Mercantile has been linked with self-invested personal pensions (SIPPs). Here’s what you need to know about the firm.
Who are they?
Mercantile is a trading name of Agincourt Financial Limited, incorporated in January 2001. The registered office is based in Surrey. Mercantile is well established in the UK, offering wealth management, savings and investment management, and SIPP administration.
Suitability for a Mercantile SIPP
The mis-selling of SIPP investments has been in the news for several years now. One of the main mis-selling issues is that SIPP administrators did not check the scheme was suitable and there were risks attached to the SIPP that investors were not made aware of.
Changes to the Business
After years without the right checks and balances, Mercantile now has in place a guide for investors to determine if a Mercantile SIPP is suitable for their needs.
The full guide is available online and covers five distinct stages.
The first stage sees Mercantile providing a brief overview of its products and services. Stage two involves introducing the potential client to its panel of Independent Financial Advisers who will carry out an independent financial review and your view for the future.
The third stage is completing a financial planning questionnaire and risk assessment. This includes questions like how much clients want to invest and the level of risk they wish to take.
Stage four is a presentation of a report detailing the results of your review, Mercantile will then recommend an investment option tailored to a client’s individual needs.
The last stage is the decision stage. Mercantile should make sure clients fully understand the outcome of their portfolio and the options available to them. Potential clients can then decide if investing in a Mercantile SIPP is suitable for them.
If you have a Mercantile SIPP, are the above steps familiar, did you go through this suitability process? If you didn’t, believe your SIPP may have been mis-sold and have potentially lost money as a result of a risky investment, contact Anthony Philip James Solicitors, our team of financial mis-selling experts, may be able to recover compensation for any loss suffered.