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 to the suitability of the advice given to clients to transfer their pensions into SIPPs and the level of risk they were exposed to.
In 2016 it was reported the Financial Ombudsman Service had upheld 3 complaints against Bank House in relation to UCIS.
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 an unregulated introducer firms to source some of these clients and extended the restriction to include their association with Hennessy Jones Ltd, CA Limited and Holistic Wealth Management
In 2017 The FCA decided to remove their full permission and the company’s status changed to default. This happens usually when the FSCS are satisfied that a company can longer fulfil its financial obligation to its clients, including compensation.
Bank House Investment Management Limited are currently in liquidation, but you may still be able to claim compensation if the advice you received wasn’t suitable. Want to know more? Call 0114 2664216 or fill in the enquiry to arrange a call back at a time that suits you.
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 Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.