Store First

If you transferred into a SIPP which had an investment for Store First you may want to check if you should be claiming compensation for mis-selling

Established in 2010 and part of the Group First group; Store First was an investment venture in storage pods.  It offered investors a “guaranteed” income initially of 8% which would be generated from the rental of the storage pods.

Not only have some investors not seen these promised returns, they also received letters saying they were liable to pay business rates on the investment.

Free Pension Reviews and Cold Calls

Many of the clients who invested in Store First were initially cold called by an unregulated marketing firm, commonly referred to as an Introducer. They usually offer a free pension review which shows the benefits of moving the pension from the current scheme into a more “lucrative” one.  These Introducers do not have the regulated authority to give financial advice. They are also often paid commission from the investment/product they are recommending.

Jackson Francis

This was also the case with Store First and Introducer company Jackson Francis, who were also connected to Store First. They reportedly received £33m in commission from Store First for referring clients. Jackson Francis were wound up in 2014.

High Court Petition

In April 2019 a high court petition to wind up Store First saw various store pod centres close. These included; Store First Ltd, Store First Blackburn, Store First St Helens and SFM Services Ltd.

However, according to the Insolvency Service – Pay Store Ltd – who manage the centres, were allowed to continue providing services to enable people to store and remove items whilst a longer-term solution was found. In January 2020 official receivers agreed a sale of some assets.

Want a free expert check to see if you’ve been mis-sold?

Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.

Our assessment is free and there’s absolutely no obligation to use our service if you have case.

 

Key Facts

1
High-risk investment which was unsuitable for most SIPP investors
2
SIPP Providers Berkeley Burke and Carey Pensions had Storefirst in some of their SIPPs
3
You may be able to claim compensation for mis-selling

We have a 99% success rate for claims

The cost of our service is 18% inc VAT on the total monies awarded for a successful claim

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Compensation Scheme, whichever is applicable to your claim.

We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.