The directors of Bank House Investment Management have been fined by the FCA for providing unsuitable advice, encouraging clients to transfer their pensions into high-risk SIPPs.

Clients were generally advised to transfer their pensions into SIPP’s with Pointon York (now managed by Curtis Banks), CPPT Services Limited, Central Tax & Planning or Avalon Investment Services Ltd which was later taken over by Rowanmoor or Embark.

The firm used trading names such as

  • Bank House Corporate,
  • Edgington Park Wealth,
  • Mountbatten Wealth,
  • Huntingdons Management Ltd
  • Leander Wealth LLP

Unregulated Investments

Bank House started working closely with unregulated introducers arranging pension investments into high-risk and unregulated investments such as Bamboo, Green Energy as well as bond investments leading to huge losses for their clients.

Following on from a visit of the FCA in 2015, it was published that the regulator left having “serious concerns” about the suitability of the firm’s pension advice leading to a voluntary agreement.
This came with a ban on any pension transfers and the completion of any existing business.

In January 2017, the regulatory body told the firm to cease all regulated activity after it had broken the voluntary arrangement when it had continued to advise customers to transfer their pension and moved funds of up to £2.6 million.

Pension Transfers

Later, the regulatory body prohibited the directors, Tristan Freer and Robert Ward, from working in the financial services industry and fined them both for providing unsuitable advice, causing clients to place their pensions in high-risk financial products in self-invested personal pensions in Hennessy Jones.

The firm had a significant financial interest in investments in loan notes and bonds with firms such as:

  • ESRG Securities Services Limited
  • HJ Commercial PLC t/a HJ Commercial Limited & ALLENBY COMMERCIAL PROPERTY PLC)

If you have had dealings with any of the firms involved you should get the transactions reviewed.

We find that some customers don’t even realise that the investments have failed, as the SIPP providers value them at purchase price until such time the client requires updated figures at point of retirement.

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