Latest Updates

  • Publication Date

    Document

  • 27/09/2021

    Client Update 27th September 2021

  • 27/08/2021

    JOINT SPECIAL ADMINISTRATORS’ FOURTH PROGRESS REPORT FOR SVS SECURITIES PLC

  • 09/07/2021

    Unauthorised Email Warning

  • 04/05/2021

    Hard Bar Date Notice & Longstop Date Notice

  • 04/05/2021

    Letter to Clients – Hard Bar Date Notice & Longstop Date Notice

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.

Please see The Notice of Appointment and Special Administration Order for more details.

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.

The Officeholder(s) are Data Controllers of personal data as defined by the Data Protection Act 2018. Personal Data will be kept secure and processed only for matters relating to the appointment. Please refer to our Privacy Policy for further information.

Contact Us

Following the latest UK Government advice regarding COVID-19, in the interest of the health and wellbeing of our employees, their families and the wider community we have temporarily initiated a business continuity plan enabling employees to work from home.

We refer clients to the dedicated webpage www.leonardcurtis.co.uk/SVS in the first instance for information on the Special Administration. Regular updates will be provided on the webpage, together with answers to a number of FAQs, notices to clients and reports on the progress of the Administration. We would request that any clients wishing to contact the Administrators’ team email us at svs@leonardcurtis.co.uk rather than telephoning our offices, if possible. We encourage you to remain vigilant and to exercise caution when dealing with all correspondence regarding the Administration, whether it be in the form of a letter, telephone call, text message or email. If you are in any doubt regarding the authenticity of any correspondence you may receive, please do not hesitate to contact the Administrators via email at svs@leonardcurtis.co.uk.

All queries should be addressed in writing for the attention of:

Carl Lever
Manager for the Administrators of SVS Securities PLC (In Special Administration)
Email: svs@leonardcurtis.co.uk
Telephone: 0161 831 9999 or 020 7535 7000

Registered Office Address: SVS Securities PLC (In Special Administration), Riverside House, Irwell Street, Manchester M3 5EN

Following the latest UK Government advice regarding COVID-19, in the interest of the health and wellbeing of our employees, their families and the wider community we have temporarily initiated a business continuity plan enabling employees to work from home rather than travel to SVS Securities’ central London office.

We would request that any clients wishing to contact the Special Administration team email us on svs@leonardcurtis.co.uk rather than telephoning our offices, if possible.

We encourage you to remain vigilant and to exercise caution when dealing with all correspondence regarding the Special Administration, whether it be in the form of a letter, telephone call, text message or email. If you are in any doubt regarding the authenticity of any correspondence you may receive, please do not hesitate to contact the Joint Special Administrators via email on svs@leonardcurtis.co.uk.