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SVS Securities

Did you receive advice from SVS Securities?

SVS Securities plc was a wealth management firm. It also provided a range of services including advisory stockbroking and discretionary fund management.

According to the FCA register, it traded under a dozen different names including SVS Capital, SVS Markets and SVS Trading. The directors of SVS Securities decided to place the firm into Special Administration on 5th August 2019.

This was following action taken by the FCA to place requirements on SVS, stopping it from conducting regulated activities. The FCA also restricted SVS Securities from disposing of assets.

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Why did the FCA restrict SVS Securities?

The FCA took these steps after it identified serious concerns about the way the business was operating. It also warned that some clients were paying fees and charges as high as 20% of their total investment.

Acting on intelligence received about the assets in which SVS invested its clients’ money, the FCA conducted urgent supervisory work and opened an investigation.

As a result, the directors obtained solvency advice and resolved to place the firm into Special Administration.

ITI Capital and SVS Securities

In June 2020, ITI Capital announced it had bought the SVS client book. It was reported shortly after that some clients had struggled to get their cash back due to “technical issues” which ITI resolved.

Better Retirement Group and Fiducia Wealth Solutions

Better Retirement Group acted as the defined benefit transfer specialist for Fiducia Wealth Solutions and SVS Securities.

Fiducia Wealth Solutions is one of many advisory firms associated with claims regarding the British Steel Pension Scheme.

In August Better Retirement Group asked the Financial Conduct Authority to impose requirements on its permissions.

The director Stuart Bayliss said he believed “..the quickest way for these people to get the compensation they deserve from the SVS debacle is for us to step out of the way’.”

In September 2022 the FSCS announced it was investigating claims against Better Retirement Group but has not yet declared the firm in default.

The BAD news:

Unsuitable Pension advice has caused huge losses

The GOOD news:

Compensation payments are hitting record figures every year

FSCS Claims against SVS Securities

The FSCS has been investigating claims against SVS Securities since it went into administration.

In August 2020 it advised customers that in order to consider a claim it must be satisfied that either:

  • There’s no claim against any connected firm, including FCA authorised advisors
  • If a claim against a connected firm or adviser has been made, it’s been completed.

It also opened up its claims service for those clients who wish to make further claims in respect of SVS Securities (other than for the simple return of money and assets).

Especially clients who feel that having their assets and money returned is not going to address the losses they’ve suffered. And who consider that SVS is to blame for these additional losses.

An FSCS update in April 2022 said “There have been many elements to SVS Securities plc, as they’d offered a variety of products. There have been challenges in getting the data to allow us to continue with our investigations. However, recently we’ve received further information from 3rd parties and are currently reviewing it.”

In September 2022, it informed customers that the FSCS is able to process claims against SVS Securities plc that concern Contracts for Difference and Discretionary Fund Management.

And its investigations into SVS stockbroking activities and the SVS SIPP are ongoing and they hoped to provide a further update shortly.

FSCS Compensation for SVS Securities clients

Earlier this year it was reported that the FSCS had paid out a total of £31.6mn in compensation to former clients of SVS Securities. A large part of this compensation relates to return of funds as part of a transfer to a new broker.

FSCS said there are also mis-selling claims.

Corporate Finance Bonds

One investment linked to claims is Ireland-listed bonds issued by a company called Corporate Finance Bonds Ltd (CFBL).

CFBL’s bonds were designed to fund secured loans to small and medium-sized companies. But according to the FCA, SVS had little detail on what those loans were or even if they were to affiliates of CFBL.

Concerned about the advice you received from SVS Securities?

We offer a free consultation that can help you check if the advice you received was suitable. If not you may have a case to claim compensation.

Fill in the form below to arrange a chat with one of our experienced claims handlers. It’s free and there’s no obligation to use our service

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