You are here: Home - Retirement - Retiring now - News -

Serious Fraud Office launches probe into storage pod investments

0
Written by: Paloma Kubiak
23/05/2017
Investors who have bought a storage pod are asked to get in touch with the Serious Fraud Office after it launched an investigation into the schemes.

Investors in storage pods buy a long lease with the theory that people will always need storage. However, these investments are unregulated, and there is little evidence that the high rental yields promised have ever materialised.

The SFO has launched an investigation into Capita Oak Pension and Henley Retirement Benefit schemes, Self-Invested Personal Pensions (SIPPs) as well as other investment schemes.

It will also look at Westminster Pension Scheme and Trafalgar Multi Asset fund which invested in other products.

Over 1,000 investors are believed to have been affected by alleged fraud, including those who invested their pension funds, with estimates of the total invested at more than £120m.

Anyone who has invested in these schemes between 2011 and 2017 is asked to complete the SFO’s investor questionnaire to help it gather more information.

Kate Smith, head of pensions at Aegon, said the estimated number of people affected could be “just the tip of the iceberg”.

“The SFO investigation into storage pod investment schemes is a timely reminder that unregulated unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings. Savers must be on their guard. Promises of high returns or financial inducements are often scams and people falling for this type of investment scam run the risk of their lifetime’s savings being lost in a matter of seconds.

“The SFO suspect that over a 1,000 people and a vast sum of £120m could be affected and are asking people who have paid into storage pod investment schemes between 2011 and 2017 to complete an online questionnaire. Unfortunately this may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

How to work out your income in retirement

For people approaching retirement who have a number of possible income streams, it can be difficult working ou...
How to work out your income in retirement

Estate agents fined for forming illegal cartel

The competition watchdog has fined six estate agents a total of £370,000 for forming a secret cartel to artifi...
Estate agents fined for forming illegal cartel

Buy-to-let: what next for the hobbyist landlord?

Much has been written in recent weeks about the difficulties faced by professional buy-to-let landlords in bor...
Buy-to-let: what next for the hobbyist landlord?

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
india
The case for investing in Asia and how to access it

Given US equities are expensive, the outlook for the UK economy is clouded and eurozone concerns persist despite the French...

Close