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SVS Securities executives fined, banned from UK financial services over risky pension investment

( June 24, 2024, 09:46 GMT | Official Statement) -- MLex Summary: Three executives at fund manager SVS Securities have been fined by the UK’s Financial Conduct Authority over a high-risk, illiquid bond investment model that prioritized income for the business over its customers’ best interests. A total of 879 customers invested a 69.1 million pounds, including pension fund money, and are unlikely to receive more than a small fraction back, the regulator said. Kulvir Virk, SVS former CEO and majority shareholder, has been fined 215,000 pounds and banned from working in financial services. Finance director Demetrios Hadjigeorgiou and head of compliance David Stephen have been fined 84,600 pounds and 52,100 pounds respectively, and banned from holding senior management roles. Hadjigeorgiou and Stephen are appealing the FCA’s decision.  Statement below, notices attached. ...

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