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Wealth firm collapses after FCA investigation

The FCA is investigating a wealth firm that has fallen into administration.

A note on the regulator’s website shows that SVS Securities Plc has collapsed after “urgent supervisory work” was conducted by the FCA.

The note does not detail the specific reasons why the FCA is probing the firm, however.

It reads: “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 has opened an investigation into this matter.”

The FCA banned SVS from conducting regulated activities and restricted it from disposing of its own or its clients’ assets. The directors then decided to place the firm into administration.

“The joint special administrators are currently considering the options for the business going forward, including a sales process of the whole or part of the business,” the FCA says. “They will be speaking with interested parties about this.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. As ever, the crunch question is for how long had these alleged malfeasances been going on before the FCA pounced.

  2. I’m always wary when a firm uses the words wealth management, either in their title or literature.

    It invariably refers to their wealth – not yours.

  3. The term “get rich quick” would be more appropriate.
    HNW is also a word used by these people.

  4. […] in the week SVS went into administration as the FCA launched a probe into the firm for undisclosed […]

  5. totally agree harry get rich quick title

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