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Mis-Sold investment - SVS Securities

Latest Update: 5th August, 2019 (Financial Conduct Authority)

Case Points

Total amount invested

Approximately £60 million.

Why did people invest in it?

Since it was founded in 2002, SVS securities has acted as a Broker and Fund Manager. The company offered a variety of services such as managed and advised ISAs and discretionary fund services.

Why was it mis-selling?

Around 90% of the assets under management were invested in high-risk funds with no attempt to ensure suitability. The business was unable to demonstrate basic due diligence on its investments.

Potential value of cases

Unknown.

Summary

SVS Securities was a London based firm offering financial advice between 2002 and 2019, when it was entered into administration following a series of warnings, and an investigation, by the FCA.. The FCA was concerned that SVS was conducting its business in a way that creates an ongoing risk to consumers. Further, the scale of the uncertainty over investments promoted and/or managed by SVS created the potential for a large number of consumers to suffer material investment losses. As stockbroking and ISA specialists, SVS emphasised the positive tax benefits of their products.

In 2017 the FCA was alerted to concerns about the business. SVS had invested client money into high-risk investments, several of which were closely linked to senior figures at the firm – this conflict of interest was not disclosed. This conflict of interest was only discovered following enquiries by external trustees and fund administrators. Additionally, despite warnings from the regulator in 2018 that the client portfolios were dangerously concentrated in bonds, the firm increased the percentage of client funds backing the business. All these issues were compounded by a failure to conduct appropriate due diligence. The FCA stated in their report that: “‘SVS has repeatedly failed to identify, record and manage conflicts of interest in respect of SVS and its directors’ connections to and interests in bond issuers whose products SVS included as investments in its DFM model portfolios.

You are likely to have a potential claim on the basis of advice from a regulated firm. The claim above is only an example of a potential claim. Each claim is judged on its individual merits and as such, we cannot guarantee that your individual claim will be successful or that you indeed may have grounds for a claim.

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