The Carey Pension Scheme (PO-11285)

Ombudsman’s Determination

Outcome

The complaint is not upheld because at the time the investments were made, it was not the responsibility of either Carey Pension Trustees UK Limited or Carey Pensions UK LLP to carry out the level of due diligence suggested by Mrs H, taking into account the relevant law and the expectations that were set at the time by the Financial Services Authority (FSA).

Complaint summary

Mrs H has complained that Carey did not exercise sufficient due diligence before allowing her to invest in the “Princess Project” (the Princess Project) promoted by Silva Tree (Silva Tree), a Panamanian registered company, and in carbon credits through Carbonex SARL (Carbonex) via the Scheme in the period between November 2010 and February 2011. Her investments have now been valued at nil and, as a result, she has lost a significant sum of money.