On 30 October 2018, the FCA published a Dear CEO letter, drawing attention to a number of pending civil claims in the High Court, together with the judgment handed down in the case of R (Berkeley Burke SIPP Administration Limited) v Financial Ombudsman Service Limited, which is still open to appeal by the claimant. These cases deal, among other things, with SIPP operators’ due diligence obligations when accepting customers’ investments, and reference the Principles for Businesses and /or other rules set out in the FCA Handbook. Pending the outcome of any appeal in the above judgment and the other cases, the FCA expects firms to consider the potential implications of them and for their customers. The FCA will be contacting SIPP operators to discuss what these may be.

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