The FinancialAdministrators for failed UK brokerage SVS Securities have notified the public that compensation roll-out or payments may finally be coming this year. According to Finance Magnates, the administrator, Leonard Curtis, has scheduled a hearing to approve milestones in the administration process that may finally yield compensation payments to former clients of the troubled brokerage firm.
The administrator concluded that if the milestones are met, customers can expect to receive funds per the Financial Services Compensation Scheme (FSCS) after April 31, 2021, and the process would conclude by July 29 of this year.
The administrator also noted that although the deadline to submit claims has expired, customers should still submit claims as soon as possible to try and recover funds on a pro-rata basis. The process of administering compensation, in this case, has dragged on for several years as the brokerage was put into special administration way back in August of 2018.