, Store First Storage Pods SIPP Claim, Pension Justice

Case History – What Went Wrong?

Store First Storage Pod Investment Schemes were marketed as attractive investment opportunities in the UK during a period leading up to 2021. The two pension schemes involved are Henley Retirement Benefit & Capita Oak Pension.

The schemes offered individuals the chance to invest their retirement funds, particularly through Self-Invested Personal Pensions (SIPPs), into storage units or pods that were intended for rental income and potential capital appreciation.

The basic idea was that investors would purchase storage pods, which would then be managed by Store First or related companies. The promised returns were often presented as high and secure, making it an appealing investment option for many pension holders looking to grow their retirement savings.

However, many investors who put their pension funds into these storage pod schemes ultimately faced substantial losses. There were several issues that contributed to these losses:

Overinflated Promises:

Some promoters and marketers of the Store First Storage Pod Investment Schemes exaggerated potential returns and downplayed the associated risks. They made the investment appear more attractive and secure than it actually was. Not only have some investors not seen these promised returns, but they also received letters saying they were liable to pay business rates on the investment. 

Unregulated Investments:

The Financial Conduct Authority (FCA), which oversees the UK financial market, did not regulate these storage pod schemes. As a result, investors may not have received adequate protection, and the investment itself might not have met the necessary standards.

Lack of Liquidity:

Investors found it challenging to exit or sell their storage pods when they wanted to realise their investment or if the market conditions were unfavourable. This lack of liquidity hindered their ability to access their money when needed.

Misleading Advice:

Some investors may have been given unsuitable investment advice or not provided with complete and accurate information about the risks involved in investing in storage pods through their SIPPs.

The collapse of the Schemes:

As more information and scrutiny emerged, it became evident that the underlying business model of some storage pod schemes was unsustainable. This led to the collapse of certain schemes, causing significant financial losses for investors.

In the aftermath of these losses, there were complaints and legal actions from affected investors, and regulatory authorities like the FCA took action against the companies involved.

, Store First Storage Pods SIPP Claim, Pension Justice

 

Case Developments & Latest News

Pre-2010: The Store First Storage Pod Investment Schemes were launched and promoted to investors as an attractive investment opportunity.

2010s: Store First and related companies marketed the storage pod schemes aggressively, highlighting high potential returns and offering investors the chance to invest through their SIPPs.

2012: The Financial Conduct Authority (FCA) raised concerns about the Store First Storage Pod Investment Schemes and the broader issue of unregulated collective investment schemes being promoted to retail investors, especially within SIPPs.

2013: The FCA issued a warning notice to the public about the risks of investing in unregulated investments, specifically mentioning Store First and other similar schemes.

2015: The Serious Fraud Office (SFO) announced that it was investigating the Store First Storage Pod Investment Schemes, looking into potential fraudulent activities and misrepresentation.

2017: In total, four petitions were posted on the Insolvency Gazette on the 31st May 2017 relating to Store First. Each petition related to each of the Store First operations:

2018: It was reported that Store First was under investigation by the FCA, and investors continued to raise complaints about significant financial losses.

2019: The High Court of England and Wales appointed joint administrators for the Store First companies amid financial difficulties and growing concerns about the viability of the schemes.

2020: Administrators reported that some Store First Ltd companies had collapsed, and investors faced the likelihood of substantial losses.

2021: The FCA continued to monitor the situation, provide updates, and warn the public about unregulated and high-risk investments, including the Store First Storage Pod Investment Schemes.

, Store First Storage Pods SIPP Claim, Pension Justice

Store First Investment Claim – Are You Eligible?

High-risk storage pod investments, such as Store First, should only be considered by clients with the necessary investment experience to handle their Self-Invested Personal Pension (SIPP) account and who are financially comfortable and able to bear that level of risk.

The suitability of the advice provided can be called into question if the advisor:

  1. Failed to inform you adequately about the associated risks or
  2. Didn’t thoroughly assess whether the investments align with your individual circumstances.

If any of these apply to you, you may be able to claim compensation. If you are unsure, please feel free to contact our team at Pension Justice, free of charge.

Standard Mis-Sold Pension Claim Procedures

If a financial advisor recommended investing in an unregulated scheme like Store First, you may still be eligible for compensation. If the advisor is still in operation, you can pursue a claim against them through the Financial Ombudsman Service (FOS).

In cases where the advisor is no longer operating, the Financial Services Compensation Scheme (FSCS) provides compensation for valid miss-selling claims against advisors who have been declared in default by the FSCS.

, Store First Storage Pods SIPP Claim, Pension Justice

Why Contact Pension Justice?

At Pension Justice, our highly skilled team focuses only on cases involving pension mis-selling and SIPP providers. We understand the complex laws, regulations, and industry standards that govern pension schemes and investments. We also understand that dealing with the aftermath of mis-selling can be stressful and emotionally draining.

Allow us to do the paperwork and negotiate on your behalf so you have the biggest chance of a successful claim and, ultimately, the happy retirement you’ve worked so hard for.

If you believe you may have been mis-sold, now is the time to contact Pension Justice. Please call our specialist team on 0800 014 8275 (7 Days a Week, 9am-9pm), email info@pensionjustice.co.uk, or fill out the form below and we will call you back. Alternatively, head over to our contact page and get in touch.