FSCS Helps Clients Of Collapsed Stockbroker Recover Money

Law360, London (July 24, 2020, 5:40 PM BST) -- Britain's financial compensation scheme said Friday it has helped approximately 18,000 customers of SVS Securities PLC access their money after the investment manager collapsed in 2019 when regulators raised concerns about the way it was operating.

The Financial Services Compensation Scheme said the stockbroker's former clients will begin being able to access their assets from Friday using nominated broker ITI Capital Ltd.

SVS Securities was put in administration by its directors in August 2019 after the Financial Conduct Authority prevented the company from carrying out regulated activities and froze its accounts.

"We want to thank SVS clients for the patience they...

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