ShareSoc has established this group to support former clients of SVS Securities who are experiencing difficulties in recovering their assets. If you would like our support, or to help other SVS clients, please join our SVS Support Group.
The objectives of this group are:
- To provide assistance to former SVS clients who are experiencing difficulties
- To investigate the causes of undue delays in the recovery of assets, with a view to preventing recurrences in future Special Administrations of custodians.
Almost all assets of former SVS clients have been transferred to broker ITI Capital, but there have been numerous reports of problems accessing those assets and communicating with ITI. ShareSoc has engaged with ITI in a positive manner and we have agreed a mechanism for reporting unresolved problems and reviewing progress on getting them resolved.
We have set up an electronic forum and dedicated email address (details can be found in the forum, under the Problem Reports topic) for reporting problems to us and we will report back on progress via the forum. Note that clients should still try to resolve any issues directly with ITI, in the first instance, but if unable to obtain a satisfactory resolution, we will do our best to assist.
Our assistance is provided by volunteers, on a non-commercial basis.
Our support group forum can be accessed by ShareSoc members, here: https://www.sharesoc.org/forums/forum/svs-client-action-group/. If you are not already a member, you can join us by completing the form below.
ShareSoc is experienced in Special Administrations, which occur when a broker or other custodian collapses, through our work on the Beaufort Securities campaign. After much hard work, events at Beaufort provided a template for the conduct of Special Administrations, which appears to have been followed in the SVS case. The principal benefit of this template is that Administrators’ costs are largely recovered from the FSCS (Financial Services Compensation Scheme) and do not fall directly on the shoulders of clients of the failed broker.
Unfortunately in the SVS case, there have been two problems in following the template:
- It has taken an inordinately long time to complete the transfer of SVS client assets to a new broker (ITI Capital)
- Even after the transfer, several clients have experienced problems accessing their assets and cash
To join the SVS Client Support Group, please complete the form below. You need to be a member of ShareSoc to join the group and access the forum, but can join as a free associate member, if you do not wish to pay an annual subscription. Please note that, even though ShareSoc’s directors are unpaid volunteers, we rely on full member subscriptions and donations to fund our operations and to operate effectively – especially to be able to service the high volume of requests we have received from SVS clients. So, we really need, and appreciate, your annual subscriptions. We are a not-for-profit organisation for investors and run by investors. The other benefits of membership are explained here: https://www.sharesoc.org/membership/.
If you are already a member of ShareSoc, you will find it easiest to complete the form if you login first (if not already logged in). If you are a member and are not able to login, you will find instructions here.
If you are not already a member of ShareSoc, you will become a member by registering for the support group and can chose which class of membership you wish to adopt.