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JACKSON FRANCIS & STORAGE POD SIPPS
Jackson Francis Ltd was an unregulated marketing company, now in liquidation, that was responsible for introducing a large number of people to Storefirst – itself an FCA-unregulated and high-risk investment which many people went onto invest with via a SIPP.
The problem was, is that many people who invested in store pods have since been found to be unsuitable for such a high-risk investment, with many struggling to recover from shortfalls on the projected returns.
Jackson Francis Ltd is no-longer operating, having gone into insolvency proceedings back in September 2014, but not without leaving quite a stink in the media…
According to the Professional Adviser & The BBC in December 2015, Liverpool-based Jackson Francis Ltd was paid indirectly by Store First to cold-call people about their pensions, leading to over 1000 people investing in Store Pods, many through Self-Invested Personal Pensions (SIPPs).
Salesmen who had previously worked for Jackson Francis told the BBC that management instructed them to lie to pension holders in order to get the business, and admitted to forging documents, seeing other members of staff conducting similar practices.
Over a 2 year period, the intermediary firm that was paid by Store First director Toby Whittaker to the tune of £33Million, which funded Jackson Francis. Jackson Francis also persuaded people to invest in Capita Oak and the Henley Retirement Benefit schemes, now all connected to an investigation being conducted by the Serious Fraud Office, and related to store-pod investments.
In November 2016, the firm even made even more mainstream news, with The Mirror running the headline “Ban for the director whose companies made £4million mis-selling investments“. The article described how Sycamore Crown (which shared a director with Jackson Francis), had a claim of offering “unbiased advice” to the pension savers, but despite this…
“The only product promoted appears to be an unregulated investment in storage units”
Timeline of events: Jackson Francis
Did you know, we’ve made successful claims involving Store First before?
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How are these SIPPs mis-sold?
High-risk investments aren’t for everyone, and financial advisers have rules to follow about who they should be recommended to.
You should fit one of the descriptions below to be considered suitable for something like a Store First SIPP pension, but not everyone was…
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