SIPPs can be great, but some of the investments inside them can be high-risk, and we now know some Bank House 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 Bank House, and the financial-services watchdogs at the FCA may have noticed.
If you switched your pension with Bank House Investment Management, you may be able to make mis-sold SIPP claim – find out if with a FREE initial assessment with Spencer Churchill Claims Advice.Get started now
The FSCS have been paying out compensation for mis-selling investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim on a No Win – No Fee* basis.
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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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”.
Despite agreeing not to deal with any more pensions, Bank House continued to make pension switches.
As things stands, Bankhouse cannot offer pension advice anymore.
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.