The joint special administrators of SVS Securities are preparing to cancel the now-failed broker’s authorization with the United Kingdom’s financial market regulator, the Financial Conduct Authority (FCA
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol
Read this Term). It will ensure that the broker cannot carry out regulated activities.
SVS Securities provided trading services in stocks, CFDs, IPOs, and corporate finance, authorized and regulated by the Financial Services Authority. It also offered various investment management services, including advisory and brokering Execution, IPO private equity services, and an institutional desk.
The company was placed under special administration in August 2019 after the Financial Conduct Authority stopped it from conducting business over concerns about its operations.
ITI Capital, another London-based financial advice and investment services company, bought the client books from SVS, and the administrators facilitated the transfer of platforms. However, ITI faced technical difficulties onboarding SVS clients, resulting in distressed clients, some of whom even complained to the FCA. The chaos forced ITI Capital to exit the retail business last year.
Check out the latest FMLS22 session on “What CFDs Traders Value Most & How They Choose Their Brokers.”
SVS Administration Comes to An End
Meanwhile, the SVS administrators also submitted a court order, seeking an end to its special administration oversight of the failed brokerage company. The United Kingdom’s High Court of Justice will hear the application on or around 15 March 2023.
The end of the administration of SVS was initially anticipated for early 2022. Most of the creditors and clients of the failed broker receive compensation. However, the Administrators urged “any clients who have not yet engaged with the Administrators in respect of the return of their client assets and/or client money
Client Money
Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr
Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr
Read this Term” to contact them immediately.
“Clients and creditors are not required to attend the Court hearing but may do so if they wish. If any clients or creditors wish to obtain further details regarding the hearing with a view to attending the hearing or otherwise, they should contact the Administrators,” the notice published last week stated.
The administrators further highlighted that it would apply for revoking the FCA authorization before the court hearing of its discharge application.
The joint special administrators of SVS Securities are preparing to cancel the now-failed broker’s authorization with the United Kingdom’s financial market regulator, the Financial Conduct Authority (FCA
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol
Read this Term). It will ensure that the broker cannot carry out regulated activities.
SVS Securities provided trading services in stocks, CFDs, IPOs, and corporate finance, authorized and regulated by the Financial Services Authority. It also offered various investment management services, including advisory and brokering Execution, IPO private equity services, and an institutional desk.
The company was placed under special administration in August 2019 after the Financial Conduct Authority stopped it from conducting business over concerns about its operations.
ITI Capital, another London-based financial advice and investment services company, bought the client books from SVS, and the administrators facilitated the transfer of platforms. However, ITI faced technical difficulties onboarding SVS clients, resulting in distressed clients, some of whom even complained to the FCA. The chaos forced ITI Capital to exit the retail business last year.
Check out the latest FMLS22 session on “What CFDs Traders Value Most & How They Choose Their Brokers.”
SVS Administration Comes to An End
Meanwhile, the SVS administrators also submitted a court order, seeking an end to its special administration oversight of the failed brokerage company. The United Kingdom’s High Court of Justice will hear the application on or around 15 March 2023.
The end of the administration of SVS was initially anticipated for early 2022. Most of the creditors and clients of the failed broker receive compensation. However, the Administrators urged “any clients who have not yet engaged with the Administrators in respect of the return of their client assets and/or client money
Client Money
Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr
Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr
Read this Term” to contact them immediately.
“Clients and creditors are not required to attend the Court hearing but may do so if they wish. If any clients or creditors wish to obtain further details regarding the hearing with a view to attending the hearing or otherwise, they should contact the Administrators,” the notice published last week stated.
The administrators further highlighted that it would apply for revoking the FCA authorization before the court hearing of its discharge application.
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