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    • Pwllmawr1
    • By Pwllmawr1 12th Feb 19, 10:10 PM
    • 2 Posts
    • 0 Thanks
    Pwllmawr1
    Help
    HI Can you offer advise on how to claim my investment with Storefirst vack from the SIPP provider Rowanmore ltd
    • dunstonh
    • By dunstonh 12th Feb 19, 10:53 PM
    • 97,994 Posts
    • 66,155 Thanks
    dunstonh
    HI Can you offer advise on how to claim my investment with Storefirst vack from the SIPP provider Rowanmore ltd
    Originally posted by Pwllmawr1
    if you used a regulated financial adviser, then you complain to the adviser. If you didn't then you can complain that the SIPP provider allowed you to buy an unsuitable asset. That probably won't work but in rare cases it does.

    You don't just get your money back by making a bed decision.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Malthusian
    • By Malthusian 13th Feb 19, 10:00 AM
    • 5,629 Posts
    • 9,322 Thanks
    Malthusian
    If you didn't then you can complain that the SIPP provider allowed you to buy an unsuitable asset. That probably won't work but in rare cases it does.
    Originally posted by dunstonh
    There's now considerable FOS precedent that if there was no adviser, the SIPP provider is liable for failing to do due diligence. There were two court cases brought by SIPP providers trying to wriggle out of their responsibility. One has already lost (Berkeley Burke) and the other case (Carey Pensions) seems to have gone quiet since October 2018. (Not sure what happened there as it's my impression that a judgment was expected shortly.)

    The Carey Pensions case specifically relates to someone who was conned into investing in Store First. Unless the High Court rules in favour of Carey Pensions - which seems unlikely as it would contradict the previous Berkeley Burke ruling - I can't see any reason why an FOS complaint against Rowanmoor for facilitating Store First would not succeed.

    Unless of course Pwllmawr1 was advised by an FCA-regulated adviser, in which case as you say the complaint goes to them.
    • dunstonh
    • By dunstonh 14th Feb 19, 8:41 AM
    • 97,994 Posts
    • 66,155 Thanks
    dunstonh
    Berkeley Burke have been given a right to appeal. The judge at the court of appeal said the decision was potentially one of "considerable and wider importance within the industry and for customers." - in today's press.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Malthusian
    • By Malthusian 14th Feb 19, 8:44 AM
    • 5,629 Posts
    • 9,322 Thanks
    Malthusian
    (cross post with DunstonH)

    By a strange coincidence, on the day I posted that post, Berkeley Burke were given leave to appeal the decision.

    The position remains however that the facilitators of fraud have been defeated on every single front. And Berkeley Burke still appears to be sticking with its moronic idea that the ruling created "a back-door duty of care" when in fact that duty of care has been well established in trust law for centuries, so the likelihood is that they will be defeated again. And all that will happen is that some lawyers will enrich themselves further at the FSCS's eventual expense. (Which is of course why their fellow lawyers in red robes and silly wigs allowed BB to appeal.)

    It can therefore be assumed that SIPP providers will remain liable for facilitating scams when there wasn't an FCA-regulated adviser to pass the buck on to.
    • Ammersfan53
    • By Ammersfan53 27th Mar 19, 6:27 AM
    • 1 Posts
    • 0 Thanks
    Ammersfan53
    GRL - Escrow
    I recently recieived an unsolicited approach from GRL, promising a large offer for my dead StioreFirst investment. Scam was my first thought, but desperation leads me to ask whether anybody successfully dealt with this off shore company?
    • enator
    • By enator 27th Mar 19, 8:25 AM
    • 105 Posts
    • 117 Thanks
    enator
    You really need to put your brain into gear - it's a scam.


    Why would they pay top dollar for a worthless investment?
    • wendywardrobe
    • By wendywardrobe 16th Apr 19, 11:55 AM
    • 1 Posts
    • 0 Thanks
    wendywardrobe
    What does it mean for those of us with goods in storage?!
    I'm a customer of Store First and after a recent house move have put a lot of my possessions in a storage pod in a Store First unit. I can't find any information about what the potential winding-up of the business might mean for me and my possessions? Does anyone have any idea? I'm at a loss to know where to look for info either.
    Thanks in advance....
    • Aretnap
    • By Aretnap 16th Apr 19, 3:01 PM
    • 3,263 Posts
    • 2,859 Thanks
    Aretnap
    I'm a customer of Store First and after a recent house move have put a lot of my possessions in a storage pod in a Store First unit. I can't find any information about what the potential winding-up of the business might mean for me and my possessions? Does anyone have any idea? I'm at a loss to know where to look for info either.
    Thanks in advance....
    Originally posted by wendywardrobe
    Presumably there is provision in your contact for StoreFirst to terminate your arrangement and give you notice to remove your possessions. Probably best to assume that you will get notice at some point and start thinking about alternative places to store them.
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