Park First was a commonly mis-sold Sipp pension product – an investment scheme that promised big returns from airport car park spaces. They operated car parks at Gatwick, Luton, and Glasgow airports, with plans to buy ten more airport parking brands, including Skyport, Direct Parking, and Help Me Park. They promised their investors the opportunity to ‘lease’ a parking space that they would then be able to rent out for parking fees – and big profits.
Independent Financial Advisors sold investments in Park First to investors across the UK, promising significant returns. However, these profits never materialized.
They were previously known as Store First Management Group Limited from (30 Aug 2011 to 19 Oct 2011) and Be One Limited (from 16 Feb 2010 to 30 Aug 2011), demonstrating their eagerness to jump from trend to trend. Their registered office address is Group First House, Mead Way, Padiham, in Lancashire, BB12 7NG.
Park First has had eight officers throughout its operational history: Ruth Margaret Almond (active; resigned previously), John Slater (active), Toby Scott Whittaker (active), Richard Gahan (resigned twice), Leanne Gregson (resigned), and Claire Pickering (resigned).
If you were mis-sold Sipps that included Park First shares or parking space leases, you could be eligible for mis-sold SIPP compensation. Read ahead to find out if you qualify.
Airport parking is expensive! If your financial advisor approached you with an opportunity to invest in this industry, it’s no wonder you jumped at the opportunity. Park First certainly saw the opportunity – they pivoted their business from storage units (another common mis-sold SIPP product) to airport parking.
Did your financial advisor utilize high-pressure sales tactics to convince you to transfer your retirement savings from a stable pension scheme to a risky SIPP? If so, they had a duty to accurately explain the risks of pension transfer and investment to you and accurately assess your financial situation.
If your financial situation has been negatively impacted by your investment in Park First, you could make a successful claim. Our claims experts can help you every step of the way. Apply online today for an information pack to learn more.
If a financial advisor advised you to invest in an unregulated investment such as Park First, it is still possible to claim compensation. Where the advisor is still operating, a claim can be pursued against the financial advisor via the Financial Ombudsman Service (FOS).
If an advisor is no longer operating, the Financial Services Compensation Scheme (FSCS) pays compensation for valid mis-selling claims against any financial advisor who has been declared in default by them.
If your pension included investment in Park First, you could be entitled to compensation.Apply Now
In this article, Allegiant’s Pensions & Investments Manager, Andy Ramsay, explores the fundamental differences between between the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-
Andy further explores out-dated preconceptions about Claims Management Companies. This short summary is essential reading for anyone planning on making a pension or investment claim with the assistance of a CMC or law firm.Click to Read
You may have heard of the Financial Services Compensation Scheme (FSCS), but do you fully understand its vital role within the UK’s financial services sector? In this short piece, we look at:-
This article will be of particular interest to anyone with a potential compensation claim against a financial service provider that has collapsed.Click to Read
The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.Click to Read
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Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate
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If appropriate resolution cannot be reached with a live firm, and we disagree with their stance, we will refer the claim to Ombudsman on your instruction.
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How our fees work in practice:
• Compensation is £1,000, the fee is £150 plus VAT £30. This means the amount payable to us is £180 leaving you with the benefit of £820.
• Compensation is £3,000, the fee is £450 plus VAT £90. This means the amount payable to us is £540 leaving you with the benefit of £2,460.
• Compensation is £10,000, the fee is £1,500 plus VAT £300. This means that the amount payable to us is £1,800 leaving you with the benefit of £8,200.
NB. It is possible that our fee may become payable before you have access to your pension or investment which may result in you having to pay our fee from your own funds.
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