I have written previously about the collapse of brokerage SVS Securities, here: https://www.sharesoc.org/blog/insolvency-and-administration/an-update-on-svs-securities/ and here: https://www.sharesoc.org/blog/brokers/another-update-on-the-svs-special-administration/
Since my last post on this topic, things have gone from bad to worse. Not only has the transfer of assets from SVS to a new broker taken an inordinate amount of time, but the choice of broker to receive those assets seems questionable, to say the least. This debacle has been covered by press articles, here: https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644 and here: https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/
More recently, ShareSoc has been contacted ...
Since my last update, there have been several significant developments:
Leonard Curtis have published a "Statement of Proposals", setting out their plans for returning client money and assets
A creditors' meeting has been held and a creditors' committee has been appointed
Scammers have been trying to defraud SVS clients
Another firm, Reyker Securities, enters special administration
Avoid the Scams
Sadly, in cases like this, scammers will often prey on the worries of clients of failed firms, suggesting that clients might lose all or ...
On 5th August the FCA announced that broker SVS Securities had entered Special Administration. Once again, as in the case of Beaufort Securities, this is a situation that will...