ShareSoc News Item by Director Cliff Weight
In May and early June, we worked on:
Woodford Campaign: Leigh Day received their response from Clifford Chance to their LBA (Letter Before Action). It looks like the case will go to court but it could take 3 more years. Leigh Day remain the only claim with insurance and funding in place. Harcus Parker have funding but do not have ATE insurance. RGL have neither insurance nor funding (other than funding for an initial ...
Since our last report on the situation for clients of failed broker SVS Securities, I am pleased to report that there have been significant positive developments.
Firstly, ITI Capital has been in contact with ShareSoc and appears willing to work with us to ensure a satisfactory resolution for former clients of SVS. This is a very positive development. According to this news report the FCA has been monitoring the situation too. It is good to hear that the FCA has been fulfilling ...
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 ...
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...