Helvetia acquires Mercury Wealth.

[netbook]

I read in Saturday's Irish Times that Helvetia Wealth has acquired Mercury Wealth with whom I have approx 20000 euro invested in tracker bonds.
I have been increasingly worried over last year as have not been receiving any statements, communication from Mercury. "I'll get something out to you in the post has been the reply on more than one occasion".
I have heard nothing from Mercury or Helvetia (Who are they) about the change of circumstance. How worried should I be?? Surely someone has an obligation to let me know?? What do I need to do now?

 

[Brendan Burgess]

Interim updates on Tracker Bonds are sometimes not very meaningful if they depend on the level of an index after the term of the Bond.

Having said that, Mercury should give you more information, especially if they have promised it. Request it in writing and then make a formal complaint which you can take to the Financial Services Ombudsman.

If you search Askaboutmoney for Helvetia you will find some unfavourable comment. However, I am not sure that there is much you can do about your bond if you are not happy with Mercury or Helvetia.

 

[Mercury WM]

Valuations for the Century Bond 3 were issued October 2009 and again April 2010, feel free to call me direct on 01 2650017, or email me gareth@mercurywealth.ie and we will see to your query immediately.

A circular was issued regarding Mercury Wealth's move into the Helvetia Wealth Group.

Feel free to email me direct at the above address or at the postal address below.

Yours sincerely

Gareth Fahey
Managing Director
Mercury Wealth Management
43 Fitzwilliam Square
Dublin 2

Mercury Wealth Management is regulated by the Financial Regulator

 

[Brendan Burgess]

Helvetia bought a large brokerage in Edinburgh in 2010 which it has put into liquidation this week.

[broken link removed]

I don't really understand how brokerages become insolvent unless they handle clients' money. It's not clear if their clients are affected.

Brendan