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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
    • 2,187 Posts
    • 3,052 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
    • 2,187 Posts
    • 3,052 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
    • 1,117 Posts
    • 1,263 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
    • 2,187 Posts
    • 3,052 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
    • 2,187 Posts
    • 3,052 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
    • 0 Thanks
    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
    • 4 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...
    • Sunny68
    • By Sunny68 23rd Jun 17, 5:10 PM
    • 1 Posts
    • 0 Thanks
    Sunny68
    Hi, back in early 2012 we invested pension money into Storefirst through Carey pension the introducer being an unregulated cold caller CL&P who Unknown to us were based in Spain. As you can guess very small returns certainly not what was promised. The good news for us is that the ombudsman has just upheld our complaint against Carey pension, due to the fact their due diligence was very poor on CL&P and basically they should not have been accepting any business from CL&P. There is a list that the ombudsman has said they should and shouldn't have done, so I am hopefully that Carey's will have to pay up and stop being so greedy and taking people's money from unscrupulous introducers. Hope this is of some help to others in trying to reclaim your money back, all may not be lost.
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