Mis Sold Storage Pod pension investment

slimteddy

I have come to realize that I have been mis sold a pension investment in storage pods and I am trying to get this investigated. Unfortunately, it is not with one of the high profile companies but a relatively small one with one director. The company name is Brambles, based in Morecombe. Does anyone have any experience of dealing with this company or are in a similar situation to myself? The storage company is Strong Box Self Storage Ltd. Brambles are the administrators and send me a statement each year and my investment has not grown at all. I was originally contacted via text 5 years ago via an obviously unregulated advisor. I am not sure how to go about getting my money back and wondered if anyone has any advice or any experience of this please.

ColdIron

slimteddy wrote: »

I was originally contacted via text 5 years ago via an obviously unregulated advisor.

This didn't ring any alarm bells?
In what way was it mis-sold?

dunstonh

Brambles are the administrators and send me a statement each year and my investment has not grown at all.

You wouldnt expect it to. It is not that type of asset.

I am not sure how to go about getting my money back and wondered if anyone has any advice or any experience of this please.

You need to be prepared to lose the lot.

StrongBox Self Storage Ltd is Active with a proposal to strike off but is being appealed. it is still trading in the meantime.

Have you tried to get the company to buy back the asset? If so, what did they say?

westv

Whenever I see threads like this, the first thing I think is "What on earth?!"
Not that that really helps the OP though.

Malthusian

slimteddy wrote: »

I am not sure how to go about getting my money back and wondered if anyone has any advice or any experience of this please.

I am afraid the experience of numerous people in the functionally identical Store First investment is that they have lost all their money.

You said the adviser was unregulated so the prospect of recovering any money by complaining against them is remote.

There is currently a case dragging through the courts trying to make SIPP providers liable for allowing their members to invest in toxic unregulated crap like this. If the courts decide that SIPP providers are liable, you might be able to recover money that way, but that is a massive "if".

I have no knowledge of your specific case so you should consider professional legal advice, but without throwing good money after bad.

Brynsam

Unfortunately, falling for sales patter isn't the same thing as mis-selling. SIPP providers now have a duty of care to their members, but the likelihood of backdating this is anything but certain.

There is a grain of hope in that an objection to a compulsory strike-off has been received by the Registrar of Companies so striking off action has been suspended, but I wouldn't get your hopes up about seeing much, if any, of your money back.