Store First has been wound up after a court case ruling today that stated they have been mis-selling SIPPs. The company were advising investors to put their money into storage pod investments, these failed and subsequently, this affected over 6,600 people.
Some of the investors affected were even Pension Providers who were advising their own SIPP and SSAS clients, three occupational pension schemes and other members of the public.
The company was said in court today to have had a flawed business model and the sales were misrepresented and misleading. They also explained that they had no choice but to close the company down in recognition of the damage done to investors' retirement plans.
As well as taking the £209m in investments and selling the storage pods, Store First took ground rents, management fees and other charges from investors.
Now the company has been closed down, there will be a much easier route for those with failed SIPPs invested into Store First to get their money back for Pension Mis-selling. If you have been affected by the activity of Store first, get in touch with us as we may be able to help you.
This articles information was sourced from: https://www.ftadviser.com/investments/2019/04/30/storage-pod-company-wound-up-over-sipp-mis-selling/