Store First - Storage Pods

If you invested in Store First Storage Pods you may want to check if you should be claiming compensation for mis-selling

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.

It was established in 2010 and was part of the Group First group.

Unfortunately Store First was a high-risk investment which was unsuitable for most SIPP investors.

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 storage pods were initially cold called by an unregulated marketing firm. These are commonly referred to as Unregulated Pension Introducers.

Pension Introducers 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 the case with Store First and Introducer company Jackson Francis, who were also connected to Store First.

Jackson Francis Ltd was a Liverpool based sales company who persuaded more than 1,000 people to move their pensions and invest in Storage Pods.

It was revealed in a BBC expose  that Jackson Francis actively cold called people with “dormant pensions” to sell them the Store First investment.

They reportedly earned £33m in commission from Store First for referring clients. Jackson Francis were liquidated in 2017.

The Hetherington Partnership

The Hetherington Partnership Limited were a Solicitor firm based in The Wirral. They acted as the conveyancer for some SIPP companies in relation to purchasing storage pods from Store First.

The Hetherington Partnership  assisted around 7,500 people between 2011 and 2017 which reportedly earned them around £3m.

They were closed in October 2017 after the Solicitors Regulation Authority (SRA) reportedly intervened.

Following a tribunal hearing they were banned from acting as solicitors for life and ordered to pay £98k in costs. They were described as being “manifestly incompetent, reckless and dishonest”

Pension transfer advice and mis-selling

Pension transfers are a common factor in mis-selling. Many mis-sold pension transfer cases involve a recommendation to move to a SIPP which often contains unsuitable high-risk investments, like Store First.

High risk investments, like Store First, are only suitable for clients with the investment experience needed to manage their SIPP account. And who are comfortable and can afford that level of risk.

Advice can be deemed unsuitable if the adviser hasn’t made you aware of the risks involved or adequately checked whether the investments are right for you

If you’re worried about the advice you’ve received, then you might be wise to get it checked.

 

Complaints against advisers relating to Store First storage pods

Complaints have been made against several financial advice firms that involve Store first storage pods.

Moneywise Financial Advisers Ltd,  Archer Bramley and Opes Financial Planning Ltd  have all received complaints relating to pension transfer advice to invest in Store First through SIPPs.

Archer Wealth Management

Archer Wealth  was another financial advice firm that advised clients into SIPPs which had high-risk, unregulated investments. This included Storefirst storage pods. As a result, claims have been made against them for the unsuitable advice they gave their clients regarding pension transfers.

 

My IFA Friend

Claims against My IFA Friend involve pension advice in which clients transferred into SIPPs which had unsuitable, high-risk investments, including StoreFirst.

If a regulated firm or adviser has given you bad advice regarding your pension, you may be able to claim compensation.

Pension Providers

Pension Providers who had Store First storage pods in their SIPPs include Berkeley Burke and Carey Pensions (now Options Pensions). Both of these companies have been involved in high court cases.

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 Store First storage pods?

If you are invested in Store first storage pods and are worried that you may have been mis-sold our initial assessment can help.

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.

Want to know more? Read our client case study.  Mr. W was persuaded to transfer his pension and invest in Store First Store Pods after being cold called by an unregulated introducer who was based in Spain. Here’s how we helped him with his claim for mis-selling.

 

Key Facts

1
Store First storage pods were a 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 win more than 9 out of 10 claims

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Robert Pemberton
2022-04-11
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2022-04-08
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2022-03-20
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Ian Gaynor
2022-03-14
A thoroughly positive result and experience. In all honesty I didn't have much hope of any success following a truly dodgy pension investment. I spent years angry at myself then decided to let these guys have a go on my behalf. It took hardy any effort on my part and they kept me fully informed, then out of the blue I got a call saying they have won all my pension back plus more and within days it hit my account. Thrilled with their effort and professionalism. I dealt with a few different staff and all were informative, polite and helpful. I great end to a terrible situation. 100% genuine review and I cannot recommend them enough. Thank you.
Grace Anderson
2022-03-11
Pension Claim Consulting were a Godsend. I was told about them by a friend who had also invested in a pension. They kept me informed on the progress of my claim with regular updates and answered my queries with patience and professionalism. There percentage for on behalf was also lower than expected. I can't thank them enough
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2022-03-10
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2022-03-09
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2022-03-08
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michael dixon
2022-03-08
I was approached by Pension Claim Consulting after the company that was handle ing my SIPP had been investigated by the Financial Ombudsmen and informed me i had a case, with this information given to me i agreed to let them represent me in trying to reclaim my investment. All through the process i was informed of every step and on a regular basis even though it took many months the outcome was successful and i was reimbursed fully. This is a fantastic company to work with and dedicated staff who know their business. Many Thanks. Mike Dixon.
Roderick Turnbull
2022-03-08
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 Services Compensation Scheme, whichever is applicable to your claim.