If you believe you were mis-sold shares or investments by or on behalf of SVS Securities PLC, you may be eligible for a claim. Find out more about your entitlement to compensationin the wake of the SVS Securities scandal – contact the team at Hemmings Howe for a free consultation today.
Gross Failures, Mis Sold Shares
SVS Securities PVT LTD was a London based firm offering financial advice between 2002 and 2019, when it was entered into administration. This followed a series of warnings, and an intensive SVS Securities review, by the FCA.
The FCA was concerned that SVS was conducting its business in a way that creates an ongoing risk to consumers. Further, the scale of the uncertainty over investments promoted and/or managed by SVS created the potential for a large number of consumers to suffer material investment losses.
As stockbroking and ISA specialists, SVS emphasised the positive tax benefits of their products.
In 2017 the FCA was alerted to concerns about the business. SVS had invested client money into high-risk investments, several of which were closely linked to senior figures at the firm – this conflict of interest was not disclosed. This conflict of interest was only discovered following enquiries by external trustees and fund administrators.
Additionally, despite warnings from the regulator in 2018 that the client portfolios were dangerously concentrated in bonds, the firm increased the percentage of client funds backing the business. All these issues were compounded by a failure to conduct appropriate due diligence.
SVS Securities’ administration and appropriation of funds were both found to have contravened FCA guidelines, resulting in heavy losses for its investors and stakeholders.
The FCA stated in their report that: “‘SVS has repeatedly failed to identify, record and manage conflicts of interest in respect of SVS and its directors’ connections to and interests in bond issuers whose products SVS included as investments in its DFM model portfolios.
Compensation Claims Against SVS Securities
If you invested any money in SVS Securities during its years in operation on the back of misleading or inaccurate advice, you may be entitled to compensation. The validity and strength of your case will be determined on the basis of multiple factors, though it is important to take action early to improve your chances of claiming back the money you may be owed.
Contact Hemmings Howe today to assess if you are eligible for compensation – we’re standing by to take your call.