The long-running compensation process of collapsed SVS Securities has ended as the company is being moved from special administration to dissolution. SVS was placed under special administration in August 2019, which ended on 30 March, 2023.
End of SVS Securities Special Administration
"I refer to my appointment as Joint Special Administrator of the Company on 5 August 2019 and now write to advise you that the special administration is being concluded and the Company is being moved from special administration to dissolution," Leonard Curtis' Andrew Poxon, a Joint Special Administrator of SVS noted.
The end of the administration of SVS was initially anticipated for early 2022. However, the timeline was delayed as special administrators received the court order to end the oversight earlier this month. In addition, the administrators have applied for a cancellation of SVS' registration with the Financial Conduct Authority (FCA).
A Collapse that Took Years to Resolve
SVS Securities provided trading services in stocks, CFDs, IPOs, and corporate finance, authorized and regulated by the Financial Services Authority. In addition, it offered various investment management services, including advisory and brokering Execution, IPO private equity services, and an institutional desk.
The FCA stopped its business over concerns about its operations and placed it under special administration in August 2019.
ITI Capital, another London-based financial advice and investment services company, bought the client books from SVS, and the administrators facilitated the transfer of platforms. On top of that, the administrators highlighted their role as a liaison for resolving client queries during the migration to ITI.
However, ITI faced technical difficulties onboarding SVS clients, resulting in distressed clients, some of whom even complained to the FCA. The chaos forced ITI Capital to exit the retail business last year.
The SVS administrators highlighted that over 99 percent of SVS clients were transferred to ITI through a single bulk transfer on 11 June 2020. 111 SVS clients were not eligible for transfer to ITI and were dealt with outside. Only eight clients of SVS, including five corporate clients, did not receive the full compensation as their deposits exceeded the FSCS limit.
"The Special Administration is, therefore, for all practical purposes, complete," Poxon added.
The long-running compensation process of collapsed SVS Securities has ended as the company is being moved from special administration to dissolution. SVS was placed under special administration in August 2019, which ended on 30 March, 2023.
End of SVS Securities Special Administration
"I refer to my appointment as Joint Special Administrator of the Company on 5 August 2019 and now write to advise you that the special administration is being concluded and the Company is being moved from special administration to dissolution," Leonard Curtis' Andrew Poxon, a Joint Special Administrator of SVS noted.
The end of the administration of SVS was initially anticipated for early 2022. However, the timeline was delayed as special administrators received the court order to end the oversight earlier this month. In addition, the administrators have applied for a cancellation of SVS' registration with the Financial Conduct Authority (FCA).
A Collapse that Took Years to Resolve
SVS Securities provided trading services in stocks, CFDs, IPOs, and corporate finance, authorized and regulated by the Financial Services Authority. In addition, it offered various investment management services, including advisory and brokering Execution, IPO private equity services, and an institutional desk.
The FCA stopped its business over concerns about its operations and placed it under special administration in August 2019.
ITI Capital, another London-based financial advice and investment services company, bought the client books from SVS, and the administrators facilitated the transfer of platforms. On top of that, the administrators highlighted their role as a liaison for resolving client queries during the migration to ITI.
However, ITI faced technical difficulties onboarding SVS clients, resulting in distressed clients, some of whom even complained to the FCA. The chaos forced ITI Capital to exit the retail business last year.
The SVS administrators highlighted that over 99 percent of SVS clients were transferred to ITI through a single bulk transfer on 11 June 2020. 111 SVS clients were not eligible for transfer to ITI and were dealt with outside. Only eight clients of SVS, including five corporate clients, did not receive the full compensation as their deposits exceeded the FSCS limit.
"The Special Administration is, therefore, for all practical purposes, complete," Poxon added.
