Bank House Investment Management Ltd and the Pension Mis-Selling Scandal
Understanding Pension Mis-Selling
Pension mis-selling occurs when individuals are advised to transfer their retirement savings into unsuitable schemes, often resulting in significant financial losses. Bank House Investment Management Ltd has faced scrutiny for its involvement in mis sold pension claims, particularly concerning final salary transfer pension mis selling and high-risk SIPP investments.Bank House Investment Claims
If you suspect you were mis-advised, a free pension consultation can help clarify your options.
Risks of Final Salary Pension Transfers
Many clients were wrongly encouraged to transfer final salary pension to SIPP arrangements, losing valuable guaranteed benefits. Key risks include:
- Loss of inflation-protected income
- Exposure to volatile investments
- High fee structures eroding returns
- Reduced death benefits for beneficiaries
Identifying Mis-Sold SIPPs
Self-Invested Personal Pensions (SIPPs) became a common vehicle for mis sold investment claims. Warning signs include:
- Advisors failing to explain the risks of SIPP transfer UK arrangements
- Pressure to move safeguarded benefits into high-risk assets
- Inadequate assessment of your risk tolerance
- Hidden commissions or conflicts of interest
Bank House Investment Management Ltd’s Role
The firm was implicated in numerous cases where clients were advised to make inappropriate pension transfers without proper justification. Regulatory actions revealed:
- Failure to conduct proper due diligence on recommended investments
- Insufficient warnings about the dangers of transferring defined benefit schemes
- Recommendations based on generic rather than personalized advice
Compensation Pathways
Victims of pension mis-selling may be entitled to redress through:
- Financial Ombudsman Service complaints
- Financial Services Compensation Scheme claims
- Professional negligence claims against advisors
A professional claims review can determine the strongest route for your situation.
Client Testimonial
“After my final salary transfer left me with unsustainable losses, specialists helped recover £85,000. The process was clearer than I expected, though time-consuming.”
Next Steps for Affected Individuals
Time limits apply to mis sold pension claims, making prompt action essential. Document all advice received and gather:
- Original pension transfer paperwork
- Financial suitability reports
- Correspondence with Bank House Investment Management Ltd
Consider a no-win-no-fee assessment to evaluate your case without financial risk.