View more on these topics

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.


12,000 ex-Merchant Capital investors face Reyker charges

Around 12,000 former Merchant Capital investors face hundreds of thousands of pounds in total charges by new plan manager Reyker Securities. Reyker has taken over as plan manager and custodian for investors who have a total of £400m in Merchant Capital structured product plans. The charges will vary depending on the size of the investment […]


Merchant House Group enters administration

Merchant House Group has entered administration after failing to pay liabilities relating to the liquidation of its structured product arm Merchant Capital. Merchant Capital entered administration in January and as a result MHG guaranteed to pay all ongoing custody and administration costs. Documents prepared by Merchant Capital liquidator Shipleys revealed in February the structured products […]

Phil Wickenden: Start building your centralised retirement proposition now

Seventy-two per cent of advisers agree there is a need for a more robust and centralised retirement income planning process. This figures, as a) most advisers will typically be managing money for longer due to both greater numbers selecting drawdown and continued management of money post-death, alongside b) the inevitable increasing complexities of decumulation. Yet, […]


SJP reveals 47 per cent gender pay gap

St James’s Place has revealed that its male employees are paid 47.2 per cent more than its female staff – one of the largest gender pay gaps reported by a firm operating in the investment sector. The wealth manager also revealed that women received bonuses 80 per cent lower than men on average. In SJP’s report it […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment