SVS Securities Administration Process to End in Early 2022

SVS Securities Administration Process to End in Early 2022

September 28, 2021

The Joint Special Administrators of the failed broker SVS Securities PLC issued a notice on Monday stating that they are anticipating to conclude the administrative process by early 2022.

This update came after the representatives from Leonard Curtis published its latest progress report of the administrative process, between February and early August, stating that majority of funds were refunded to the SVS clients.

“Once the administration has been concluded and the Administrators have obtained their discharge of liability, the Administrators will no longer be able to process and respond to client information requests or Data Subject Access Requests (DSAR),” the latest notice stated.

Thus, the administrators have requested the potential claimants of SVS to contact them ‘as soon as possible’ to retrieve their client information before the closure of the process.

Recovery Under FSCS

According to the administrators, The majority of DSARs have been received from claims management companies (CMCs) and law firms. It further detailed that the vast majority of the DSARs received relate to potential mis-selling claims, which are being handled by the Financial Services Compensation Scheme (FSCS).

“The Administrators continue to liaise with the FSCS directly and have provided the FSCS with sufficient client data to enable the FSCS to process such claims,” the administrators noted.

Though there is a cap of £85,000 for FSCS’s compensation scheme, less than 1 percent of the total claims of SVS clients exceeded the limit.

“The Administrators confirm that, other than a very small number of exceptions, the full Custody Asset and Client Money entitlements of Clients have been or are expected to be returned,” Leonard Curtis stated earlier.

SVS was placed under special administration in August 2019 after the Financial Conduct Authority stopped it from conducting business over concerns of its operations. Meanwhile, administrators also warned claimants against several fraudsters who are extorting money from the victims.

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