RE: FCA investigation required here please22 Sep 2021 13:36
I raised a report to FCA on Monday.
Reply from FCA:
Thank you for contacting the Financial Conduct Authority (FCA) regarding your concerns about Mercantile Ports & Logistics.
I understand you’re a shareholder in the firm but have concerns as the construction that began in 2014 hasn’t yet been completed and the firm has failed to provide adequate updates which is subsequently impacting the share price.
Our role
We’re tasked with regulating the UK’s financial markets as a whole and this means we’re unable to investigate or intervene on individual cases and we don’t have dispute resolution powers for individual complaints.
We’re therefore unable to intervene on this matter on your behalf or assist you in resolving your concerns with Mercantile Ports & Logistics. I note also that the firm isn’t authorised or regulated by the FCA which means they shouldn’t be providing any regulated financial products or services within the UK.
I’ve carried out a web-search for the firm to better understand their business and I’ve located a website which appears to belong to them; https://www.mercpl.com/. This website states that the firm develops port and logistics facilities in India. As this isn’t a regulated financial product or service, it likely explains why the firm isn’t authorised by us. If you believe that Mercantile Ports & Logistics is providing regulated financial products or services within the UK, please do let us know along with any supporting evidence you may have as this is something we will need to bring to the attention of our Unauthorised Business Department.
It’s important to note also that the owning of shares in a company is generally not regulated by the FCA.
Escalating your concerns
If you’re unhappy with the treatment you’ve received from Mercantile Ports & Logistics and you’ve been unable to resolve this matter with the firm directly, your next step would be to seek some legal guidance in order to establish your rights as a shareholder and any further options you may have available for recourse.
Whilst we’re unable to assist you directly, I do hope the information provided has been of use and thank you again for taking the time to contact us to share the details of your concerns.
Lastly, to help us improve our service, I’m interested in finding out about your experience with the Supervision Hub today. I’ll send you a link to a survey and I’d appreciate it if you could take a few moments to share your feedback on the service you’ve received.
Kind Regards,