COLD CALLING AND SIPPS,
A SCAM THAT AFFECTED THOUSANDS
Commercial Land and Property (CL&P) are an unregulated marketing company who mis-sold SIPPs alongside Carey Pensions.
CL&P began cold-calling individuals to market a number of high-risk and non-regulated investment opportunities. Potential investors were passed to Carey Pensions in order to secure their SIPP in one or more of many investment ventures with promises of high returns. The firms collaborated to secure SIPPs in a number of investment opportunities, including Australian farmland, self-storage pods and real estate property in the US.
CL&P reportedly requested upfront payments from their investors and encouraged they release their pension funds into riskier investment opportunities with the promise of an even bigger return. This, however, was not the case, and many individuals are now struggling to claim back their initial investment amount.
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Based in Spain, CL&P were not under the jurisdiction of the Financial Conduct Authority, and therefore were under no obligation to adhere to fair trading and investing standards. Carey Pensions, however, are an FCA-regulated firm and must adhere to strict regulations. It has emerged that two directors of CL&P, Terry Wright and Lesley Wright, had been blacklisted by the FCA in 2010.
It is uncertain if Carey Pensions did or did not carry out background checks on the firm. Many victims believe both parties shared the blame, and there is no uncertainty that the final intent was to scam unsuspecting individuals out of their pension funds.