At 12.25pm on Monday 5 August 2019, Andrew Poxon, Julien Irving and Alex Cadwallader of Leonard Curtis were appointed as Joint Special Administrators of SVS Securities PLC (“the Company”) by order of the High Court in England and Wales. The appointment was made in accordance with the provisions of The Investment Bank Special Administration Regulations 2011. Julien Irving was subsequently replaced as Joint Special Administrator by Andrew Duncan of Leonard Curtis on 12 May 2020.
An Own Initiative Requirement (“OIREQ”) was imposed on the Company by the Financial Conduct Authority (“FCA”) on Friday 2 August 2019. The FCA considered the OIREQ was necessary because (a) the Company was failing to satisfy the FCA’s threshold conditions in relation to appropriate resources (financial and non-financial) and suitability, and (b) it was desirable to further the FCA’s consumer protection and integrity objective. The terms of the OIREQ required the Company to cease all regulated activities and included further restrictions on the use of the Company’s own assets and any client assets and client money it held. In view of the financial and operational position of the Company on Friday 2 August 2019, the Board concluded and resolved to place the Company into Special Administration, subject to receiving the requisite consent of the FCA and the Bank of England. The requisite consents were subsequently received and the Company entered into Special Administration on 5 August 2019.
Notwithstanding the appointment of the Special Administrators the Company remains an FCA regulated entity.
Andrew Poxon, Alex Cadwallader and Andrew Duncan are authorised to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales under office holder numbers 8620, 9501 and 9319 respectively. The affairs, business and property of the Company are being managed by the Joint Special Administrators, who act as agents of the Company without personal liability.