For quite some time now, Bank House Investment Management claims have been on the rise. Bank House seems to have provided advice on various SIPP pensions and extremely risky investments. It’s worth pointing out that we at theYEC has dealt with them frequently.
However, Bank House are not allowed to provide advice on investments or pensions anymore. They have lost a authorisation on many things, thanks to the Financial Conduct Authority taking action. Special mention was given about SIPPs, as well as specific marketing firms.
In fact, Bank House can’t advise clients on anything. They are not supposed to be advising clients. That is how serious things are.
Suitability And Non-Standard Investments Rules
Generally speaking, there are a number of investment options that Bank House offers, as well as other financial advisers. This is in regards to clients seeking to transfer their money into a self-invested personal pension. They may be interested in putting their money into an SIPP too.
Since they are high risk investments, investors have to meet certain criteria. Such criteria includes:
- High Net-Worth– An individual has to have a high net worth. This is classed as earning over £100,000 per year. Alternatively, they can have assets (invest-able) worth at least £250K.
- Sophisticated Investor– A person can be knowledgeable about investing. They have to have a wealth of knowledge. This includes knowing about unregulated funds.
- Informed & Aware– They have to know the risks associated with unregulated investments. They must be prepared to accept those risks. If not, then they are not allowed to invest in unregulated investments.
Bank House Related Investments
We’ve seen many Bank House case files. We’ve also seen high risk investments’ cases. It’s fair to say they are on the rise.
A number of financial advisers mis-sold AIGO funds to their clients. In one example, Henderson Carter Associates recommended AIGO funds to clients. However, what they should have done was check that their clients were sophisticated investors and that they had a high net-worth, as those are requirements for those who want to invest in unregulated products.
How Carbon Credits Work
A lot of people were mis-sold Carbon Credits, but they actually didn’t benefit from doing so. Many firms provided advice that actually wrecked people’s pensions. This meant that their retirements were also wrecked in the process. Mis-selling of Carbon Credits via SIPP accounts was done on a very large scale.
Carbon Credits are a high-risk investment and they aren’t regulated by the FCA. Regardless, many people with virtually no investment experience were sold Carbon Credits. They should have never invested in something so risky.
Have you been mis-sold Carbon Credits? If so, then contact theYEC. We can provide you with advice and handle your claim, so you get the compensation you deserve. The sooner you contact us, the sooner we can discuss your potential claim.