The door has been closed on Bank House's ability to advise on Non-Standard SIPP investments.
Did you take pension advice from Bank House Investment Management?
Bank House Investment Management Claims
Bank House Investment Management claims have been a common occurrence around the offices at Get Claims Advice Ltd for some time.
As Bank House seemed to give advice on a number of different SIPP pensions and High Risk Investments, we deal with them often.
But they aren’t allowed to give advice on either Pensions OR Investments anymore, having had big parts of their authorisation removed the Financial Conduct Authority, with special mention about SIPPs and certain marketing firms!
In fact, they're not allowed to do ANYTHING about advising clients at all!
No non-standard investments into SIPPs
The Firm must not:
(1) Carry on any regulated activities in relation to pension switches and/or pension transfers to any self-invested personal pension scheme, including completing pipeline business (see note (A) below), except where the member's funds are to be invested wholly in standard investments (see note (B) below); or
(2) Hold itself out as providing independent advice in relation to personal pension schemes (such advice to be instead described as restricted advice).
Not conduct certain activities connected to SIPPs
Information has been provided to the FCA which has given rise to serious concerns with respect to the adequacy of the Firm's pensions advice, including, but not limited to its relationship with (i) City Administration Limited ("CA Limited"); (ii) Hennessy Jones Limited ("HJ Limited"); and (iii) Holistic Wealth Management Limited ("HWM Limited").
The requirements are that the Firm must:
1.Terminate any and all business relationships with CA Limited, HJ Limited and HWM limited such that CA Limited, HJ Limited and HWM Limited may not perform any activities on behalf of the Firm;
The firm must cease all regulated activities
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Square Pegs, Round Holes
Non-standard investments and suitability rules
Usually, financial advisers like Bank House Investment Management have a range of investment options to discuss with their clients when transferring money into a SIPP, and Self-Invested Personal Pension.
These options include Regulated Investments (considered low-risk, under the watch-dog services of the FCA with FOS and FSCS compensation available should things go wrong), and Unregulated Investments.
These Unregulated (or Non-Standard investments/products) often offer much higher returns (between 8-15%), but are high-risk and often give you no backup from the FCA, Ombudsman or FSCS.
Because they are High-Risk and Unregulated, investors in Non-Standard Products should be...
Claims Against Bank House Financial
If you had a claim against Bank House Investment Management, you wouldn't be the first...
Mr & Mrs B complained that Bank House had given them unsuitable advice to invest in some High-Risk unregulated funds, including Quadris Environmental Fund, and the Centurion Defined Return Fund.
The FOS discerned that Mr B did not have an appetite for high-risk investments, and there was a "significant liquidity risk" presented by the investments, which are UCIS.
The Financial Ombudsman Service ruled in favour of Mr & Mrs B, and Bank House was told to compensate them, in FOS case DRN9367120
Mr F complained about poor service from Bank House.
A financial adviser, who already had Mr F as her client, joined Bank House in 2010, but neither Bank House or the adviser reviewed his pension investments for the first year.
The high-risk UCIS Centurion Fund became illiquid (difficult to sell) during that time, meaning that Mr F stood less chance of realising his investment.
The FOS ruled in favour of Mr F, and told Bank House to provide him with adequate compensation
If you've lost money through your pension or investments and believe Bank House may be at fault, would it be nice to see your own successful claim story here?
Find out if you are eligible with our FREE Pension Advice Checker
Bank House Related Investments
We've seen our fair share of Bank House Investment Management case files, and we've seen a few of these HIGH RISK investments pop up
Making a claim: Your Advice
If you have been mis-sold your SIPP investments because you were not assessed for suitability, your money could be at considerably more risk than you thought - not always a good place to be.
Your pension is something that you've presumably worked hard for, and should be enjoyed later on in life - so why leave it balanced in a bad spot?
While your investment might not be regulated, if you took negligent advice from Bank House to make your investment or pension transfer, then you might be able to make a claim on a No Win - No Fee* basis.
Your initial assessment is FREE with No Obligation to continue - it's just us getting to know each other and to see if we can help!
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*No Win - No Fee: Your claim is pursued by Get Claims Advice on your behalf with no up-front fees. In the event of a successful claim, our success fee is charged at 24% inclusive of VAT, of any monies awarded. 14 Day “cooling-off” period, after which a cancellation fee is applicable. See Terms of Business for full details.