Bank House Investment Management Claims
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BANKHOUSE INVESTMENT MANAGEMENT & SIPPS
Bankhouse Investment Management Limited gave many people pension advice, and often that advice was to invest their retirement money through a SIPP: Self-Invested Personal Pensions.
SIPPs can be great, but some of the investments inside them can be high-risk, and we now know some Bankhouse Investment Management client weren’t properly informed about the risk some investments like The AIGO Funds, and Carbon Credits presented.
Some were mis-sold their SIPPs by Bankhouse, and the financial-services watchdogs at the FCA may have noticed.
FCA ACTION AGAINST BANKHOUSE
Companies that want to give pension advice in the UK need to be regulated by the FCA, and have the right pension permissions.
After a while, the FCA removed Bankhouse’s permissions, making special mention that Bankhouse could not Invest people’s money into SIPPs with high-risk investments.
Later on, it removed ALL of their permissions by saying they “must cease all regulated activities”.
As things stands, Bankhouse cannot offer pension advice anymore.
Timeline of events: Bank House
2006 - Bankhouse Created
Bankhouse investment management started life as Velocity 320 Limited, with William Freer at the helm.2016 - Complaints
In 2016, the Financial Ombudsman published the details of 3 successful complaints against Bankhouse, all of which involved apparently negligent advice surrounding UCIS type funds, and some certainly involved SIPP pensions.2017 - FCA restrictions
By Jan 2017, the FCA had imposed some hefty restrictions on Bankhouse not to do any pension business. Bankhouse had agreed, but carried out 78 pension transactions anyway.Once the FCA found out, they pulled all of their abilities to give advice.
2017 - FSCS Default
Although at the time of writing, Bankhouse Investment Management is neither in administration or liquidation, the FSCS declared Bankhouse in “default” in July 2017, meaning that the FSCS would payout on successful claims relating to Bankhouse.Did you know, we’ve made successful claims for SIPP advice before.
We’re no strangers to making claims for mis-sold SIPP pension investments.
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What’s wrong with these investments?
Other than that Carbon Credits collapsed, high-risk investments aren’t suitable for everyone.
One of the most important things a financial adviser is supposed to do is give you advice in your best interests.
But if you Don’t fit any of the descriptions below, but were told to invest anyway, then you may have been mis-sold.
SOPHISTICATED INVESTOR
Do you have a wealth of knowledge and experience in investing?
HIGH NET-WORTH 1
Do you earn in excess of £100,000 per annum?
HIGH NET-WORTH 2
Or do you own £250,000 worth of investable assets?
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