Regulation  

FCA takes action over advice firm's pension transfers

During its investigation the FCA also found that customers who were advised by the firm to switch their pensions to the Sipp account offered by the provider were initially sourced and dealt with by an unauthorised firm before being passed to Bank House for advice.

The FCA said Bank House provided incomplete and misleading information to it about the unauthorised firm and their relationship.

Bank House had also not paid regulatory fees of nearly £23,000, which were due in August 2016 and had not told the FCA it was unable to pay them because of its financial circumstances.

The FCA said: "The firm has also approached the authority for consent to a sale of its client book. As a result, the authority is concerned about the adequacy of the firm’s financial position and the risk of dissipation of its assets.

"The authority is particularly concerned about this where customers have been advised by the firm outside of its Part 4A permissions because that advice may not be covered by the firm’s professional indemnity insurance arrangements."

damian.fantato@ft.com