SVS Securities Enters Administration, Ceases All Operations

SVS Securities PLC (SVS), a stock, CFDs broker and corporate finance ‎advisory firm, has been put into special administration after the FCA said it conducted “urgent supervisory work” and identified “serious concerns” about how the company was operating its business.

The FCA register says that SVS has agreed to cease all regulated business and retain all its assets.

“Following action taken by the FCA to impose requirements on SVS stopping it from conducting regulated activities and restricting it from disposing of its own or its clients’ assets, the directors considered the viability and solvency of SVS. They obtained solvency advice and resolved to place the firm into Special Administration,” the watchdog said.

In a note sent by the FCA on August 5, the regulator said that special administrators Julien Irving, Andrew Poxon, and Alex Cadwallader of Leonard Curtis will carry out the proceedings and contact all affected customers “in due course” after assessing what Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term is held by the firm and its current financial position.

A wide-ranging probe into the asset management industry

The FCA warned that in the event clients are short-changed, claims may fall on the Financial Services Compensation Scheme. The FSCS will cover custody assets and client money shortfalls, including the costs associated with their distribution back to clients, for eligible clients up to £85,000.

The regulator also clarified that SVS is still authorized by the FCA and remains subject to its oversight rules. After assessing if the business would be wound down, SVS Securities may enter insolvency under the Special Administration regime, which was bought in 2011 to solve failures at firms covered by the FCA’s Client Asset Sourcebook rules.

SVS Securities is a provider of trading services in stocks, CFDs, IPOs, and corporate finance, authorized and regulated by the Financial Services Authority. It provides a variety of ‎investment management services including advisory and brokering Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term, IPO ‎private equity services, and an institutional desk.‎

The latest move is part of a wide FCA probe into the UK’s asset management industry that began in 2016, which revealed concerns about the actual value that investors are receiving from money managers.