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.
What Happened with Merchant Investors?
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.
Are you entitled to mis-sold SIPP compensation from Merchant Investors?
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.