The Business Law Reports
[2019] Bus LR 437
Queen’s Bench Division
Regina (Berkeley Burke SIPP Administration Ltd)
v
Financial Ombudsman Service Ltd
[2018] EWHC 2878 (Admin)
2018 Oct 10, 11, 12; 30
Jacobs J
Financial services— Ombudsman scheme— Jurisdiction— Claimant providing and administering self-invested personal pensions— Claimant accepting application by customer to invest pension funds in particular scheme on execution-only basis— Scheme proving to be fraudulent— Ombudsman deriving obligation on claimant to conduct due diligence on scheme from regulator’s high-level Principles and upholding customer’s complaint against claimant— Whether permissible to create due diligence duty by reference to Principles— Whether duty conflicting with regulator’s rule requiring firms to execute specific instructions from customers—
Financial Services and Markets Act 2000 (c 8), s 228(2)
—
FCA Handbook, PRIN 2.1.1R(2)(6), COBS 11.2.19R