BrahimHemdani 1 Posted February 18, 2012 Share Posted February 18, 2012 I believe the position of company secretary doesn't require FSA approval IIRC. That is correct; only "controllers" or others giving investment advice (known as R/I's [registered individuals] or "approved persons") require to be registered. However, as has been demonstrated in Mr Whyte's past he has "controlled" companies of which he was apparently not a Director. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,062 Posted February 18, 2012 Share Posted February 18, 2012 That is correct; only "controllers" or others giving investment advice (known as R/I's [registered individuals] or "approved persons") require to be registered. However, as has been demonstrated in Mr Whyte's past he has "controlled" companies of which he was apparently not a Director. Yes indeed, it's no coincidence that he is the secretary in a few of his companies. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted February 18, 2012 Share Posted February 18, 2012 No matter how this pans out you guy's are doing a fantastic job. Forlan digging and BH evaluating it really reads as a best seller. Right or wrong it is excellent reading.Cheers! 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,062 Posted February 22, 2012 Share Posted February 22, 2012 Still think there's more to Pritchards than seems presently apparent. Even Merchant House Group are distancing themselves from Whyte, still no comment from them on the £1m that found its' way into Collyer Bristows client account though. Merchant won't rule out income delays after stockbroker suspension 22 February 2012 8:43 am | By Joanne Ellul Merchant House Group has refused to rule out delays to Merchant Capital investors’ income payments after the FSA suspended its custodian Pritchard Stockbrokers. Last week, Money Marketing revealed that Merchant Capital, the structured products division of Merchant House Group, has appointed Reyker Securities as its custodian after Pritchard Stockbrokers was told not to carry out any regulated activities. The FSA took action based on “serious concerns” that Pritchard Stockbrokers had “failed to arrange adequate protection for clients’ assets when it was responsible for them” and “allowed client money to be used on Prit-chard’s own account and not that of clients”. A Merchant House Group spokesman says: “Merchant Capital is working closely with the FSA to ensure, if possible, there will not be any delay in the payment of income due but if there is any delay, it will be kept to a bare minimum.” He adds that investor capital is secure as the firm has a fully reconciled statement of all 25,000 clients’ monies in the segregated account held by Pritchard. Merchant Capital has sent the records of all customer accounts to the FSA in order to facilitate the transfer of assets to Reyker. Merchant House Group refuses to reveal how much is in the account. Merchant House Group is 18.2 per cent owned by Liberty Capital, a venture capitalist firm registered in the British Virgin Islands and owned by Glasgow Rangers’ boss Craig Whyte. Rangers went into administration last week. Whyte is also a director at Pritchard Stockbrokers. The Merchant House Group spokesman says: “We have no concerns about Liberty Capital’s 18 per cent shareholding. It has been a shareholder for three years and has been supportive. “Craig Whyte is a director of Liberty Capital but has no direct connection with Merchant House Group.” They're incorrect in saying Whyte is a director of Pritchards, he's not he was the secretary. 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted February 22, 2012 Share Posted February 22, 2012 We need someone with visio to do a bloody chart on how all the companies link! 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,062 Posted March 1, 2012 Share Posted March 1, 2012 Looks like Pritchards Secretary wasn't up to speed on his paperwork. Merchant House Group claims it is not aware of a £250,000 unsecured loan to its former custodian Pritchard Stockbrokers which is listed in Prichardâ??s 2010/11 accounts. Last month, the FSA suspended Pritchardâ??s regulatory permissions, saying the stockbroking firm failed to arrange adequate protection for clientsâ?? assets and allowed client money to be used in Pritchardâ??s own accounts. Pritchardâ??s accounts for the year to June 30 shows an unsecured loan of £250,000 is owed to Merchant House Securities, a subsidiary of Merchant House Group. A Merchant House Group spokesman says: â??At no time has the company lent money to Pritchard Stockbrokers.No loan is in our audited accounts or accounted for anywhere else in our books. â??There was a plan for such a loan at one time but it was never made by Merchant House Group.