The special administrators of collapsed broker SVS Securities have reassured clients that their money is accessible, and they are working with ITI Capital, which acquired SVS’ assets in June, to finalize funds distribution.
The latest update came as some SVS clients were unable to access ITI Capital’s onboarding system. Other traders reported that they have yet to receive their initial onboarding email, i.e., didn’t set up their accounts four days after the FSCS opened the gates for over 18,000 clients.
“I still can’t access my funds as the ITI Capital onboarding form has bugs and won’t let me continue. They also don’t respond to emails, extremely disappointing,” a former SVS client told Finance Magnates earlier this week.
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He had been locked out of his investments since the broker’s collapse in August 2019, but things could have been worse.
Liquidators said they are working with the UK broker to resolve all technical issues that had blocked clients from accessing their online accounts over the next 48 hours. Once the onboarding process completed, they can begin to access their share of nearly £24 million in funds secured by Leonard Curtis, the administrator.
“The Joint Special Administrators (“JSAs”) have raised this with ITI and we understand that ITI are looking into this as a matter of urgency and hope to have the issues resolved imminently. The JSAs would like to reassure clients that they remain committed to providing assistance wherever possible in relation to the transfer and are working with ITI to resolve all outstanding issues,” they added.
The vast majority of SVS’s clients have become clients of ITI since June, and they were provided with access to their money and assets again from July 24. ITI Capital tried to lure the newcomers into staying, saying that they now have a wider selection of asset classes to choose from, including FX trading, and pricing will remain competitive to what was previously paid at SVS.