Update for customers of SVS Securities
6 Aug 2019 12:28 PM
The Financial Services Compensation Scheme (FSCS) is aware that the wealth management firm SVS Securities PLC was placed in special administration by its Directors on 5 August 2019.
The Companies Court has appointed Julien Irving, Andrew Poxon and Alex Cadwallader of Leonard Curtis Recovery Limited as Special Administrators for the firm.
FSCS is working closely with the Special Administrators to determine SVS’s position in respect of client money and assets.
The Special Administrators will carry out an assessment of the client money and assets held by the firm to confirm the current position. Following the assessment, the Special Administrators will work to return as much client money and assets to customers as possible as quickly as possible.
Should the Special Administrators find that SVS does not hold enough client money or assets, then FSCS will cover asset and client money shortfalls – including the costs associated with their distribution back to clients – for eligible customers up to our compensation limit of £85,000.
At this stage there is no need for customers to make a claim with FSCS. We will provide further updates on our website as more information becomes available.
Meanwhile, customers may contact the joint special administrators by telephone on 01282 610635 or email firstname.lastname@example.org.
Further information is also available on the website www.leonardcurtis.co.uk/SVS.
James Tweed T: 020 7375 8646
Anthony Ozimic T: 020 7375 8638
Notes for Editors
FSCS is the UK's statutory compensation scheme that protects customers of authorised financial services firms that carry out certain regulated activities. FSCS protects deposits, investment business, home finance (mortgage) advice, general insurance, insurance broking and debt management. FSCS can pay compensation if an authorised firm is unable to pay back money it owes its customers in connection with a regulated activity. The Scheme was set up by Parliament in 2001 and is funded by the financial services industry.
Declaring a firm in default
Before FSCS can pay compensation, it must be satisfied that a firm does not have sufficient assets to meet claims. It describes this as being ‘in default’. The Scheme will declare a firm in default if:
- it has received at least one claim; and
- it is satisfied that the financial services firm which has failed is unable to return money to eligible claimants itself.
FSCS is required to do this before it can pay compensation to eligible claimants.
Declaring a firm in default allows private individuals who have suffered actual financial loss as a result of their dealings with that firm to apply to the Scheme. Some businesses and charities may also be eligible, depending on the type of claim.
Dealing with a Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) authorised firm that is carrying out certain authorised activities gives consumers access to the Financial Ombudsman Service (FOS) and FSCS. Consumers can check that the firm they are dealing with is authorised by using the FCA’s Financial Services Register.
An ISDN line is available if you are interested in arranging a radio interview with an FSCS spokesperson. Please get in touch with our public relations team by emailing email@example.com to arrange a suitable time and date.