SVS Securities' Administrators Returned Majority of Clients’ Money

The Joint Special Administrators of the failed broker SVS Securities PLC issued a progress report, which provide clients and creditors with an update on the progress for the six month period from 5 February 2021 to 4 August 2021.

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According to Leonard Curtis, the SVS Securities’ administrator, most of the clients' custody assets and client money have been returned in accordance with the regulations by way of transfer to ITI on the transfer date.

However, for a small number of SVS clients, which constitutes less than 1 percent of the total, their custody assets or client money will not be returned. Specifically, the administrator stated that a few corporate clients are not eligible for FSCS compensation and one individual client’s losses exceed the FSCS’ compensation limit of £85,000 per claimant.

“This report is provided for information purposes and you do not need to take any further action. If your custody assets and/or client money have not transferred to ITI and remain with the company, then please contact us as soon as possible,”the administrator said.

Last month, the special administrators issued an urgent warning notice​ because some clients have received an unauthorized email advising them of the expiry of a password with SVS Securities PLC and asking readers to click on a link to confirm their current password.