SVS Securities - shut down?

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/