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.
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