Bank House Investment Management was formed in 2006 and previously called Velocity 320 Ltd.
Following a visit in 2015, the Financial Conduct Authority said it had ‘serious concerns’ with regard to Bank House’s pension switching service. In particular the suitability of the advice given to clients to transfer their pensions into SIPPs and the level of risk they were exposed to.
The FCA restricted their regulated activity, which included giving advice on pension transfers. Despite the fact that Bank House had agreed to this voluntarily, the FCA discovered (during a visit to an associated SIPP provider) that Bank House had actually continued to carry out a further 78 transactions, involving pension transfers.
They also found that Bank House had used unregulated introducer firms to source some of these clients so extended the restriction to include their association with Hennessy Jones Ltd, CA Limited and Holistic Wealth Management
In 2016 it was reported the Financial Ombudsman Service had upheld 3 complaints against Bank House for unsuitable financial advice regarding investments.
Two of these complaints involved UCIS’s which are very high-risk investments with little to no protection for investors.
In 2017 The FCA decided to remove their full permission and they were declared in default by the FSCS. This usually happens when they are satisfied that a company can longer fulfil its financial obligation to its clients, including compensation.
In 2019 the FCA issued provisional penalties and prohibitions against the directors for “acting without integrity in relation to their pension advice business.”
Bank House Investment Management Limited are currently in liquidation.
We offer a free assessment to help establish if the advice you received was suitable or not and if you have grounds to proceed with a claim for compensation.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.