Berkeley Burke Judicial Review
The long awaited judicial review has reached a conclusion and the judgement has been issued. The judgement went against Berkeley Burke and has huge implications for all of the cases currently with the Financial Ombudsman Service and for the future of the SIPP Administrators affected.
We are delighted by the outcome as it makes clear that the SIPP Administrators do have to act in a professional manner and within the rules of the Conduct of Business Sourcebook like all other regulated firms. How they felt they could facilitate business which was clearly wrong, clients did not meet the basic criteria for investing but also do it on a factory scale without thinking they had any responsibility is beyond me.
This decision should be welcomed by everyone in financial services.