SVS Securities - shut down?

RasputinB

The FOS is still dealing with ITI Capital complaints. Final decision DRN-4189777 was posted on their site very recently. It is dated 15th June 2023.
An interesting point in this one is that the Ombudsman has said that "To put the matter right ITI should;  sell the remaining shares in both his accounts and pay him any difference in price from 21 January 21 to the date those shares are sold."

RasputinB

Final decision DRN-3777181 dated 2nd August 2023 has been posted on the FOS site.
It includes an instruction that ITI provide the customer with a full audit trail as follows -

"ITI should provide Mr G with an audit trail of his account from the time it was

transferred in from the previous business to the date it is fully transferred to  

Company B. This should include all shareholdings and a cash trail so that Mr G can

identify all corporate actions, credits and debits, dividends received, charges taken

by ITI plus the payment for Rolls Royce rights issue etc."

gonzo7

Just received a call from an "FCA claims management company" regarding compensation for the SVS debacle.  As soon as I asked for the name of said company the lady hung up!  
The company's tel no came up as 0116 350 2892 - possibly fake.
So where did they get my tel no from?
I imagine that this is a scam. I imagine that had I not been nosy about their identity that they would have tried to extract personal and financial info from me.
Has anybody else received such a call?

eskbanker

gonzo7 said:

Just received a call from an "FCA claims management company" regarding compensation for the SVS debacle.  As soon as I asked for the name of said company the lady hung up!  
The company's tel no came up as 0116 350 2892 - possibly fake.
So where did they get my tel no from?
I imagine that this is a scam. I imagine that had I not been nosy about their identity that they would have tried to extract personal and financial info from me.
Has anybody else received such a call?

Earlier on in all this, there were reports of cold calls, so the suspicion was/is that customer phone numbers were divulged at some point:

https://forums.moneysavingexpert.com/discussion/comment/77686816/#Comment_77686816

Madmel

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 

masonic

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 

If you have had unsuitable financial advice from SVS, then you don't need a middle-man to pursue a complaint with the FInancial Ombudsman Service, but are you within the time limits to complain? If you aren't out of time, then once you have a decision, it can be taken to the FSCS if you haven't already exhausted your £85k compensation in respect of the failure of SVS. You should be very wary of any third party cold calling you. As mentioned above, there have been scam attempts, and even those not looking to steal from you will be taking money in exchange for a very simple process that you can do yourself for free.

Madmel

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.

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....