â? Pritchard Stockbrokers refused to comment. Merchant Capital is relaunching five of its structured product plans following the appointment of new custodian Reyker Securities. The five plans, which have been withdrawn from the market ahead of the relaunch, include the FTSE Bull and Bear Issue 1, FTSE Bull and Bear Issue 2. FTSE EuroStoxx Issue 1, FTSE Euro-Stoxx Issue 2 and FTSE Issue 6. A Merchant Capital spokes-man says: â??Given the time it will take to complete the formalities and all due diligence in relation to the appointment of the new custodian, Merchant Capital and Barclays have closed the current range and we will be issuing replacement plans shortly.â? StructuredProductReview. com operations manager Thomas Hughes says: â??â??It will be a frustration for investors and IFAs who had intended to use these plans within their portfolios but their removal from the market is likely to be nothing more than an inconvenience". 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted March 2, 2012 Share Posted March 2, 2012 No matter how this pans out you guy's are doing a fantastic job. Forlan digging and BH evaluating it really reads as a best seller. Right or wrong it is excellent reading.Cheers! That is extremely kind of you Pete, sorry but I only saw this now. What is the going rate for a best seller? 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted March 2, 2012 Share Posted March 2, 2012 (edited) Looks like Pritchards Secretary wasn't up to speed on his paperwork. I wonder if there is any connection between that £250k and the similar amount Whyte apparently raised from selling the Arsenal shares? Merchant Capital is relaunching five of its structured product plans following the appointment of new custodian Reyker Securities. The five plans, which have been withdrawn from the market ahead of the relaunch, include the FTSE Bull and Bear Issue 1, FTSE Bull and Bear Issue 2. FTSE EuroStoxx Issue 1, FTSE Euro-Stoxx Issue 2 and FTSE Issue 6. A Merchant Capital spokes-man says: “Given the time it will take to complete the formalities and all due diligence in relation to the appointment of the new custodian, Merchant Capital and Barclays have closed the current range and we will be issuing replacement plans shortly.” StructuredProductReview. com operations manager Thomas Hughes says: “’It will be a frustration for investors and IFAs who had intended to use these plans within their portfolios but their removal from the market is likely to be nothing more than an inconvenience". I am an IFA and I have never once advised a client to buy a Structured Product which are investment vehicles that use a variety of so called "derivatives" in a bid to make money in both rising (bull) markets and falling (bear) markets; a bit like gambling on your team wining and losing at the same time and playing the odds to make money. They have come under increasing scrutiny recently with some high profile funds failing to deliver. PLEASE NOTE THAT THE ABOVE IS NOT INTENDED AS INVESTMENT ADVICE! Edited March 2, 2012 by BrahimHemdani 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,062 Posted March 2, 2012 Share Posted March 2, 2012 I wonder if there is any connection between that £250k and the similar amount Whyte apparently raised from selling the Arsenal shares? I am an IFA and I have never once advised a client to buy a Structured Product which are investment vehicles that use a variety of so called "derivatives" in a bid to make money in both rising (bull) markets and falling (bear) markets; a bit like gambling on your team wining and losing at the same time and playing the odds to make money. They have come under increasing scrutiny recently with some high profile funds failing to deliver. PLEASE NOTE THAT THE ABOVE IS NOT INTENDED AS INVESTMENT ADVICE! MHG and it's subsidiaries are toxic, it's merely a matter of time before the Merchant House (of cards) Group comes crashing down. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted March 2, 2012 Share Posted March 2, 2012 MHG and it's subsidiaries are toxic, it's merely a matter of time before the Merchant House (of cards) Group comes crashing down. I intend to ensure that the FSA investigate the whole bloody lot of them. Maybe, just maybe, this will be one time that they are not caught with their knickers round their ankles. 0 Quote Link to post Share on other sites More sharing options...
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