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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsSVS Securities PLC is no longer in administration. The FCA imposed restrictions on 2 August 2019, and the High Court appointed special administrators on 5 August 2019; the administration ended on 30 March 2023, and Companies House records show the company was dissolved on 10 August 2023.
Most eligible customers’ money and investments were transferred to ITI Capital in 2020. FSCS protection applied to eligible shortfalls and administration costs, but the £85,000 investment-compensation limit did not automatically insure every investment loss.
What happened to SVS Securities?
SVS Securities PLC was a UK investment firm authorised by the FCA under reference number 220929. Its trading names included SVS, SVS Capital Markets, SVS FX, SVS ISA, SVS Markets, SVS Online, SVS Sharewatch, SVS SIPP, SVS Trading and SVS XO.
On 2 August 2019, the FCA imposed immediate requirements under section 55L of the Financial Services and Markets Act 2000. Those restrictions largely stopped SVS from conducting regulated business, apart from limited activity needed to protect and transfer client money and custody assets.
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SVS’s directors then applied for special administration. On 5 August 2019, the court appointed Julien Irving, Andrew Poxon and Alex Cadwallader of Leonard Curtis as special administrators.
This was special administration under the Investment Bank Special Administration Regulations 2011. The regime is intended to help return or transfer client money and custody assets. It was not simply an ordinary corporate administration.
Why did the FCA intervene?
The FCA said it had received intelligence about assets into which SVS invested customer money and had serious concerns about how the business was being operated. In its supervisory notice, the regulator said SVS appeared not to meet threshold conditions relating to appropriate resources and suitability.
The FCA’s concerns included SVS’s handling of bonds issued by Corporate Finance Bonds Limited (CFBL) and the Ingard Property Bond. The regulator said SVS appeared to have:
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- completed inadequate or untimely due diligence on investments;
- committed to investments before completing relevant checks;
- helped an issuer obtain a listing, advanced money for listing and rating costs, and agreed to support a secondary market in the investments;
- allowed high concentrations in CFBL bonds;
- failed to obtain enough information about underlying loans and borrowers;
- failed to identify and manage conflicts of interest; and
- received commissions and fees linked to the amount customers invested.
The FCA recorded the following changes in CFBL exposure within SVS model portfolios between 31 March 2018 and 13 May 2019:
| SVS portfolio | Exposure on 31 March 2018 | Exposure on 13 May 2019 |
|---|---|---|
| Income | 53% | 78% |
| Mixed | 46% | 61% |
| Growth | 45% | 51% |
According to the FCA notice, around 90% of SVS discretionary-fund-management customers had invested through model portfolios after receiving pension-switching or pension-transfer advice. In some pension-transfer cases, total fees and charges reduced the investment by nearly a quarter.
What restrictions were imposed?
The FCA’s 2 August 2019 requirements prevented SVS from carrying out regulated activities, except for narrowly defined steps to safeguard and transfer client assets. They also:
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- required all open FX positions to be closed by 5pm on 5 August 2019;
- stopped SVS accepting new client money or custody assets, subject to limited exceptions such as dividends, coupons, rights issues, corporate actions and unsettled trades;
- restricted SVS from disposing of, transferring or diminishing its own assets or client assets without FCA consent;
- required preservation of books, records, systems and client-asset information; and
- required daily reporting to the FCA on bank and custody accounts.
What happened to customers’ investments?
The special administrators assessed client money and custody assets and prepared a distribution plan. The High Court approved that plan on 7 May 2020.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Rather than distributing every asset separately to every customer, the plan provided for most eligible clients’ money and investments to be transferred to a replacement broker, ITI Capital Limited. The main transfer took place on 11 June 2020, and customers began regaining access from 24 July 2020.
The completed transfer covered approximately:
- £23.7 million of client money;
- custody assets with an indicative value of more than £250 million at the time of SVS’s insolvency; and
- more than 99% of SVS clients.
The transfer did not cover every account automatically. Reported exclusions included customers who owed money to SVS, some customers who were not eligible for FSCS compensation and had not paid attributable administration costs, customers subject to freezing orders or sanctions restrictions, and FX elective-professional customers.
How did FSCS protection work?
The Financial Services Compensation Scheme said eligible customers could claim compensation for:
- shortfalls in client money;
- shortfalls in custody assets; and
- eligible costs associated with distributing client money and custody assets.
The investment-compensation limit was £85,000 per eligible claimant. That figure should not be interpreted as blanket insurance covering every SVS investment or every fall in value.
Properly held custody assets were intended to be returned or transferred to the customer. FSCS compensation was relevant where there was an eligible shortfall or qualifying cost under the applicable rules. Eligibility depended on the claimant, the type of claim and the circumstances of the loss.
The FSCS said individuals and small companies were generally eligible for distribution-plan costs in most cases. It could meet eligible administration costs up to £85,000 so that assets could be transferred without those costs being deducted for eligible claimants.
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Customers could make FSCS claims directly for free. The FCA warned that claims-management companies generally offered no advantage and could reduce any recovery by charging a fee.
Why were some claims difficult to process?
The FSCS reported that SVS’s long trading history and poor record-keeping meant complete information was not available for every customer. The joint special administrators had to provide additional records and documentation before the FSCS could investigate the wider group of claims.
The FSCS later confirmed that it could process claims involving:
- contracts for difference (CFDs); and
- discretionary fund management.
If a customer received advice from a separate FCA-authorised adviser, the customer was generally expected to complain to that adviser first. The FSCS may only consider some claims after the customer has exhausted rights against a connected firm that remains in business.
What did the FCA later say about former SVS individuals?
