FCA: Collapsed DFM targeted DB business for high risk bond investments

SVS was placed in special administration by its directors on 5 August after the Financial Conduct Authority (FCA) "identified serious concerns about the way the business was operating".  The regulator has since published a supervisory notice that claimed SVS Securities encouraged advisers to promote its own model portfolios as an investment solution specifically for clients who were moving from a defined benefit (DB) pension or carrying out a self-invested personal pension switch. According to the notice, SVS increased the proportion of "illiquid and high-risk" bonds in its model port...