What is a SIPP (self-invested personal pension)?
Before we get into whether or not you’re eligible for a claim, we’re going to shine a light on just what a SIPP is. SIPPs are self-invested personal pensions, and they’re approved by the government.
However, because they’re government-approved doesn’t mean that they’re less risky. In fact, SIPPs are extremely risky because the value of your returns depends entirely on the success of where the money is invested. If money (whether it was transferred from your workplace pension or not) is invested in a struggling industry for example, then you may also struggle to recoup your money.
You can learn much more about SIPPs and SIPPs claims here.
How did people lose money through their Store First investment?
Since Store First have reported that they knew nothing of the mis-selling and the aggressive tactics used, the understanding is that the investment opportunities were mis-sold independently by rogue advisers and brokers.
The incentive for these types is the high fees that can be earned from recommending SIPPs. These advisers convinced long-term savers to switch to these self-invested personal pensions to ensure that they receive the highest commission. One of the more alarming tactics used was how some advisors actually encouraged investors to put money into overseas companies that had already dissolved, knowing full well that returns would not materialise.
How to tell if you were mis-sold a Store First SIPP
If any of the following scenarios applies to you with regard to a previous interaction with a financial adviser, then you may have been mis-sold. You could be eligible for compensation. Take a look:
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).
Have you been negatively affected by a Store First SIPP scheme?
A Self Invested Personal Pension (SIPP), like Store First Storage Pods is a personal pension scheme approved by the government. SIPPs were introduced in 1989, and since then more than a million UK citizens have used a SIPP to further their pension pot.
However, SIPPs are considered riskier than other types of savings as they rely on the success of where the money is invested.
Particularly risky investments like Store First Storage Pods also included overseas investments, most environmental related investments and certain types of property. Sadly, SIPPs like Store First Storage Pods were widely mis-sold, and a great number of people have lost much of their hard-earned savings as a result.
In light of the SIPPs mis-selling scandal, the Financial Services Compensation Scheme (FSCS) have set aside £100 million to pay for compensation costs, where complaints are made about misselling.
We have a specialist team who can help and support you in making SIPPs claims, and always fight to ensure that our clients get the best representation, and receive the justice that they deserve.
How We Can Help You With Mis-Sold SIPP Claims
We can help you make a claim for any pension funds lost into Store First. We have an experienced and knowledgeable team who, in their time, have helped countless people like you to grab a foothold on life and recoup their retirement money. We will fight your corner and will even take your case to the Financial Ombudsman if your SIPP provider does not investigate your complaint.
All you have to do is get in touch. Alternatively, fill in our quick enquiry form (anywhere on our website) or call 0161 968 0768 and our team will be happy to advise.