Merchant Investors was a group of independent financial advisors in operation from 2006 through to 2010. They are known to have mis-sold SIPP pension funds to their clients in the UK, and they failed to pay their clients compensation owed. Merchant Investors are no longer trading, which means they cannot pay you any returns you might be owed. Did you do business with Merchant Investors?
If you ever did business with Merchant Investors, you could have been mis-sold SIPP products. It’s important that you look back over your dealings with them and ensure that you were not mis-sold SIPP pension funds that were too risky for your financial situation. If you were, you might be eligible for mis-sold SIPP compensation made available by the Financial Services Compensation Fund (FSCS). Our expert claims team can help you assess your eligibility.
Merchant Investors was known for underwriting life assurance and pension products for High Net Worth Individuals (those with an annual income over £100K, and/or assets worth more than £250K). They were originally owned by Allianz UK but were purchased by Sanlam (of South Africa) for less than £50 million.
By 2007, Merchant started offering their SIPP products to clients with much smaller portfolios and lower incomes. They reduced their minimum investment levels from £50,000 to £25,000. This pattern would continue as they mis-sold SIPP pension products to clients without adequately vetting their financial situations or assessing their debt loads.
While their SIPPs used to include commercial properties with a minimum value of £200,000, they scrapped this limit. They also launched their ‘OneSIPP’ insurance-based fund, which they touted as being more secure than a trust-based SIPP. However, the investments became riskier, and many clients lost their pension savings.
Did you invest with Merchant Investors? Did they convince you to move your retirement savings from a secure scheme into an unregulated SIPP? If so, you may have been mis-sold SIPP pension products.
If your advisor did not assess your attitude to risk or take your financial situation into account, you were likely mis-sold SIPP products that were not suited to your income and savings level. You may have been misled into SIPP funds better suited for High Net Worth Individuals. If you weren’t given accurate information about your investments, you could be eligible for mis-sold SIPP compensation from the FSCS.
Our claims experts can look over your case and determine your eligibility for mis-sold SIPP compensation. Apply online today for an information pack to learn more.
FSCS Merchant Investors Claim
Merchant Investors has been declared in default by the Financial Services Compensation Scheme. This means that the UK’s compensation scheme for failed financial services firms will pay compensation for valid mis-selling claims. Allegiant can assist you with claims to the FSCS about Merchant Investors. Fill in our online application form to get started.
You do not need to use a claims management firm to make your claim and if your complaint is not successful you can refer it to the Financial Ombudsman Service or in the case of a failed firm, the Financial Services Compensation Scheme, for free.
In this article, Allegiant’s Pensions & Investments Manager, Andy Ramsay, explores the fundamental differences between between the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-
Andy further explores out-dated preconceptions about Claims Management Companies. This short summary is essential reading for anyone planning on making a pension or investment claim with the assistance of a CMC or law firm.Click to Read
You may have heard of the Financial Services Compensation Scheme (FSCS), but do you fully understand its vital role within the UK’s financial services sector? In this short piece, we look at:-
This article will be of particular interest to anyone with a potential compensation claim against a financial service provider that has collapsed.Click to Read
The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.Click to Read
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Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate
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• Compensation is £1,000, the fee is £150 plus VAT £30. This means the amount payable to us is £180 leaving you with the benefit of £820.
• Compensation is £3,000, the fee is £450 plus VAT £90. This means the amount payable to us is £540 leaving you with the benefit of £2,460.
• Compensation is £10,000, the fee is £1,500 plus VAT £300. This means that the amount payable to us is £1,800 leaving you with the benefit of £8,200.
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