SVS Securities plc (SVS) was placed in Special Administration by its directors on 5 August 2019. Andrew Duncan, Andrew Poxon and Alex Cadwallader, of Leonard Curtis Recovery Ltd have been appointed Special Administrators of SVS. 

SVS Securities plc was a wealth management firm that offered a range of services to its clients, including advisory stockbroking, online share dealing, Sipp account trading, foreign exchange trading and discretionary fund management services.

In 2018 the FCA identified serious concerns about the way the business was operating and placed stringent requirements on SVS, stopping it from conducting regulated activities and restricting it from disposing of assets. As a result, the directors obtained solvency advice and resolved to place the firm into Special Administration. If you’re looking to claim against SVS Securities PLC, the compensation experts at Gains Clark can help you! 

The FCA also had serious concerns over the firm’s management of discretionary funds. Many clients had transferred out of defined benefit (final salary) schemes and into SIPPs that were managed by SVS.  Clients were exposed to high-risk investments due to the allocation of the SVS model portfolios, high risk which many clients were unaware of.

Following the FCA investigation, SVS failed to cut exposure to the high risk and illiquid (difficult to sell) bonds and instead increased their exposure, the motive for doing so, often with these unscrupulous firms was high commissions, fees and charges.