The special administrators of collapsed UK-based wealth business SVS Securities have sold the company’s client book to investment firm ITI Capital.
Leonard Curtis, the firm looking after the administration process, said that the “most appropriate strategy for the return of any client assets and client money due and held by the company is an orderly and coordinated transfer to a single regulated broker”.
ITI Capital is a registered company in England and Wales, it is regulated by the Financial Conduct Authority (FCA) and is listed on the London Stock Exchange.
Leonard Curtis added: “ITI will contact clients individually with specific instructions on how to register for an account with them in due course.
“The vast majority of the company’s clients will become clients of ITI on 11 June 2020.”
Take over
The administrator had already told clients in May 2020 which assets and/or money they proposed to transfer to ITI.
Once complete, the investment firm will need a further six weeks to finalise its systems, meaning that clients will be able to access their money and assets from mid-July 2020, Leonard Curtis said.
SVS Securities was banned from carrying out any regulated activities in August 2019, after the FCA found significant issues in the way the business operated, especially in its DFM division.
In October 2019, the special administrators said they were working with the Financial Services Compensation Scheme (FSCS) to distribute assets.