In June 2024, the FCA announced action against three former SVS individuals:
| Individual | Former role | FCA action announced |
|---|---|---|
| Kulvir Virk | Former CEO and majority shareholder | £215,500 fine and prohibition from working in financial services |
| Demetrios Hadjigeorgiou | Former finance director and CEO | £84,600 fine and prohibition from senior-management roles |
| David Stephen | Former head of compliance | £52,100 fine and prohibition from senior-management roles |
The FCA said its case concerned a business model that directed customer money into high-risk, illiquid bonds operated by SVS directors and a close associate. It said 879 customers paid £69.1 million and that the bonds had defaulted, with customers unlikely to recover more than a fraction of their investments.
The FCA also said undisclosed commissions to SVS and unauthorised introducers reached 12% of customer investments. It said SVS retained 10% of customer funds when customers disinvested from certain fixed-income assets by marking down valuations, generating £359,800 in income.
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There is an important legal qualification. The FCA said that Hadjigeorgiou and Stephen referred their Decision Notices to the Upper Tribunal, meaning the allegations against them remained provisional at the time of the announcement. The FCA also said Virk’s Final Notice had not been the subject of a judicial finding. The announcement should not be described as a final court determination against every individual named.
What should former SVS customers do now?
- Check where your assets went. Most eligible accounts were transferred to ITI Capital, but not every account was included. Review old statements, transfer letters and correspondence from Leonard Curtis.
- Identify the type of problem. A missing custody asset, a client-money shortfall, an unsuitable pension transfer, a CFD loss and a complaint about advice may follow different routes.
- Contact the appropriate firm or scheme. Former SVS customers may need to contact ITI Capital, the FSCS, the former administrators or a separate financial adviser, depending on the issue.
- Use independently verified contact details. The administrators’ published contact details included [email protected] and 0203 457 4871. Verify current details through an official regulator, FSCS or Leonard Curtis website rather than relying on an unexpected caller or letter.
- Do not pay a claims company before checking the free route. FSCS claims made directly through the FSCS are free. A claims company’s fee can reduce the amount recovered.
Fraud warnings
The FCA and FSCS warned customers about fraudulent letters and impersonation scams claiming to come from Leonard Curtis or the special administrators. Verify communications using contact details obtained independently, and do not pay a third party or rely on an unsolicited call or letter.
Key dates
| Date | Event |
|---|---|
| 23 January 2018 | FCA raised concerns about due diligence, concentration and liquidity risks involving CFBL bonds. |
| 2 July 2019 | FCA conducted a site visit to SVS. |
| 26 July 2019 | SVS accepted voluntary restrictions covering its discretionary business and other activities. |
| 2 August 2019 | FCA imposed immediate restrictions across SVS’s regulated activities. |
| 5 August 2019 | Court appointed the special administrators. |
| 2 December 2019 | Customers were invited to submit claims through the administrators’ online portal. |
| 7 May 2020 | High Court approved the distribution plan. |
| 11 June 2020 | Most eligible customers became clients of ITI Capital. |
| 24 July 2020 | Customers began regaining access to transferred money and assets. |
| 30 March 2023 | SVS’s administration ended. |
| 10 August 2023 | SVS was dissolved. |
| 24 June 2024 | FCA announced fines and prohibition action against three former SVS individuals. |
| 10 July 2025 | Additional voluntary restrictions took effect at ITI Capital, a separate development from SVS’s administration. |
Do not confuse SVS with ITI Capital’s later restrictions
SVS was dissolved in 2023; it is not an operating brokerage and has not re-entered administration. ITI Capital stated that additional voluntary restrictions took effect on 10 July 2025. ITI said it could no longer conduct regulated activities subject to limited exceptions, while continuing to safeguard existing client money and assets during work to return or transfer them.
That is a separate event. A former SVS customer may still need to deal with ITI if assets were transferred there, but ITI’s later restrictions do not mean that SVS remains active or has entered administration again.
FAQ
Is SVS Securities still in administration?
No. SVS’s administration ended by court order on 30 March 2023, and Companies House records show that the company was dissolved on 10 August 2023.
When did SVS Securities enter administration?
The court appointed special administrators on 5 August 2019. The FCA had already imposed immediate restrictions on SVS’s regulated activities on 2 August 2019.
What happened to SVS customers’ shares and investments?
Most eligible customers’ money and custody assets were transferred to ITI Capital. The main transfer took place on 11 June 2020, with access beginning from 24 July 2020. Some accounts and customer categories required separate treatment.
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Did FSCS cover every SVS investment up to £85,000?
No. The £85,000 limit applied to eligible FSCS compensation claims, such as qualifying shortfalls in client money or custody assets and certain administration costs. It was not blanket insurance against every investment loss.
Can former SVS customers still make an FSCS claim?
The appropriate route depends on the type and status of the claim. The FSCS said it could process claims involving CFDs and discretionary fund management, and customers may need to complain to a connected adviser first.
Were the former SVS directors found guilty by a court?
The FCA announced enforcement action in 2024, but it also said that two individuals had referred their Decision Notices to the Upper Tribunal and that the relevant findings remained provisional at that stage. It said the Final Notice against another individual had not been the subject of a judicial finding.
How can former SVS customers avoid scams?
Do not send money or identity documents in response to an unsolicited letter or call. Verify contact details independently through the FCA, FSCS or Leonard Curtis, and use the free FSCS claims process directly where applicable.
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SVS Securities entered special administration on 5 August 2019 after FCA restrictions were imposed three days earlier. Most eligible customers were transferred to ITI Capital in 2020, while FSCS protection applied to eligible shortfalls and costs rather than automatically covering all investment losses.
SVS’s administration ended on 30 March 2023 and the company was dissolved on 10 August 2023. Former customers should establish whether their issue concerns transferred assets, a client-money shortfall, investment advice or a separate ITI matter before choosing the next claims route.
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