FSCS enables 18,000 SVS Securities customers to access funds

Around 18,000 former clients of wealth management firm, SVS Securities, can from today begin to access their money and assets from the new nominated broker, ITI Capital, the Financial Services Compensation Scheme (FSCS) has announced.

SVS Securities offered a range of services to its clients, including advisory stockbroking, online share dealing, foreign exchange trading and discretionary fund management services, although the firm was placed into special administration by its directors in August 2019.

The FSCS said it has been working closely with the Joint Special Administrators (JSAs) and their team at Leonard Curtis, who in turn have been working with ITI Capital to ensure a smooth transition for SVS clients.

Clients’ money and assets were transferred from SVS to ITI Capital in June, which then set up clients' new accounts in its systems. 

The FSCS stated that it will meet the special administration costs on behalf of all eligible claims up to £85,000, and added that as the payment will be made direct to the JSAs, most clients will get their money and assets back via ITI Capital.

FSCS chief operating officer, Jimmy Barber, commented: “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.”

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