SVS Securities enters administration
SVS Securities has entered administration following an application by the directors, reports Jane Connolly.
Julien Irving, Andrew Poxon and Alex Cadwallader, all of Leonard Curtis, have been appointed as special administrators of the advisory stockbroking and online share dealing firm.
The Financial Conduct Authority (FCA) has also opened an investigation into the business. 
In a statement, the FCA says: “Acting on intelligence received about the assets in which SVS invested its clients’ money, we conducted urgent supervisory work and identified serious concerns about the way in which the business was operating.”
The FCA continues: “Following action taken by the FCA to impose requirements on SVS stopping it from conducting regulated activities and restricting it from disposing of its own or its clients’ assets, the directors considered the viability and solvency of SVS. They obtained solvency advice and resolved to place the firm into special administration.”
The special administrators will work to determine the position with the Financial Services Compensation Scheme (FSCS), which will cover custody assets and client money shortfalls for eligible clients up to £85,000.
In the meantime, the FCA has warned SVS clients to be wary of approaches by claims management companies and possible scams.
