SVS Securities - shut down?

masonic

Madmel said:

Thank you very much @masonic. I'm definitely within the time frame and have never received a penny of compensation, but as SVS have gone out of business, I cannot complain to them. I will try to speak to the FOS people tomorrow. The only issue I have with going it alone is that I am not sure I can lay my hands on all paperwork now - the people who cold-called me claim to have all that to hand.

If you no longer had any assets on the platform when SVS went bust, then you would not have received any FSCS compensation. However, if you did, and those assets had any remaining value, then you would have received compensation that went towards your share of the administration costs.

The bit in bold is another giant red flag indicating you are being scammed. The people who cold-called you couldn't legally be in possession of the correspondence between you and SVS, so they are either lying or they have acquired this information through the theft of your data. If the latter, then it would be inadmissible as there is no way of knowing it is authentic. Your original paperwork would be key to making a claim.

RasputinB

According to the Gains Clark website "we have witnessed people suffer embarrassment and financial hardship resulting from the mis-selling of investments and many individuals are simply unaware that they may be able to claim back the money they have lost"

FSCS say that "We’ve now completed our investigation into SVS SIPP. This is specific to customers who transferred their pensions into the SVS SIPP administered by Gaudi Regulated Services Ltd, between October 2011 and October 2012. FSCS is able to consider claims against SVS concerning the underlying investments within the SIPP."
https://www.fscs.org.uk/making-a-claim/failed-firms/svs/?utm_source=firm-updates&utm_medium=email&utm_campaign=SVS Securities- latest news

Looks to me that anyone who had a SVS SIPP, especially if administered by Gaudi Regulated Services Ltd, should contact the FSCS direct to ensure that they are included in any compensation scheme. If nothing useful from the FSCS (or FOS) then it might (with utmost care) be worth getting a view from Gains Clark?
The link to the Gains Clark FCA registration listing is here Gains Clark Ltd (fca.org.uk)

sweeter_strudel

I may have just received a dubious email from ITI Compliance with a Final Response Letter attached. I'm not going to open it as I went down the formal complaint to the Ombudsman and was awarded and paid compensation about two years ago, possibly longer.....

And I certainly don't want to relive that SVS -> ITI debacle!!

Absence does not make the heart grow fonder in these circumstances....

SVSAsh

Madmel said:

I know this is an old thread but I just wanted some information. I have just been contacted on my landline by a claims management company called Gains Clark. They knew all about my dealings with SVS. Apparently they are offering a "no win, no fee" claim to the FSCS in respect of the dodgy dealings advice and losses I incurred from SVS. In return they take 25% of any compensation.

I will read the details later but does any wise MSE-er have any advice for me? As I had mentally written off my losses, the idea of getting some money back is appealing, even if I only get 75% of it. Thoughts are welcome. TIA 

I was also contacted by Gains Clark some months ago but haven't done anything as yet, regarding SVS stockbroking bad practice.  Has anyone had any successful dealings with Gains Clark regarding SVS reclaims? 

RasputinB

https://www.fca.org.uk/news/press-releases/fca-takes-action-against-three-individuals-svs-securities-mistreatment-pension-funds

"These three individuals and SVS were a central part of a tangled web which concealed the fact that customers’ pension money was being invested into high-risk bonds. Customers were entitled to trust that SVS would act in their best interests, but it repeatedly prioritised income for itself and its associates."

CameronRiley

I had thankfully nearly forgotten all about this nasty little episode in my life but I recently received a call out the blue from the Kansas office of Marsh McLennan,  who tell me I am entitled to compensation and that they are acting for the FCA.  It sounds like a load of old testicles to me and I suspect they are a bunch of ambulance chasers, but their web sites suggest they are legit.  I have put them off for now but if it is kosher and worth pursuing, I will need to sign in blood and I am risk averse in these matters.  Has anyone got any clue what this is and whether or not I should even consider it? 

ColdIron

Marsh Mac are a huge global firm. They do not cold call offering compo

This is a clone scam, treat it with the contempt it deserves

eskbanker

FSCS apparently not making as much progress as anticipated:

We will provide another update in March 2025.

https://www.fscs.org.uk/making-a-claim/failed-firms/svs/

Nighthawks

I know this is an old thread and that I am clutching at straws. I have made a claim against SVS and I am at the 2nd appeal stage with the FSCS. My claim is that I was not told that SVS were selling shares to me with a markup. I only discovered this when I was contacted in 2019 by one of the claims companies mentioned in the thread above. Before starting my claim, which I made in Aug 2020, I sent a DSAR to Leonard Curtis, the liquidators. When I made my claim to the FSCS I included not only all the paperwork I had but also the paperwork I received from issuing the DSAR. Amongst my paperwork were the Purchase Contract notes I received when I bought the shares. The DSAR paperwork also had the Purchase Contract notes but in a different format. The latter included details about the markup NOT included on the originals. In my last appeal I sent copies of both of these to the FSCS to try to show that SVS had not told me about the markup. They said as I sent them Contract notes in both formats that they have no way of knowing when I received them so they would not uphold my claim.
I have an email with an file attached dated Aug 2020 which is the data from the DSAR. I thought this might prove that I received the Purchase notes in the second format (the ones with the markup details) after SVS went into liquidation, proving I didn't know this until then. However I have become very cynical and I therefore think that FSCS will say that this still isn't proof as I may have seen or even received the Purchase notes in the second format prior to the DSAR. It is not in their interest to uphold my claim as that would make me eligible to compensation. I am therefore struggling to know how best to proceed. 
The purpose of posting this is to find out if anyone has made a successful claim to the the FSCS on this basis or indeed in any other way. Is my cynicism well founded?