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    • samantha1975
    • By samantha1975 30th May 17, 5:24 PM
    • 3 Posts
    • 1 Thanks
    samantha1975
    Samantha: For the benefit of other visitors to this thread can you give us some more details? Who was the firm in default whom you actually claimed against via the FSCS? It clearly wasn't Store First as they're still trading.
    Originally posted by Malthusian
    Of course! Sorry my first post was a bit rushed. In 2012 I was contacted by a local company called Jackson Francis. I'm based in Liverpool (as were they) and I met them a few times, everything seemed completely legitimate. I was given advice which I went ahead with, to transfer my pension into store first.

    I was given guarantees of 7% growth per year once the entire pension gets invested into storage pods. It was very cheap to set up and maintain, and I was sold on it.

    Let me know if you have any more questions
    • Malthusian
    • By Malthusian 31st May 17, 3:07 PM
    • 3,555 Posts
    • 5,447 Thanks
    Malthusian
    So for clarity we should emphasise that it was Jackson Francis you won against and not Store First. Not that I am Store First's lawyer or anything - the distinction is important because Jackson Francis was - I assume - regulated by the Financial Conduct Authority and subject to the Financial Ombudsman Service and Financial Services Compensation Scheme, which Store First is not.

    You were "lucky" (relatively) that you were given advice by a regulated firm which meant you could be awarded compensation for the bad advice, and when Jackson Francis did a runner you could claim against the FSCS. Unfortunately, as I understand it many Store First investors did not take regulated advice and therefore cannot be compensated via this route.
    • samantha1975
    • By samantha1975 31st May 17, 3:57 PM
    • 3 Posts
    • 1 Thanks
    samantha1975
    Yes it was Jackson Francis I won against, not Store First. Sorry for the confusion!
    • LauraH12
    • By LauraH12 5th Jun 17, 3:29 PM
    • 3 Posts
    • 0 Thanks
    LauraH12
    Storefirst wind up petition - scope for FSCS?
    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
    • By Malthusian 5th Jun 17, 4:37 PM
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    • 5,447 Thanks
    Malthusian
    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??
    Originally posted by LauraH12
    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
    • By LauraH12 6th Jun 17, 10:51 AM
    • 3 Posts
    • 0 Thanks
    LauraH12
    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
    • By Silvertabby 6th Jun 17, 11:52 AM
    • 2,096 Posts
    • 2,782 Thanks
    Silvertabby
    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
    • By Malthusian 6th Jun 17, 12:14 PM
    • 3,555 Posts
    • 5,447 Thanks
    Malthusian
    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?
    Originally posted by LauraH12
    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
    • By LauraH12 6th Jun 17, 12:42 PM
    • 3 Posts
    • 0 Thanks
    LauraH12
    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?
    • Malthusian
    • By Malthusian 6th Jun 17, 3:04 PM
    • 3,555 Posts
    • 5,447 Thanks
    Malthusian
    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
    • By sol047 6th Jun 17, 9:15 PM
    • 4 Posts
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    sol047
    Yes it was Jackson Francis I won against, not Store First. Sorry for the confusion!
    Originally posted by samantha1975
    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.
    Last edited by sol047; 06-06-2017 at 9:23 PM.
    • JKWalker
    • By JKWalker 12th Jun 17, 6:35 PM
    • 8 Posts
    • 0 Thanks
    JKWalker
    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.
    Originally posted by sol047
    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...
    • Jona325d
    • By Jona325d 27th Oct 17, 1:00 PM
    • 1 Posts
    • 0 Thanks
    Jona325d
    Hi,

    Has anybody been contacted recently by a company based in Dubai regarding the potential sale of their storage units?

    Thanks

    Simon
    • Malthusian
    • By Malthusian 27th Oct 17, 2:31 PM
    • 3,555 Posts
    • 5,447 Thanks
    Malthusian
    Probably. Fraud recovery fraud is extremely common.

    The pods are worthless and nobody wants to buy them. Anyone claiming they want to buy your pod will almost certainly ask you to send them money for "legal fees" or such like, which you will never see again.
    • JKWalker
    • By JKWalker 1st Nov 17, 7:28 PM
    • 8 Posts
    • 0 Thanks
    JKWalker
    Probably. Fraud recovery fraud is extremely common.

    The pods are worthless and nobody wants to buy them. Anyone claiming they want to buy your pod will almost certainly ask you to send them money for "legal fees" or such like, which you will never see again.
    Originally posted by Malthusian
    My view too - frustrating as so many want to get rid, and so when somebody turns up offering to buy, it's difficult not to get hopeful.
    • Disgruntledinvestor
    • By Disgruntledinvestor 8th Dec 17, 12:18 PM
    • 2 Posts
    • 0 Thanks
    Disgruntledinvestor
    Disgraceful=empty promises
    I invested over £125,000 with them over 5 years ago , I submitted my buyback agreement , (be warned you must have the original signed document or they bounce it ) and submit in a specific 30day window or you miss-out.
    I received an email to say the buy back by them is optional and it can take up to 5 years .
    I have 2 SIPPs and Cash invested , Im concerned that I wont get it back after reading this and other blogs.
    Positive , I received the promised 24 month 10% payments
    Negative , not really much after that, unless I phoned up and complained.
    No Guarantee of the buy back , why would you invest if that was the case , this was not explained to me .
    No Guarantee they will rent out your store pods , you can rent them out yourself.
    Difficult to obtain information / updates etc. unless you chase
    Expensive Ground rent charges which negate all if not more of your rental charges -ve equity


    conclusion : there are better investment opportunities out there , I'm getting 13-16%pa invested in a standard FTSE100 Investment company .
    • Disgruntledinvestor
    • By Disgruntledinvestor 8th Dec 17, 12:21 PM
    • 2 Posts
    • 0 Thanks
    Disgruntledinvestor
    dont do it
    I invested over £125,000 with them over 5 years ago , I submitted my buyback agreement , (be warned you must have the original signed document or they bounce it ) and submit in a specific 30day window or you miss-out.
    I received an email to say the buy back by them is optional and it can take up to 5 years .
    I have 2 SIPPs and Cash invested , Im concerned that I wont get it back after reading this and other blogs.
    Positive , I received the promised 24 month 10% payments
    Negative , not really much after that, unless I phoned up and complained.
    No Guarantee of the buy back , why would you invest if that was the case , this was not explained to me .
    No Guarantee they will rent out your store pods , you can rent them out yourself.
    Difficult to obtain information / updates etc. unless you chase
    Expensive Ground rent charges which negate all if not more of your rental charges -ve equity


    conclusion : there are better investment opportunities out there , I'm getting 13-16%pa invested in a standard FTSE100 Investment company .
    • dunstonh
    • By dunstonh 8th Dec 17, 1:02 PM
    • 90,288 Posts
    • 57,066 Thanks
    dunstonh
    Positive , I received the promised 24 month 10% payments
    It isnt genuine income though. Its using other investors money, as they sign up, to pay those already signed up.

    conclusion : there are better investment opportunities out there
    You need to be stronger wording it than that. i.e. there are not many worse options out there but there are plenty better.

    I'm getting 13-16%pa invested in a standard FTSE100 Investment company .
    That would also be bad investing if in isolation of other holdings.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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