SVS Securities Administrators Remind Clients to Proceed with CMC Carefully

​Leonard Curtis, the special administrator of SVS Securities plc, which was placed in Special Administration by its directors in August 2019, has recently issued the client update of the company, noting that SVS clients should proceed with caution if they are approached by a CMC.

The administrators explained that CMCs offer the service of submitting claims to the FSCS on behalf of clients on a "no win, no fee" basis. This can mean that if clients sign a contract with a CMC to act on behalf of clients, they will claim a percentage of any compensation clients are awarded by the FSCS as a result of clients' claim. Commissions charged by CMCs can vary significantly and clients should therefore consider this very carefully when choosing whether or not to engage with a CMC.

“If you believe you may have cause to make a claim to the Financial Services Compensation Scheme ("FSCS") for mis-selling/negligence on the part of SVS Securities PLC prior to it entering Special Administration, you can contact the FSCS directly to initiate a claim FREE OF CHARGE.”

The administrators further noted that the SVS offices will be closed for the Christmas period from 12pm on Thursday 24 December 2020 until 9am on Monday 4 January 2021. Their Helpline Telephone number will not be answered during the Christmas period. Should clients wish to email them over this period they will respond to all emails received from 4 January 2021, when their offices reopen.