SVS Securities - shut down?

masonic

pafpcg wrote: »

Why have you excluded the possibility that the data breach occurred after the company went into administration?

The online trading site went offline before the company was put in administration, so any exfiltration of information after that would have been a leak not a breach.

My list was not exhaustive. I think the likelihood of the administrators selling the personal information of clients is pretty unlikely, certainly a lot less likely than those who no longer have a professional reputation to maintain.

For completeness, we should also include the FCA in the sphere of people who could conceivably had sold it.

Further, the client data would be a valuable asset. After liquidation, the administrators would be expected to maximise recovery by selling any assets which have value.

It's highly valuable to criminals. It is not considered an asset in an administration. I think you know this. However, johnburman has been desperately looking for an avenue to get the administrators kicked off this case and the process reset. The unlawful sale of customer data to criminals by the administrators would be a slam dunk.

Time for the ICO to get involved?

:rotfl:
What, so they could write to the business asking them to be more careful in future? Anyone serious about making allegations against LC would be best off starting with a complaint to LC and then escalating to the court.

Ravima

two points.

Still no communication from LC to me, living in Ireland.

Bond was sold by SVS on a 'hard sell' basis by phone. Although documentation said no advice would be given, there certainly was pushing by SVS to buy the bond. The fact that it was sold as a £2.5m and now there is £5m outstanding is a cause of concern and the dreaded word 'had' comes to mind!

masonic

Ravima wrote: »

The fact that it was sold as a £2.5m and now there is £5m outstanding is a cause of concern and the dreaded word 'had' comes to mind!

It won't come as much consolation, but I doubt the outcome would have been substantially different if only £2.5m was raised. This debt ranks behind the £1m lent to SVS by the company whose bonds it promoted and of course behind the administrators fees (though some of these will be apportioned to client assets).

I hope I'm proven wrong when the statement of affairs is made available with the administrators' proposals, but I'm not expecting to see much in the way of assets that could be used to repay SVS's creditors.

Danie5

I live in South Africa and also received no letter.

gadgetmind

Those who've received bogus emails/calls may want to consider reporting these to the administrators *and* the ICO. The former because I suspect they will have to consider whether this likely breach needs reporting, and the latter to they have a heads up.

gadgetmind

BTW, even a quick skim of this document would have been enough for me to not let SVS anywhere near so much of a penny of my money!

https://www.judiciary.uk/wp-content/uploads/2017/02/bilta-others-v-svs-securities-plc-others.pdf

johnburman

But nobody knew about this? And it is only an interlocutory order anyway.

If I am wrong which ordinary XO clients let alone IFAs knew and how did they know?

LEAR1

My wife (who is the one with the SVS XO account) received an email update from LC today. Have others received it?

The general thrust was an intermediate update on progress they had made, and it also said that LC would shortly be turning its attention to answering specific investor questions they had received (even where these have already been answered by the FAQs). Like Masonic, I would prefer it if they focused on expediting their main work of untangling this message and providing a general update on timings, but I hope at least this will act as some sort of comfort to those of you who feel hard done by vis a vis lack of comms.

I will ask my wife to forward the message to me and then post it here for everyone's benefit.

englishmas

Had a e mail from LC, saying that they will publish the up date in two weeks time and will start soon responding to emails with very specific points/issues.

LEAR1

Email received from LC earlier today:

Dear Sir / Madam,


SVS SECURITIES PLC (IN SPECIAL ADMINISTRATION) (“the Company”)

IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES

CASE NUMBER 2019-005229

COMPANY REGISTERED NUMBER: 04402606

REGISTERED OFFICE ADDRESS: Tower 12, 18/22 Bridge Street, Spinningfields, Manchester M3 3BZ



We are writing with regard to your recent email to the SVS@leonardcurtis.co.uk mailbox. You will have received an initial acknowledgment from us. This email is being sent to all clients who have emailed the mailbox.



Firstly, may I take this opportunity to thank you for your continued patience.



We have been monitoring client queries and have sought to address common themes via Frequently Asked Questions (“FAQs”). The FAQs have been posted to the dedicated webpage B][I]link removed by LEAR1 as I cannot post with links[/I][/B. We encourage all clients to monitor the webpage for regular updates on the progress of the Special Administration.



Due to the high number of queries that we have received, the majority of clients have not yet received an individual response to their email.



Following on from our initial assessment period we are now seeking to provide clients with responses to their individual queries - even if these have already been dealt with in the FAQs. Please note that we are dealing with queries on a first received basis and it may take some time to provide you with a specific individual response. Ahead of receiving that response however, please note the following:



Progress of the Special Administration



A general update on the progress of the Special Administration to date will be published on the webpage and we are seeking to do this within the next 2 weeks. This update will also be emailed to clients.



Fraudulent Communication



We are aware that some clients may have received fraudulent communication which purports to be from Leonard Curtis. Upon being made aware, a Fraudulent Communication Warning Notice was published on the webpage on 22 August 2019. We urge all clients and creditors to remain vigilant and to exercise caution regarding communications in relation to the Special Administration. Please note that all communications to clients will be published on the website.



Yours faithfully,

For and on behalf of

SVS SECURITIES PLC



JOINT SPECIAL ADMINISTRATORS



Julien Irving, Andrew Poxon and Alex Cadwallader are authorised to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales under office holder numbers 13092, 8620 and 9501, respectively. The affairs, business and property of the Company are being managed by the Joint Special Administrators, who act as agents of the Company without personal liability.



Notwithstanding the appointment of the Joint Special Administrators under The Investment Bank Special Administration Regulations 2011, SVS Securities PLC remains a FCA regulated entity.