FCA Fines and Bans Former SVS Securities CEO

The Financial Conduct Authority announced on 19 August that it banned Demetrios Hadjigeorgiou, former CEO of SVS Securities Plc, from working in senior management positions in financial services and fined him GBP56,400.

SVS was a discretionary fund manager. The FCA said Hadjigeorgiou failed to properly manage the firm and protect customers’ interests while he was CEO. According to the regulator, SVS invested customer money, including pension savings, in high-risk products while receiving significant payments from the companies that issued those products.

The FCA also found that Hadjigeorgiou failed to challenge a decision that reduced the value of customers’ bond investments by 10% when they chose to sell. The regulator said that reduction generated GBP359,800 for SVS at customers’ expense and that customers were not clearly told about it.

The ban and fine were imposed after Hadjigeorgiou settled the case and withdrew his referral to the Upper Tribunal. SVS entered special administration in August 2019 and was dissolved in August 2023.

Why it matters

For traders and investors comparing brokers or investment firms, the case highlights a practical conduct risk: product access and headline returns are not enough if conflicts, exit pricing and disclosure are weak.

It also shows the FCA continuing to pursue senior-manager accountability after a firm failure, even when the underlying business is no longer operating.

What to watch next

Watch for further FCA enforcement against individuals tied to failed investment firms, especially where customer money was routed into high-risk products with issuer payments or unclear exit costs.