The Financial Services Compensation Scheme (FSCS) said that over 18,000 clients of defunct wealth management firm SVS Securities can start to access their money and assets from nominated broker ITI Capital, from 24 July 2020.
SVS offered a range of discretionary fund management (DFM), advisory stockbroking, online share dealing and foreign exchange trading services, before being placed in special administration in August 2019.
The FSCS has been working with administrators from Leonard Curtis since October 2019, which sold the wealth firm’s client book to investment firm ITI Capital in June 2020.
The lifeboat scheme added that, according to its distribution plan, it will be able to meet “special administration costs on behalf of all eligible claims up to £85,000 ($107,132, €93,638)”.
The payment will be made directly to the joint special administrators and most clients will get their money and assets back through ITI Capital.
Jimmy Barber, chief operating officer at the FSCS, said: “We want to thank SVS clients for the patience they have shown throughout this difficult period.
“Now that they can begin accessing their money and assets, we are starting to look at other issues that have arisen following SVS’s failure.
“To assist this, our free online claims service is available to SVS clients who feel that simply having their assets and client money returned is not going to address the financial losses they have suffered, and who consider SVS is to blame for these additional losses.
“We would, however, ask clients to note that FSCS cannot compensate them solely for poor investment performance,“ he added.