The compensation process for SVS Securities, which was in administration for a long time, has ended and the company is now going to be closed down.
SVS was put in special management in August 2019, and this finished on 30 March 2023.
A Joint Special Administrator of SVS, Leonard Curtis’ Andrew Poxon said:
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
The end of the management of SVS was originally supposed to be finished in early 2022. However, the timeline was changed when the court ordered the administrators to finish their oversight at the beginning of this month. Furthermore, the administrators asked for SVS’ registration with the Financial Conduct Authority (FCA) to be removed.
SVS Securities was a London-based financial services company regulated by the Financial Services Authority. It provided trading services for stocks, CFDs, IPOs, and corporate finance. ITI Capital bought its client books, but ITI experienced technical difficulties that caused distress for clients.
The administrators facilitated the transfer of platforms and liaised with clients to resolve queries. Most clients were transferred to ITI through a bulk transfer in June 2020, but some were unable to receive full compensation due to the limits of the Financial Services Compensation Scheme.
Read more: Conotoxia Offers Investing Tips for Retail Traders (brokerstimes.com)
