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Merchant House slumps
SHARES in broker Merchant House dropped by a sixth yesterday after it said it was transferring money from Dorset stockbroker Pritchard, whose activities have been restricted by the Financial Services Authority.
The stock closed down 16.67 per cent at 0.1p. Merchant said the cash held by Pritchard, in the structured products group, is safe because it was in a client account.
Last week the FSA said Pritchard had failed to arrange sufficient protection for clients’ assets.