Bank House Investment SIPP Claims

The FCA identified Bank House Investment Management as a firm that had to cease all trading, and has also been told not to dispose of or diminish the value of any of its assets without the FCA’s consent.

In a notice, the FCA stated: “The firm has not conducted its affairs in an appropriate manner, having regard to the interests of consumers.” It’s members have also been identified as untrustworthy- “The involvement of those who manage the firm’s affairs in these matters indicates that they cannot be expected to act with probity….. It appears that the firm’s business is not being managed in such a way as to ensure its affairs will be conducted in a sound and prudent manner.”

The FCA had identified issues around Bank House in 2015 after visiting the firm, stating it had "serious concerns" about the suitability of the firm's pension advice which led to the regulator and Bank House reaching a voluntary agreement.




But in August 2016 the FCA became aware that Bank House may have broken the agreement and, after obtaining information from a Sipp provider, discovered it had advised 72 customers on 78 transactions of this sort, with a total value of £2.65m

As a result of this action, the Financial Services Compensation Scheme declared Bank House Investment as in default, and therefore any customers who transferred their pension with any involvement from Bank House.

Grounds On which you may Have Been Mis-Sold

In order to determine if you are eligible for a SIPP compensation claim please check If any of the following statements is true in your case:

• Bank House Investment Management did not explain the pension transfer & investment risks to you properly.
• Your financial situation was not properly assessed with a fact find by Bank House Investment Management.
• You felt uncomfortable or pressured by Bank House Investment Management into an investment that you didn’t need or want.
• Bank House Investment Management did not explain that the amount you get back will depend on performance.
• Bank House Investment Management did not accurately explain the fees and charges that would be incurred.
• You were unaware that Bank House Investment Management had advised you to invest in an unregulated investment.
• You were not advised by Bank House Investment Management about exceeding the £40,000 tax-free limit would make you liable for the 55% income tax.
• You feel that you were given poor advice by Bank House Investment Management concerning SIPPs which has left you worse off financially

If any of the above points stand true, then it may be possible for you to get compensation.

Pension Redress Calculator

Our pension redress calculator will give you an indication of how much your mis-selling refund could be worth. If your case is upheld, the exact value of your refund will not be known until all the facts of your case have been disclosed and a final figure calculated by the firm.

To use the calculator please follow the instructions below.

1.Enter your details into the Red Boxes

Ongoing Monthly (£) is optional if you continued to pay in each month after switching.

2. Choose your growth rate %pa.

Select the rate that you feel your previous pension was growing at. 3% Low, 6% Medium or 9% High rate.

3. Compare your values.

See what your pension would have been worth if you had left it in the previous scheme vs. the new scheme. Choose to compare current value or value at your chosen retirement age.