investments. In February the High Court approved a group litigation order relating to claims against Berkeley Burke. The provider is also locked in a battle with […]


HMRC withdraws 6,000 demands for upfront tax payments

HMRC has decided to withdraw 6,000 of its controversial notices that require tax penalties to be paid upfront, the Financial Times reports. Accelerated payment notices were introduced in 2014 as part of a crackdown on tax avoidance and give recipients 90 days to settle up. They allow HMRC to collect money from people it deems […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment