Hundreds of pension savers were advised to transfer existing pensions into SIPPs and invest in Store First storage pods — an unregulated, non-standard asset. Berkeley Burke SIPP Administration went into administration in 2019, and the FSCS has paid compensation to affected investors. Claims may still be open against other parties in the advice chain.
Store First Limited offered investors the opportunity to purchase individual storage pods — physical storage units — which were marketed as a high-yield, passive income investment. The proposition was marketed through unregulated pension introducers who cold-called pension savers and recommended transferring existing defined benefit or personal pensions to a SIPP, then investing the proceeds in Store First.
The underlying investment was illiquid, unregulated by the FCA, and unsuitable for pension investment for most retail clients. Several SIPP operators accepted Store First as an allowable SIPP investment — most notably Berkeley Burke SIPP Administration Limited, which became the subject of landmark litigation when it challenged a FOS ruling that it should compensate a client who lost money in the scheme.
Berkeley Burke v FOS [2018] EWHC 2368 (Admin) saw the High Court uphold the FOS determination that Berkeley Burke owed due diligence duties to its clients in relation to the investments it admitted to its SIPP. Berkeley Burke subsequently entered administration in September 2019. The FSCS paid compensation on a cohort of claims and declared Berkeley Burke in default. Other SIPP operators who also accepted Store First investments may face similar claims.
Depending on the firm's current regulatory status and the nature of your loss, one or more routes may apply to your case.
If the IFA or financial adviser who recommended the SIPP and Store First investment is still trading, submit a formal DISP complaint setting out why the recommendation was unsuitable. The firm has eight weeks to respond.
If adviser still activeWhere an active adviser rejects your complaint, escalate to the FOS. The FOS has upheld complaints against both advisers and SIPP operators in Store First cases, and its decisions bind the firm up to the award limit.
FOS upheld Store First complaintsBerkeley Burke was declared in default. If your SIPP was with Berkeley Burke, contact the FSCS directly or via Redress Advisory to establish your eligibility. Other SIPP operators involved in Store First cases may separately be in default. Check the FSCS website.
Berkeley Burke — FSCS in defaultFor losses exceeding the £85,000 FSCS cap, civil litigation against surviving parties in the advice chain can pursue uncapped recovery. FSMA s.27 arguments and negligence claims against IFAs who recommended the transfer remain available.
Uncapped — no FSCS limitThe landmark case of Berkeley Burke SIPP Administration Ltd v Financial Ombudsman Service [2018] EWHC 2368 (Admin) was a judicial review brought by Berkeley Burke challenging a FOS determination that it was liable for a client's loss in the Store First storage pod scheme. The High Court dismissed the challenge, upholding the FOS finding that Berkeley Burke had failed to carry out adequate due diligence on the suitability of Store First as an investment for SIPP clients.
This case established the principle — later confirmed by the Court of Appeal in Options UK Personal Pensions LLP v Fletcher [2024] EWCA Civ 541 — that SIPP operators are not merely passive conduits. They have a regulatory duty to assess the suitability of the assets they permit within their products and the suitability of the business they accept from introducers.
Berkeley Burke entered administration in September 2019. Hartley Pensions also held some Store First-linked SIPPs in its book. The FSCS is working through the compensation of affected clients. Those with losses above the £85,000 cap should consider whether civil litigation against surviving parties offers a viable route to full recovery.
Pension mis-selling claims are subject to strict time limits under DISP, the Limitation Act 1980, and FSCS rules. Missing a deadline can bar you from compensation permanently.
DISP complaints against live advisers or operators must be made within six years of the advice, or three years from the date you knew the investment was unsuitable, whichever is later. FSCS claims against Berkeley Burke are subject to FSCS eligibility rules. Act promptly — see redressadvisory.com/time-limits.
Redress Advisory will assess your case, identify the appropriate route, and manage the process through our regulated solicitor partner panel — at no upfront cost.
Start Your AssessmentYou do not need to use a claims management company to pursue a pension mis-selling complaint. You can complain directly to the financial firm, escalate to the Financial Ombudsman Service (FOS), apply to the Financial Services Compensation Scheme (FSCS), or instruct a solicitor independently — all free of charge. Using Redress Advisory does not improve the likelihood of success compared to pursuing a claim yourself, and our fee will reduce any compensation you receive.
Redress Advisory Ltd (Company No. 17295681) is a claims management company. Regulated legal work is carried out by our Operating SRA Partner solicitor firms. We are not a firm of solicitors and we do not provide legal advice.
The information on this page is for general informational purposes only. It does not constitute financial, legal, or claims management advice. Individual outcomes depend on the specific facts of each case. Historical outcomes in related cases are not a guarantee of results in your case.
FOS: 0800 023 4567 | FSCS: 0800 678 1100 | FCA Register: register.fca.org.uk