The Final Chapter in the SVS Securities Saga
The joint special administrators of SVS Securities are preparing to officially end the broker’s relationship with the Financial Conduct Authority (FCA), the UK’s financial market regulator. This move will effectively bar the now-failed broker from conducting any further regulated activities.
SVS Securities, once a leading provider of trading services in stocks, CFDs, IPOs, and corporate finance, had been fully authorized and regulated by the Financial Services Authority. The company also offered an array of investment management services, such as advisory and brokering execution, IPO private equity services, and an institutional desk.
Unfortunately, the Financial Conduct Authority stepped in and put a halt to SVS Securities’ operations in August 2019 due to concerns about the company’s practices. In the aftermath, another London-based financial services company, ITI Capital, bought SVS’ client books and attempted to onboard them onto their platforms.
However, ITI encountered technical difficulties during the process, causing frustration and even complaints from SVS clients. The situation ultimately forced ITI to exit the retail business last year.
Now, with the cancellation of SVS Securities’ authorization by the FCA, the chapter on this once-promising broker officially comes to a close.
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The curtains are about to close on the SVS special administration saga. The administrators have submitted a court order, eager to bring this chapter of the failed brokerage company to an end. The United Kingdom’s High Court of Justice will be weighing in on the matter on March 15th, 2023.
The end of SVS’ administration was once seen as a distant goal, with initial estimates pointing toward early 2022. But now, as the final stretch approaches, the administrators have a special message for any clients who have yet to receive compensation: don’t wait any longer! Get in touch with the administrators today and ensure the return of your client assets and/or money.
“Clients and creditors are not required to attend the Court hearing but may do so if they wish. If any clients or creditors wish to obtain further details regarding the hearing with a view to attending the hearing or otherwise, they should contact the Administrators,” the notice released last week quoted.
As the finale approaches, the administrators have also announced their intentions to apply for revoking SVS’ Financial Conduct Authority (FCA) authorization before the court hearing for their discharge application.
