The custodian of ex-Merchant Capital structured products, Reyker Securities, has said it will levy charges on about 12,000 people invested in the schemes.
The move follows the collapse of the provider and its parent Merchant House Group. The custodian did not receive fees for its services. Reyker took over as custodian and administrator for Merchant Capital from Pritchard Stockbrokers in March 2012. Pritchard Stockbrokers then went into administration in April 2012. Reyker said it could not guarantee the level of charges but predicted on a typical £25,000 plan that it would charge a minimum of £75 per annum, £115 per annum for a capital plan and £195 per annum for a monthly income plan. It also predicted a lifetime cap on charges of ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
