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FSCS pays out £1.8m over Merchant Capital claims

File image of broken piggy bankThe Financial Services Compensation Scheme has paid out £1.8m over 825 claims regarding collapsed firm Merchant Capital, data provided to Money Marketing shows.

Merchant Capital was the structured products arm of Merchant House Group and collapsed in 2013.

Reyker Securities became custodian and administrator for investors who had a total of £400m in Merchant Capital structured product plans.

12,000 ex-Merchant Capital investors face Reyker charges

FSCS data also reveals it received 890 claims in total, 62 of which were unsuccessful and three are still in progress.

The highest number of successful claims by product type is secured bonds at 730 while debentures came second at 57 and investment bonds came third at 37.

Only one unsuccessful claim over an unregulated collective investment scheme was made.

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