Merchant Capital warns clients may suffer due to FSA probe

This is contrary to a notice released to the market on 13 November stating that Merchant Capital's parent company Merchant House Group (MHG) did not believe the group or clients would suffer financial losses as a result of the probe. Dorset-based Pritchard had been acting as custodian for all client monies related to advisory firm Merchant Capital's structured products division. A spokesperson for Cairn, the nominated adviser to MHG, said although the company was looking to conclude affairs with custodian Pritchard as soon as possible, it was not yet clear whether clients would lose m...