The Joint Special Administrators of SVS Securities announced this Friday that it has entered into a short period of exclusivity with a regulated broker, in which they will transfer custody assets and client money.
In the statement released today by Leonard Curtis, the Administrator of SVS Securities, it said that it is currently not able to disclose the broker it has reached an agreement with due to confidentially restrictions but will update clients with further information as soon as it is able to do so.
“The Administrators consider that a transfer to a single broker is the quickest and most cost effective method of returning custody assets and client money to clients,” the company said in today’s statement.
SVS Securities placed into administration by FCA
SVS Securities is a wealth management firm. The company offers a range of services to its clients, including advisory stockbroking, online share dealing, foreign exchange (forex) trading, and discretionary fund management services.
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As Finance Magnates reported, in August of last year, SVS Securities was put into special administration after the Financial Conduct Authority (FCA) said it conducted “urgent supervisory work” and identified “serious concerns” about how the company was operating its business.
“In order to transfer custody assets and client money to a regulated broker, the Administrators are required to prepare and will in due course circulate to clients a Distribution Plan and accompanying Explanatory Statement,” the Administrator said.
“These documents will set out, among other things, how the Administrators propose to transfer custody assets, the costs of the transfer, to whom they will be transferred and how the Administrators are working with the FSCS to seek to meet those costs for eligible clients. The Distribution Plan must be approved by the Creditors’ Committee and then by the Court before it comes into effect.”
The Administrators will circulate its first progress report to clients, and publish it on the dedicated website (www.leonardcurtis.co.uk/SVS) towards the end of this month.