Store pod salesmen embroiled in £100m pension fraud allegations

Laura Miller
clock

Salesmen selling investments in self-storage units have said they lied and forged documents to persuade investors to part with pensions worth £100m.

The money was invested in buying store pods from Lancashire-based Store First Ltd. Professional Adviser revealed last September that the self-storage industry's own trade body was warning investors about the risks of putting money into store pod investments with Store First, based on what it said were inaccuracies in the scheme's marketing material. The Self Storage Association UK (SSA UK) said it was concerned people may be investing unaware of the potential risks. The Financial Conduct Authority (FCA) issued a consumer alert last January naming store pods among other unregulated ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Rise and fall of finfluencers: Shifting the advice landscape

Rise and fall of finfluencers: Shifting the advice landscape

Investors shift back to traditional advice as finfluencers’ popularity falls

Sahar Nazir
clock 24 May 2024 • 7 min read
PA Working Lunches: Register today to hear from Schroders

PA Working Lunches: Register today to hear from Schroders

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 24 May 2024 • 1 min read
Feel Good Friday: Financial education for the next generation

Feel Good Friday: Financial education for the next generation

RedSTART and The Money Charity on the importance of education

Professional Adviser
clock 24 May 2024 • 1 min read