In recent years we’ve heard from countless people who’ve fallen victim to pension mis-selling scams relating to storage pods.
Often, these people have invested in storage pods after being persuaded that it would be a profitable way to grow their savings for retirement. However, more often than not, it’s seen customers losing thousands of pounds of their hard-earned money and being left with little to no savings to fund their retirement.
What is the Store First scandal?
Store First is just one company that has sold long storage pod leases on the understanding that the client would receive rental income from the storage pods, while the business would manage the assets on their behalf.
However, Store First’s promises of a ‘guaranteed income’ were as empty as the storage pods themselves. With many of the storage pods lying unoccupied, very little profit has been generated and countless clients have been left without the income they were promised.
To add further insult to injury, clients have still had to pay management fees to Store First, leaving them out of pocket and stuck with worthless assets they cannot sell.
Is the government doing anything to stop storage pod mis-selling?
In 2017 The Serious Fraud Office launched an investigation into the sale of storage pods after it found that more than £120m of investors’ money was at risk.
Several pension schemes including the Capita Oak Pension and Henley Retirement Benefit plans are being investigated as part of the probe.
What should I do if I’ve been mis-sold storage pods?
If a financial advisor or a storage pod investment company encouraged you to invest in storage pods on the understanding that you’d earn a guaranteed income, it may be the case that you were mis-sold your investment and you may be entitled to financial redress.
Whether your advisor offered you unsuitable advice or failed to warn you of the risks involved, please get in touch with our team. We’ve spent years helping our customers make a claim against the financial advisors and investment providers who have mis-sold them unsuitable financial products.