The Store First storage pods investment explained
Store First had plans to set up 20 locations all over the UK and brokers convinced investors that the opportunity was just too good to pass up. The Store First pension investment promised many savers an 85% profit after just six years, but this was certainly far from the truth.
How did people lose money through the Store First investment?
Although Store First claimed to know little about the reported mis-selling tactics, it was uncovered that many advisers and brokers used inappropriate selling tactics to encourage pension savers to invest. Many advisers convinced pension savers like you to switch to a Store First SIPP (self-invested personal pension) simply to boost their commission, even if the product was not suitable for their clients. The good news is you may be eligible for a claim if you were mis-sold the Store First SIPP.
With Store First still trading today, it seems that the company has washed its hands of the incident altogether. However, our expert team could help you claim back compensation for your own mis-sold pension investment.
How to tell if you were mis-sold your Store First investment
There are often common signs that come with mis-sold pensions, from high-pressure tactics to not being given the opportunity to shop around. Many of these tactics were used in the Store First case and may sound familiar to you. For more information, read our post on what counts as a mis-sold investment, or contact our team for more information.
You had a real lack of understanding, and although you were likely new to investing the adviser still did not provide you with sufficient information around the process.
The adviser employed hard sales tactics to pressure you into investing. If at any point during the interaction you felt pressured, then they used pressure tactics to push the transaction through.
You were given thoroughly poor advice, and you were advised to switch even though your existing scheme was more suitable to your current needs (which they likely didn’t care to learn).
There was a lack of transparency on fees – you had little or no idea about the additional costs and fees.
You also had no insight into the risks you would be taking.
The adviser told you ways that you could avoid tax responsibilities (this is, of course, always a red flag).
Start your Store First SIPP claim
If you’ve invested your hard-earned money into the Store First storage pods scam, our team is here to help you claim any compensation owed for your mis-sold SIPP.
Our claims management team have worked on many similar cases and are extremely knowledgeable in this area. We will fight your corner and can even take your case to the Financial Ombudsman if your SIPP provider does not successfully investigate your complaint.
To get started, please get in touch. You can call us today on 0161 968 0768 and our team will be happy to advise on the next steps. Or, if you prefer, fill out the claims form on this page and we’ll be in touch shortly.