Wales – A battery factory worker named Robert McCarthy alleged that he was mis-sold a self-investment pension but not told about the risks involved in it. In UK, a number of investors are becoming victims of wrong high returns from Store First. The returns are based on rent paid for using the units they purchased. Store First offered Robert McCarthy 8pc return in the first two years but rose to 10pc in years three and four.
After a two week trial, the High Court in Manchester ordered the liquidation of Store First Limited and its other three sister companies. The business of the company will continue and the management will be carried out by Group First Global Ltd.’s subsidiary Pay Store.
Robert is now entitled for mis sold SIPPS claims along with other victimized mis-sold SIPP investors. According to the Lancashire Telegraph, from 2011 to 2016 almost 6,600 people had invested £209 million into the pods. A firm called Berkeley Burke is also facing such 500 complaints.
Robert is the father of two children and he told that the money was for his retirement to support both the children and two grandchildren but he lost everything. He worked for 13 years in the battery factory and moved his pension form his company scheme in mis sold investments in 2011. Liverpool based sales company, Jackson Francis which is in liquidation, has cold-called Robert with dormant pensions. He bought three pods from Store First Limited through Jackson Francis and put himself into lifetime trouble.
