FSCS enables 18,000 SVS Securities clients to have access to their money and assets
Around 18,000 former clients of wealth management firm SVS Securities plc can begin to access their money and assets from the new nominated broker ITI Capital Ltd from today (24 July 2020).
SVS Securities plc offered a range of services to its clients, including advisory stockbroking, online share dealing, foreign exchange trading and discretionary fund management services. The firm was placed into special administration by its directors in August 2019.
The Financial Services Compensation Scheme (FSCS) has been working closely with the Joint Special Administrators (JSAs) and their team at Leonard Curtis, who in turn have been working with the nominated broker ITI Capital Ltd to ensure a smooth transition for SVS clients. Clients’ money and assets were transferred from SVS to ITI Capital Ltd in June, which then set up clients' new accounts in its systems.
In accordance with the Distribution Plan, approved by court order on 7 May 2020, FSCS will meet the special administration costs on behalf of all eligible claims up to £85,000. As the payment will be made direct to the JSAs, most clients will get their money and assets back via ITI Capital Ltd.
Jimmy Barber, Chief Operating Officer at FSCS, said, “We want to thank SVS clients for the patience they have shown throughout this difficult period. Now that they can begin accessing their money and assets, we are starting to look at other issues that have arisen following SVS’s failure.
“To assist this, our free online claims service is available to SVS clients who feel that simply having their assets and client money returned is not going to address the financial losses they have suffered, and who consider SVS is to blame for these additional losses.
“We would, however, ask clients to note that FSCS cannot compensate them solely for poor investment performance.”
The FSCS online claims service is at https://claims.fscs.org.uk/PreScreening/EnterDetails.
James Tweed T: 020 7375 8646
Catherine Goodier T: 020 7375 8631
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.