The Financial Conduct Authority (FCA) has reported that City stockbroker SVS Securities entered administration on 5th August 2019, after serious concerns were raised about the manner in which it conducted its business activities.
Little detail has been released regarding these concerns, other than they relate to the assets in which clients’ money was invested. SVS Securities has been banned from carrying out regulated activities and restricted from disposing of any assets, including client funds.
Who is SVS Securities?
+ −The company is a wealth management firm, who advises clients on stockbroking, online share dealing and foreign exchange trading.
They also act as brokers for smaller growing firms including those involved in mining and biotechnology.
What next for investors?
+ −The Financial Services Compensation Scheme (FSCS) will assess whether or not SVS clients are eligible for compensation and has encouraged clients to register for updates through the FSCS website.
TLW Solicitors’ view
+ −Peter McKenna, Partner and a financial mis-selling specialist at TLW Solicitors said:
“Clients of SVS Securities will not be able to access their funds while the firm is in administration. This will no doubt be frustrating and worrying for investors. I understand that the administrators have said funds will be returned to investors in due course and will not be used to pay off any company debts. The FSCS can also cover any losses incurred by clients as a result of the company’s wrongdoing, up to the sum of £85,000. This is reassurance for investors, at least.”
TLW Solicitors can help
+ −If you think that you, a friend or a loved one may have lost out financially after investing through SVS Securities, then please get in touch with one of the specialist financial mis-selling lawyers here at TLW Solicitors for a free no-obligation discussion.
You can either ring us on 0800 169 5925, email info@tlwsolicitors.co.uk or complete the call-back form.
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