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.”