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Carey Pensions up for sale as losses grow

Carey Pensions has put itself up for sale as it reports losses for the second year in a row.

According to its annual accounts published last week losses have risen due to a number of legal cases relating to some historic business that is now being wound down.

In 2016 the embattled Sipp provider recorded losses of £153,784 but these jumped to £215,226 in 2017.

Carey Pensions says it is currently in negotiations to find a buyer for its corporate arm and once this is completed the rest of the business will be sold.

The firm has been locked in a legal dispute with lorry driver Russell Adams who alleges Carey Pensions missold him a Sipp in February 2012.

Adams was paid an inducement of £4,000 into his savings account to encourage him to put money into the rental scheme Store First.

He subsequently transferred £50,000 into a Store First investment on 12 June 2012.

In March the High Court heard a case where lawyers for Carey Pensions claimed the company did not break conduct of business rules when it set up the Sipp for Adams.

The ruling is expected at some point in the summer.

Earlier in May, Money Marketing revealed in exclusively obtained court documents showing the FCA is set to claim Sipp provider Berkeley Burke breached its conduct rules by accepting esoteric investments without due diligence.

Money Marketing has also reported extensively on claims issued against Liberty Sipp and Berkeley Burke over their role accepting unregulated investments.

Carey Pensions was approached for comment.

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