SVS Securities’ EPC Customers to Submit Claim via Claims Portal

​The administrators of SVS Securities plc, an investment firm offering broker-dealer and discretionary managed services failed in August 2018, have updated its notice for eligible Elective Professionals Clients (EPC) customers to receive compensation for their FX EPC balances.

The Company's EPC customers are able to apply to receive compensation from the Financial Services Compensation Scheme (FSCS) for monies deposited with the Company that were not returned to them. For eligible claimants, the FSCS can pay up to £85,000 in compensation per person.

In the update, the administrators says they have developed an online claims portal (Claims Portal), which enables EPC customers to:

(a) agree historic FX EPC account balance as at 5 August 2019;

(b) elect whether to make a claim for FSCS compensation in respect of account balance;

(c) select broker (between ActivTrades and ITI Capital) – if eligible, the FSCS will pay compensation directly to the selected broker on customer’s behalf.

Further, the letter provides details of how customers can access the Claims Portal and submit claim and what steps are necessary in the event that customers wish to dispute balance.

FX EPC customers would be able to receive their FSCS compensation without making any of the elections in the Claims Portal by making a separate application to the FSCS. The Administrators' understanding from discussions with the FSCS is that this would be a more time-consuming process both for individuals and for the Company than submission through the Claims Portal.