A Claims Management Company

Mis-Sold investment - Bank House Investment

Latest Update: 9th May, 2019 (FCA)

Case Points

Total amount invested

Unknown

Why did people invest in it?

Bank House Investment Management (BHIM) offered a pension review service which promised to provide the best option for their customers.

Why was it mis-selling?

The FCA fined BHIM over £300,000 in December 2018 for failing to adhere to restrictions placed on them, and for failing to conduct sufficient due diligence prior to pension transfers.

Potential value of cases

Unknown

Summary

Bank House Investment Management (BHIM) was incorporated in 2006 as a firm of Financial Advisors. They offered a range of financial services, including pensions advice and pensions transfers. As of August 2019, according to their Companies House profile, there is a proposal to strike off currently active against the firm.

In 2014, BHIM was contacted by the FCA to draw its attention to a series of alerts released by the FCA related to the transfer of pensions into unregulated investment products using a SIPP. This was only a precautionary measure at this stage. However, July 2015, the firm was subjected to an FCA examination. During this visit, the FCA raised serious concerns as to the suitability of BHIM’s pensions advice, and they placed limitations on the ability of BHIM to conduct pensions transfer business. This limitation took the form of a temporary ban on conducting further pensions transfers, originally intended only to last until the concerns were appropriately dealt with.

However, despite this, BHIM flouted the ban. They continued to offer pensions transfer services, and a total of 77 customers switched their pensions into SIPPs. This was done at a time when the directors had the full knowledge that BHIM were not authorised to conduct this business. In response to this, when it was uncovered by the FCA, on 12th December 2016, the BHIM was banned from conducting any regulated business.

In April 2017, after receiving a number of complaints which BHIM could not afford to pay, the firm was declared insolvent by the FSCS. This was because, at this time, BHIM could not utilise any assets as the FCA ban meant they could not do anything which risked diminishing the value of their customer’s investments.

In December 2018, the FCA completed their investigation into BHIM, and levied a fine against the firm. The firm is still technically authorised by the FCA, but cannot conduct any regulated activities. The fine totalled £311,639 and was related to inappropriate pensions transfers, failed due diligence requirements, failure to adhere to FCA regulations, and a failure to act with integrity. This was announced to the public in May 2019.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

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