The special administrators of SVS Securities have provided an update on their recent work on this case and their plans.

The Administrators say they are currently in the process of preparing the necessary application to cancel the company’s FCA permissions to carry out regulated activities. The Administrators envisage that the application will be submitted prior to the hearing of the Administrators’ discharge application.

The Administrators have submitted an application to Court for an order bringing the special administration of the company to an end.

The above application is scheduled to be heard at the High Court of Justice, The Rolls Building, 7 Fetter Lane, London EC4A 1NL on or around 15 March 2023 (the hearing is currently listed across a three day window from 15 March 2023). The Administrators anticipate that the Court will confirm the date and time of the hearing approximately one business day prior to the hearing.

Let’s recall that SVS Securities plc was placed in Special Administration by its directors in August 2019. Andrew Duncan, Andrew Poxon and Alex Cadwallader, of Leonard Curtis Recovery Ltd were appointed Special Administrators of SVS.

SVS Securities plc is a wealth management firm that offers a range of services to its clients, including advisory stockbroking, online share dealing, Forex trading and discretionary fund management services.

The directors of SVS decided to place the firm in Special Administration. This was following action taken by the Financial Conduct Authority to place requirements on SVS, stopping it from conducting regulated activities and restricting it from disposing of assets. The FCA took these steps after it identified serious concerns about the way the business was operating. As a result, the directors obtained solvency advice and resolved to place the firm into Special Administration.