store first

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  • samantha1975
    samantha1975 Posts: 3 Newbie
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    Yes it was Jackson Francis I won against, not Store First. Sorry for the confusion!
  • LauraH12
    LauraH12 Posts: 3 Newbie
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    Hi there everybody, new to this forum as been looking for an answer to storefirst claims.

    I've seen in and article online that the government has served a winding up petition against Storefirst. Does this mean we will now be able to pursue claims against Storefirst through the FSCS??

    Thanks for any help guys, desperately trying to find a way to get money invested back! :(
  • Malthusian
    Malthusian Posts: 10,969 Forumite
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    LauraH12 wrote: »
    I've seen in and article online that the government has served a winding up petition against Storefirst. Does this mean we will now be able to pursue claims against Storefirst through the FSCS??

    No. Storefirst is not regulated by the FCA and is not subject to the Financial Services Compensation Scheme.

    If you were advised by an FCA-regulated adviser to invest in Storefirst it may be a different story - but the winding-up petition is of little relevance.
  • LauraH12
    LauraH12 Posts: 3 Newbie
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    Malthusian, thanks for your reply.

    So, to be clear, successful claims can only be pursued if we were advised by a regulated advisor? Can claims against the cold calling companies be pursued?

    Thanks!
  • Silvertabby
    Silvertabby Posts: 9,063 Forumite
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    Malthusian, thanks for your reply.

    So, to be clear, successful claims can only be pursued if we were advised by a regulated advisor? Can claims against the cold calling companies be pursued?

    Thanks!

    Even if you could trace the cold calling company (unlikely) they won't be FCA regulated as they were just acting as the middleman.
  • Malthusian
    Malthusian Posts: 10,969 Forumite
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    LauraH12 wrote: »
    So, to be clear, successful claims can only be pursued if we were advised by a regulated advisor? Can claims against the cold calling companies be pursued?

    Yes if they were an FCA-regulated adviser and advised you to invest in Store First. No if (as is common) they were merely an "introducer" which is not a regulated activity.

    To be 100% exact, you are entirely at liberty to pursue a claim against an unregulated introducer - you can sue them. The problem is that even if you won (which is a big if as they were not advising you and caveat emptor applies), if the introducer has done a runner and liquidated the company there is virtually nil chance of getting any of your money back. By contrast, when regulated companies do a runner then (rightly or wrongly) the FSCS steps in.
  • LauraH12
    LauraH12 Posts: 3 Newbie
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    oh dear :( can claims against Imperial Trustees/Metis Law be pursued? Or is the only avenue to pursue your advisor, and only then if they were regulated? :cry:
  • Malthusian
    Malthusian Posts: 10,969 Forumite
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    The issue is not whether you can pursue your claim or not but whether there is any realistic chance of recovering your losses from them. Just like with an unregulated introducer you are at liberty to pursue a case against any other party - you can sue anyone you like for anything. The question is whether you will win, and whether if you win they will have the money to pay you damages.

    Imperial Trustees is in liquidation, and even if you won a case, even if there is any money left in that company at all (it seems unlikely), you would be behind the liquidator and HMRC in the queue. I'm not clear on what Metis Law had to do with the whole business or what you might want to sue them for.

    Obviously before deciding whether to pursue such a claim you should take legal advice from a solicitor experienced in such cases rather than rely on the word of a random person on the Internet. However I think we can state objectively that there is much less chance of recovering the money than there would be if you had a claim for bad advice against an FCA-regulated adviser who would be subject to the FSCS.
  • sol047
    sol047 Posts: 4 Newbie
    edited 6 June 2017 at 9:23PM
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    samantha1975 wrote: »
    Yes it was Jackson Francis I won against, not Store First. Sorry for the confusion!
    Are you sure?????? I tried against Jackson Francis and got no where, my case was successfully won against the pensions office, a regulated firm, who they used to place my SIPP with London & Colonial.

    Something else to be aware of, a successful FSCS claim is capped at £50K.
  • JKWalker
    JKWalker Posts: 8 Forumite
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    sol047 wrote: »
    Are you sure?????? I tried against Jackson Francis and got no where, my case was successfully won against the pensions office, a regulated firm, who they used to place my SIPP with London & Colonial.

    Something else to be aware of, a successful FSCS claim is capped at £50K.

    I don't get that either. Jackson Francis are not an IFA, and therefore their "advice" gets no cover from the FSCS or FOS. Was it actually the IFA behind it that ended up in the firing line?

    Lot's of articles in bigger newspapers about SF this week...
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