SVS SECURITIES
SVS Securities plc (SVS) (FRN) 220929 used to be a wealth management firm offering a range of services to its clients, including advisory stockbroking, online share dealing, foreign exchange trading, and discretionary fund management services. On 5 August 2019, SVS was placed in Special Administration by its directors, with Leonard Curtis Recovery Ltd appointed as Special Administrator.
What Happened to SVS Securities?
The directors of SVS decided to place the firm in Special Administration following action taken by the Financial Conduct Authority (FCA). The FCA imposed requirements on SVS, stopping it from conducting regulated activities and restricting it from disposing of assets due to serious concerns about the firm’s operations. Consequently, the directors obtained solvency advice and resolved to place the firm into Special Administration.
| Name | Role | Regulatory Action |
|---|---|---|
| Kulvir Singh Virk | Chief Executive Officer (CEO), Majority Shareholder | Fined £215,500 and banned from working in financial services. |
| Demetrios Christos Hadjigeorgiou | Finance Director, later CEO | Fined £84,600 and prohibited from holding senior management roles in financial services. |
| David John Alexander Stephen | Head of Compliance | Fined £52,100 and banned from senior management roles. |
Are You Affected by the Collapse of SVS Securities?
If you were an investor with SVS Securities, you might be eligible for compensation. The collapse of SVS Securities has impacted numerous clients who trusted the firm to manage their investments prudently. Understanding your rights and the process for claiming compensation is crucial to recovering any potential losses.
How to Claim Compensation
Investors affected by the collapse of SVS Securities can seek compensation through the Financial Services Compensation Scheme (FSCS). The FSCS is designed to protect consumers when financial services firms fail. Here’s how you can start the compensation process:
- Check Eligibility: Determine if your investment qualifies for FSCS protection. Generally, the FSCS covers investments up to £85,000 per person per firm for firms that failed after 1 April 2019. Different limits apply for firms that failed between 1 January 2010 and 31 March 2019, and before 1 January 2010.
- If the firm failed after 1 April 2019: Up to £85,000 per eligible person, per firm.
- If it failed between 1 January 2010 – 31 March 2019: Up to £50,000 per eligible person, per firm.
- If it failed before 1 January 2010: 100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per eligible person, per firm.
- Submit a Claim: Visit the FSCS website and follow their guidance on submitting a compensation claim. You will need to provide details about your investments and any communications you had with SVS Securities.
- Provide Evidence: Gather all relevant documentation, including account statements, investment contracts, and any correspondence with SVS Securities. This information will support your claim and expedite the process.
- Await Assessment: The FSCS will assess your claim and determine the amount of compensation you are entitled to receive. This process can take some time, so it’s important to be patient and provide any additional information requested by the FSCS promptly.
What You Need to Know
Before investing, it’s essential to understand the protection available through the FSCS. Here are three steps to check if your investment is protected:
- Check Authorisation: Ensure your provider is authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA).
- Confirm Activity: Verify that the specific activity (such as providing advice) conducted by the authorised firm is regulated by the FCA or PRA for FSCS protection to apply.
- Ask for Confirmation: Request your firm to confirm that the activity they are performing is a regulated activity and FSCS protected.
Why Choose Us for Assistance?
Navigating the compensation process can be complex and time-consuming. Our team of experts at Claim My Loss is here to help you through every step. We have extensive experience dealing with investment compensation claims and can provide you with:
- Personalised Support: Tailored advice based on your specific situation and investment details.
- Expert Guidance: Assistance with completing and submitting your FSCS claim accurately.
- Ongoing Updates: Regular updates on the progress of your claim and any new developments.
Contact Us
Call us now for a phone or video consultation with one of our legal experts on 0161 840 1560 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past
Company background (public record)
The company was incorporated at Companies House on 25 March 2002 under company number 04402606. Its status at Companies House is recorded as dissolved.
Registered office: Riverside House, Irwell Street, Manchester, M3 5EN.
Previously named: SVS CORPORATE FINANCE LIMITED.
