Jurisdiction(s):
United Kingdom

England and Wales Court of Appeal dismisses judicial review: FOS ‘fair and reasonable’ jurisdiction; SIPP pre-contract due diligence; COBS 2.1.1R left open (Options UK v FOS)

Published on: 28 May 2024

Published by a LexisNexis Pensions expert

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Article summary

Options UK Personal Pensions LLP v Financial Ombudsman Service Ltd [2024] EWCA Civ 541

What are the practical implications of this case?

This decision is the newest step in Options’ prolonged bid, as an authorised SIPP operator and administrator, to resist claims by dissatisfied SIPP members who were introduced by unregulated third parties, made imprudent investments and lost their funds: see in particular Adams v Options SIPP [2020] EWHC 1229 (Ch), Adams v Options UK Personal Pensions [2021] EWCA Civ 474, T v Carey Pensions [DRN2076425] and S v Options SIPP [DRN5472159]. Though adverse to Options, it underlines for practitioners how the Ombudsman’s jurisdiction departs from the courts’.

The Ombudsman must resolve complaints by reference to what is, in his view, ‘fair and reasonable in all the circumstances of the case’ (section 228 of the Financial Services and Markets Act 2000 (FSMA 2000)), rather than by applying the common law alone.
When assessing what is fair and reasonable, he must have regard to relevant law and regulations, regulators’ rules, guidance and standards, codes of practice and, where suitable, what he considers to...

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