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Berkeley Burke: We will defend our position through appeal

In a response to the High Court judgement against Berkeley Burke for failing to carry out adequate due diligence on a £29,000 unregulated collective investment scheme, the Sipp administrator has released the following statement exclusively to Money Marketing:

“Berkeley Burke Sipp Administration Ltd (“the Company”) notes the ruling in the judicial review and, on legal advice, will be seeking leave to appeal, while continuing to maintain that it acted in this matter, and in all its other Sipp administration work, in full compliance with its primary duties as set out in the Financial Conduct Authority’s Conduct of Business Sourcebook (“the FCA COBS”) and in accordance with the prevailing laws and regulations as set out by Financial Services and Markets Acts 2000 as amended by the Financial Services and Markets Act 2012 (“the FSMA” or “the Act”.)

“The Company maintains that the ruling of the Financial Ombudsman Service (“FOS”) in this case is based on a fundamental misinterpretation of the duties of a Self-Invested Personal Pension (“Sipp”) administrator, as set out in the FCA COBS, which go beyond both the clearly stated duties and intentions of the Act and the rules and principles prescribed by the FCA COBS, both in relation to this and all similar Sipp administrators, and more broadly to any FCA-regulated  financial services firm offering execution-only services.

“The Company shall take all reasonable steps to pursue this case and defend its position through the appeal process, to ensure that both regulated financial service operators and their customers can continue to conduct business with the certainty that the rules of conduct of the appropriately appointed independent regulator – in this instance the FCA – shall apply to all parties uniformly and with the intended effect in which they were drafted.”

Berkeley Burke loses High Court appeal against FOS

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Enter the Black Knight to the rescue…….

    https://www.youtube.com/watch?v=zKhEw7nD9C4

  2. Successive judicial decisions serve to reinforce the view that the FCA/FOS axis is able to do anything it wants with impunity.

    It can ride roughshod over common sense, circumvent law, and, as Walter Merricks famously said “make new law”.

    This serves to confirm the supposedly paranoid view that they are out to get us and that anything loss a stupid or disturbed consumer suffers can be compensated by somebody, as long as it is not the Government.

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