Many people received negligent financial advice from financial advisers to invest in Store First Ltd’s storage units, often after receiving a cold call offering a free pension review.
The model at a glance, was to allow investment in empty storage units to be managed by Store First, and pay back returns to investors through their rental.
Store First is a high-risk investment, and should have only been offered to wealthy individuals and sophisticated investors, who could understand the risk and afford to take it.
Instead, Store First Ltd Investments were often sold to ordinary people, some of whom have not seen the returns they were told they would, and often struggled to sell their storage pods and get their money back.
At Spencer Churchill Claims Advice, our team of claims specialists have experience with clients winning back money from mis-sold Store First SIPPs before, all with no upfront cost, and we offer a Free Initial Assessment with No Obligation to see if you can make a claim.
Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.
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Several financial advisers and the FSCS have been paying out compensation for the mis-selling of Store First and other investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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Store First investments offered some very high and attractive returns when compared to some other, safer and FCA regulated investments, which made it easier for some pension review companies to make it sounds like a good place to invest.
But Store First is a high-risk investment, which means financial advisers should have been telling more people who don’t earn over £100k per year, and aren’t sophisticated investors that the investment was unlikely to be suitable for them.
Sadly for some, people were advised to channel tens of thousands of pounds into Store First investments, and it has resulted in many people having money locked up in Store First, and receive lower than expected returns.
Now, Store First Limited is in liquidation as of 30 April 2019 following a court order to wind up.
Radio 4’s consumer money program You & Yours featured Store First, lending their voice to people who had invested and were unhappy. Listen here
The main issue with Store First investments is now what the investment is or what has happened to it (it was always a high-risk investment), but how it was sold.
Negligence on the part of some financial advisers (and possibly some SIPP providers – yet to be decided by ongoing court cases) is usually to blame for the mis-selling of Store First through SIPPs.
Now, Store First Limited is in liquidation.
Group First is the parent company of Store First. They are also not regulated by the FCA.
We are aware that some investments with Store First stated a buy-back clause. We are still waiting to hear if any investors ever managed to enforce this clause.