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Excellent service thank you
Once again I have received excellent service from Oakwood Solicitors in dealing with my mis-sold pension claim. Without the help of Junaid Sohail I would of not been able to recover £50,000. Excellent work thank you once again.
- P Jones
I was so pleased
to say that I had the best experience from Oakwood Solicitors where they helped me get my big compensation from FSCS. Not only that, just within 4 days time of literally submitting the claim, I received amount in my account.
- N Shah
90% of all SVS Clients
were invested in high risk and unsuitable investments.
recovered by Oakwood Solicitors in last 12 months.
Up to £85,000
can be recovered by SVS clients from the FSCS.
Oakwood Solicitors Ltd specialises in Financial mis-selling claims. We have a Financial Litigation team dedicated to assisting clients who have lost money as a consequence of negligent advice in relation to a financial product, such as an investment or pension.
What went wrong for SVS Securities?
SVS Securities were put into administration in November 2018 following an investigation by the FCA into the questionable conduct of the company. The FCA found that SVS securities were promoting high-risk bonds to retail investors, overvaluing illiquid assets and failing to carry out appropriate due diligence.
On top of this, SVS Securities were also found to have questionable commission arrangements charging up to 1/5 of the investment value whilst also receiving up to 10% in commission from the bond issuers.
More concerning still, some of the investments within the SVS model portfolio had the Directors of SVS Securities as Shareholders of the investment which essentially meant that the Directors were financially incentivised to recommend the investment as they received a commission from the client, as well as a commission from the bond issuer, and then also had an entitlement to a share in the profits of the investment in their capacity as a Shareholder.
With this mind, it is not surprising that the FCA questioned how SVS Securities could be acting in their client’s best interests and made the decision to prohibit them from doing any new business.
It was this prohibition that lead to the appointment of administrators in August 2019.
I had an account with SVS Securities – what are my options?
If you had an account with SVS Securities, then the likelihood is that you will have lost money and could be entitled to compensation.
On the 1st November 2019 the Financial Services Compensation Scheme (“FSCS”) announced that it would be opening an investigation into SVS Securities. In the latest update the FSCS have confirmed that where applicable they would be able to compensate investors for their losses.
If you believe that you have lost money as a consequence, you should contact Oakwood Solicitors Ltd for free for your no-obligation consultation whereby we will review your claim and advise you on whether you are entitled to compensation.
Timeline of the FSCS Investigation with SVS Securities
FSCS confirms it will now begin looking at other issues that have arisen following the failure of SVS.
Client assets and client money is transferred to ITI Capital Limited.
The High Court approves the SVS Distribution Plan which details how client money and custody assets will be distributed.
The FSCS announced that it will meet the costs of the special administration on behalf of eligible claimants up to £85,000.
The FSCS confirms it will be offering compensation for the costs of returning money and assets.
Financial Services Compensation Scheme (FSCS) announces it will protect eligible clients of SVS Securities.
SVS Securities PLC Enters Administration and Leonard Curtis are appointed as Special Administrators.
FCA issues first supervisory notice which prohibited SVS Securities from doing any new business. The full notice can be found here.
How long does an investment claim take?
As the investment claim is being made against the FSCS then we would expect the claim to be concluded within 6 months.
As each case is unique it is difficult to provide a generic timeframe for conclusion of the claim however Oakwood Solicitors will give you an indication of how long your claim is likely to take to conclude as part of our initial review.
How much will a claim cost?
We operate on a Damages Based Agreement (“DBA”) more commonly known as a ‘no-win, no-fee’ agreement. If we fail to secure you a settlement, you will not be charged. If we successfully recover compensation, then our charges are 30% plus VAT of any compensation payment. These charges will be deducted from the compensation payment at the end of the claim process.
How much compensation will I receive?
We cannot provide an exact figure for how much compensation you will receive until we understand more about your claim.
The general purpose of a claim is to put you back in the position you would have been in, had you not received the negligent pension advice.
As your investment claim is against the FSCS then the compensation cap is £85,000.00 per person, per advisor.
Provide us with some information about your investment and we will advise you if you have a viable claim. There is absolutely no obligation to proceed. You can provide information or get in touch by:
Danielle joined the firm as a Paralegal in 2011 and qualified as a solicitor in October 2014. She has acquired extensive experience in high value, complex litigation traversing numerous practice areas.
Danielle is a specialist in financial mis-selling matters with a particular interest in pensions and investments.