The Joint Special Administrator’s of SVS Securities PLC announced on the 11th of June 2020 that the transfer of the vast majority of client assets and client money held by the company has been transferred to ITI Capital Limited.
Leonard Curtis, the Administrator of SVS Securities, said in the statement on Thursday that following the successful transfer to ITI, unless clients have been informed otherwise by the Joint Special Administrators, they should receive the entirety of their client money and assets.
“Following the conclusion of the transfer, the SPA permits ITI an additional period of up to 6 weeks to finalise preparing its systems to operate and reconcile your client money and client assets and conclude its on-boarding checks (the expiry of this six week period referred to as the “Settlement Date” ((23 July 2020)) in the SPA),” the statement said.
“Clients are expected to have access to your client money and client assets from 23 July 2020. Clients should not engage directly with ITI until the end of this six week period.”
Clients subject to ITI’s terms of business
As Finance Magnates reported, the Administrators of SVS Securities announced earlier this year in February that it had entered into an agreement with a regulated broker to transfer client assets and money too. At the time, it was not revealed that ITI Capital was said broker.
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Following the completion of the transfer, clients will become subject to ITI’s terms of business. According to the statement, the Administrators and the regulated broker have worked to align ITI’s terms of business with that of SVS Securities.
Therefore, after the Settlement Date, clients won’t have to pay exit fees to ITI and for a period of three months from the Settlement Date, fees paid by clients under ITI’s terms of business will be equal to the fees paid by clients for comparable services under SVS Securities’ terms of business as at the 5th of August 2019.
“A very small minority of clients of the Company will not be eligible to transfer to ITI and these clients will be contacted separately by the Joint Special Administrators regarding options available for the return of their client assets and client money,” the statement said.
Background on SVS Securities
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.
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.