Nature of business (SIC): 66120.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 25 Mar 2002 | Company incorporated | Companies House |
| 05 Aug 2019 | Company entered administration (in administration) | Companies House |
| 05 Aug 2019 | Declared in default by the FSCS | FSCS |
| 05 Aug 2019 | FSCS update: The Special Administrators will carry out an assessment of the client money and assets held by the firm to confirm the c… | FSCS |
| 22 Aug 2019 | FSCS update: We have been made aware of a fraudulent letter that claims to come from the Special Administrators Leonard Curtis | FSCS |
| 01 Nov 2019 | FSCS update: FSCS is pleased to make an announcement to those customers categorised by the Joint Special Administrators as 'Elective … | FSCS |
| 02 Dec 2019 | FSCS update: The Joint Special Administrators (JSAs) have now contacted customers of SVS Securities plc ('the Company') | FSCS |
| 13 Dec 2019 | FSCS update: We're aware that the return of money and assets may not satisfy those SVS customers who might have a claim for further l… | FSCS |
| 27 Mar 2020 | FSCS update: FSCS is continuing to work closely with the Leonard Curtis/SVS towards delivering a transfer of client money and assets … | FSCS |
| 24 Apr 2020 | FSCS update: On 21 April 2020, the SVS Creditors’ Committee agreed the Distribution Plan | FSCS |
| 19 May 2020 | FSCS update: On 7 May 2020, the High Court approved the SVS Distribution Plan | FSCS |
| 12 Jun 2020 | FSCS update: On 11 June 2020, the JSAs announced the transfer of the vast majority of client assets and client money to their nominat… | FSCS |
| 24 Jul 2020 | FSCS update: From today, former clients of SVS Securities plc (SVS) can begin to access their money and assets | FSCS |
| 10 Aug 2020 | FSCS update: To consider a claim against a failed firm, such as SVS, FSCS must be satisfied that: 1) customers can't claim against an… | FSCS |
| 01 Apr 2022 | Kulvir Singh Virk resigned as director | Companies House |
| 22 Apr 2022 | FSCS update: There have been many elements to SVS Securities plc as they'd offered a variety of products | FSCS |
| 06 Sep 2022 | FSCS update: FSCS is able to process claims against SVS Securities plc that concern Contracts for Difference and Discretionary Fund M… | FSCS |
| 19 Jan 2023 | FSCS update: S VS stockbroking and SVS SIPP Our investigation into SVS’s stockbroking activities and the SVS SIPP is ongoing | FSCS |
| 30 Mar 2023 | Company administration ended (in administration) | Companies House |
| 01 Jun 2023 | FSCS update: The SVS Special Administration closed on 30 March 2023 | FSCS |
| 10 Aug 2023 | Company dissolved | Companies House |
| 31 Aug 2023 | FCA status recorded as: No longer authorised | FCA Register |
| 30 Nov 2023 | FSCS update: S VS stockbroking and SVS SIPP Thank you for your patience while we investigated SVS’s stockbroking activities and the S… | FSCS |
| 19 Feb 2024 | FSCS update: In the last update about our investigation into SVS’s stockbroking activities, we expected that we would soon be able to… | FSCS |
| 28 Feb 2024 | FSCS update: We’ve now completed our investigation into SVS SIPP | FSCS |
| 11 Apr 2024 | FSCS update: In our update in February 2024 we explained that we expect to begin assessing individual SVS stockbroking claims in June… | FSCS |
| 27 Jun 2024 | FSCS update: FSCS has concluded the assessment of a representative sample of SVS stockbroking claims and will now release the wider c… | FSCS |
| 14 Nov 2024 | FSCS update: We’re continuing to assess the wider group of SVS stockbroking claims | FSCS |
Focused on the firm’s early history and the events leading up to and following its failure. 71 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- David Cowley. Listed on the FCA Register as having held CF28 Systems and controls (11/11/2010 to 18/05/2012), CF10a CASS Oversight function (01/10/2011 to 18/05/2012), CF11 Money Laundering Reporting (11/11/2010 to 22/06/2012), CF10 Compliance Oversight (11/11/2010 to 22/06/2012) at the firm.
- Catherine Maria Furey-Blaize. Listed on the FCA Register as having held CF11 Money Laundering Reporting (25/01/2006 to 27/04/2006), CF10 Compliance Oversight (25/01/2006 to 27/04/2006) at the firm.
- David John Alexander Stephen. Listed on the FCA Register as having held CF11 Money Laundering Reporting (06/08/2014 to 08/12/2019), CF10 Compliance Oversight (06/08/2014 to 08/12/2019), SMF17 Money Laundering Reporting Officer (MLRO) (09/12/2019 to 10/04/2020), SMF16 Compliance Oversight (09/12/2019 to 10/04/2020) at the firm.
- Ryan Daron Schiff. Listed on the FCA Register as having held CF30 Customer (15/09/2008 to 17/10/2008) at the firm.
- Linton Paul Eccles. Listed on the FCA Register as having held CF14 Risk Assessment (03/05/2006 to 09/01/2007), CF11 Money Laundering Reporting (03/05/2006 to 09/01/2007), CF10 Compliance Oversight (03/05/2006 to 09/01/2007) at the firm.
- Tina Linde Lundgaard Wishart. Listed on the FCA Register as having held CF28 Systems and controls (01/11/2007 to 18/06/2010), CF11 Money Laundering Reporting (26/01/2007 to 18/06/2010), CF10 Compliance Oversight (26/01/2007 to 18/06/2010), CF1 Director (31/07/2007 to 18/06/2010) at the firm.
- Daniel Mary Mc Aleese. Listed on the FCA Register as having held CF11 Money Laundering Reporting (17/03/2014 to 08/07/2014), CF10 Compliance Oversight (17/03/2014 to 08/07/2014) at the firm.
- Margaret Hazelle Anderson. Listed on the FCA Register as having held CF11 Money Laundering Reporting (23/06/2014 to 23/06/2014), CF10 Compliance Oversight (23/06/2014 to 23/06/2014) at the firm.
- Brian John Myers. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 07/07/2008), CF22 Investment Adviser (Trainee) (22/06/2006 to 30/11/2006), CF21 Investment Adviser (30/11/2006 to 31/10/2007) at the firm.
- Peter Louis Manfield. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 26/01/2009), CF21 Investment Adviser (18/07/2005 to 31/10/2007) at the firm.
Appointed Representatives and Agents
While it was authorised, the firm acted as principal for the following appointed representatives. An appointed representative carries on regulated business under the responsibility of its principal, so their conduct can be relevant to a claim.
| Appointed representative | Reference | Effective from | Ended |
|---|---|---|---|
| FHF Securities Limited | FRN 603170 | 26/06/2013 | 06/12/2013 |
| Laurion Capital Limited | FRN 501280 | 18/05/2009 | 12/02/2010 |
| Pyx Markets Limited | FRN 567325 | 27/01/2014 | 19/02/2014 |
| Unity Capital UK Ltd | FRN 429207 | 08/03/2005 | 16/05/2006 |
Review page sources: FCA Register (FRN 220929) · Companies House (04402606) · FSCS. Public records, provided for transparency.
