The Financial Conduct Authority (FCA) has banned Demetrios Hadjigeorgiou of SVS Securities from working in financial services, and him fined him £56,400, for failing to properly manage SVS and protect its customers’ interests.

Hadjigeorgiou was a former director and chief executive officer (CEO) at SVS, a discretionary fund manager that managed investments held on behalf of retail pension customers within a self-invested personal pension (SIPP).

The regulator stated that, while Hadjigeorgiou was CEO, the firm invested customers’ money, including pension savings, in high-risk products while receiving significant payments from the companies that issued them.

Furthermore, he failed to challenge a 10 per cent reduction in customer’s bond investments on sale, generating £359,800 for SVS. Customers were not clearly informed, and some lost pension savings, according to the FCA.

Hadjigeorgiou was SVS CEO from May 2018 to August 2019. He received an initial decision notice in April 2024.

Although the FCA upheld its findings against him, it reduced his proposed fine from £84,600 to £56,400 after reclassifying part of his misconduct relating to a 10 per cent markdown on customers' fixed-income investments.

The FCA concluded in its final notice that Hadjigeorgiou, “failed to exercise due skill, care and diligence” in managing the business of SVS.

The notice also stated that, as a result of his conduct, Hadjigeorgiou “is not a fit and proper person, and he poses a risk to consumers and to the integrity of the financial system”.

FCA joint executive director of enforcement and market oversight, Therese Chambers, commented: “Building up a pension for retirement is one of the most important investments you can make.

"Mr Hadjigeorgiou put people's savings at risk and his actions have left people worse off in retirement."

“Where senior leaders fail to put customer interests first, we will act,” she added.

The FCA imposed the ban and fine 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.

---