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 | Cancelled Permissions

Bank House Investment Management has had it's ability to deal with SIPP pension minimised by the Financial Conduct Authority.

Officially worded, Bank House cannot "Carry out regulated activities in relation to pension switches and/or pension transfers to any self-invested personal pension scheme [...] expert where the members funds are to be invested wholly in standard investments".

Nor can it "hold itself out as providing independent advice in relation to personal pension schemes (such as advice to be instead described as restricted advice)".

December 2016: The FCA has extended their rules and Bankhouse is no longer allowed to "carry on any regulated activity".

But what does this mean?

It means Bank House has lost its rights to advertise and advise on the full spectrum of investments available through a SIPP - it can't advise on and facilitate the transfer of pensions into SIPPs that feature high-risk and unregulated investments, anymore.


The FCA doesn't ever say much, but it has "serious concerns with respect to the adequacy of the Firm's pension advice" including "its relationship with CA Limited, Hennessey Jones and Holistic Wealth Management".

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On the 9th of December 2016, the Financial Conduct Authority decided to impose further restrictions on what Bank House can do. 

"Subject to (b) to (d) below, the FIRM must cease to carry on any regulated activity and any business activity that is carried on in connection with a regulated activity, or held out as being for the purposes of a regulated activity (including not initiating any further such business);"

The FCA note, which can be read in full here, went on to provide reasons for the regulator taking the step to impose these sanctions:

"It appears to the Authority that, on the basis of the facts and matters set out in this Notice, that the Firm is failing to satisfy the threshold conditions relating to effective supervision and suitability set out in paragraphs 2C (‘effective supervision’) and 2E (‘suitability’) of Schedule 6 of the Act."

You can read more about the FCA restrictions in our blog

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 have no backup from the FCA, ombudsman or FSCS.


Because they are High-Risk and Unregulated, investors in Non-Standard Products should be...

A High-Net Worth Individual

Earning over £100k per year, or with £250k of investable assets, not including your home or pension

A Sophisticated Investor

With a wealth of knowledge about investing, including unregulated funds

Informed and Aware

Understanding the risks of unregulated, non-standard investments and prepared to run those risks

Doesn't sound like you?

If this doesn't sound like you, but you've got your money in the following types on investments, then it could be time to investigate your advice for mis-selling...

Most property investments are Unregulated by the FCA

Carbon Credits have lost their value, and are unregulated

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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 a good place to be.

Your pension is something that you've 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 advice from Bank House to make your investment or pension transfer, then you might be able to make a claim!

Bank House's advice was regulated, and therefore they should have followed suitability rules, and if they didn't, then we may be able to build a case for a claim on your behalf, always 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.