SVS Securities PLC’s Joint Special Administrators have made an announcement today. The announcement was in regards to a vast amount of client money and client assets that are set to be transferred to ITI Capital Limited on the 11th of June, 2020.
Six Weeks To Settle Matters
The Administrator of SVS, Leonard Curtis, gave a statement about the matter on Thursday. He explained that after the money and assets are successfully transferred to ITI, clients should be capable of receiving their client assets and money in its entirety. Of course, this is not the case should the Joint Special Administrators have informed certain clients of otherwise arrangements.
The statement explained that the SPA would permit ITI a period of up to 6 weeks to finalize the system preparations to return the various client assets and funding after the transfer was complete. Furthermore, this period is given so ITI can conclude its onboarding checks, as well. The statement explained that this six-week period will now officially be referred to as the “Settlement Date” in the eyes of the SPA.
Measures That Needed To Be Taken
The statement elaborated, explaining that the clients of SVS Securities are expected to have gained access to their client assets and client money from the 23rd of July, 2020. The statement further urged the clients not to directly engage with ITI until this six-week period had expired.
It was back in February of this year when the SVS Securities Administrators had announced that it had made an agreement with a regulated broker. This agreement pertained to transferring the client assets and to this broker, but it was not revealed that this broker was ITI Capital at the time.
Promises Of Staying Close To SVS In Policy
After the transfer is complete, clients will then have to comply with the terms of the business of ITI. This comes according to the statement made, but it was also made clear that ITI had worked in tandem with the Administrators to align its terms of business with that of SVS Securities.
Thus, once the Settlement Date has gone past, clients will not have to pay exit fees to ITI. Furthermore, fees that clients will pay under the terms of business for ITI will be equal to the fees that they had paid by SVS in regards to a similar service, for a period of three months. They will site the terms of business for SVS Securities as it was stated on the 5th of August, 2019.
The statement made it clear that there stands a very small group of clients that will not be eligible for transfer to ITI. These clients, according to the statement, will be separately contacted by the Joint Special Administrators in regards to the options they have available to them for the return of their client money and client assets.