SVS Securities were known for offering several different financial services including Discretionary Fund Management (DFM) services, foreign exchange trading, online share dealing, and advisory stockbroking services.
The Financial Conduct Authority (FCA) put requirements in place for the company to stop performing regulated activities as well as restricting it getting rid of any assets. This was done after serious concerns were raised in relation to the way that SVS Securities was performing.
The company first started trading in 2003, sixteen years later it closed down (on the 2nd August 2019).
DFMs
The company was responsible for publishing a blog that was called ‘SVS Early Robin’. As part of its strategic report, the company made note that tight internal credit procedures impacted on gross revenues as well as on the loss of seniors staff members. The report also identified how the company had a DFM business worth some £60m.
Financial Administrators
The administrators that were brought in for this case were Leonard Curtis, Andrew Poxon and Alex Cadwallader, and Julien Irving. They are working alongside the Financial Services Compensation Scheme (FSCS) to work out what the company’s position is in regards to the assets and money of its clients.
Next Steps
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 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.
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