The Financial Conduct Authority (FCA) imposed a fine of £56,400 and a ban on Demetrios Hadjigeorgiou from holding senior management positions in financial services on August 19, 2026. This action follows findings that Hadjigeorgiou failed to manage SVS Securities Plc properly and protect customer interests.
The FCA relied on sections 66 and 56 of the Financial Services and Markets Act 2000 to impose the prohibition order. The FCA found that Hadjigeorgiou breached Statement of Principle 6 by failing to exercise due skill, care, and diligence in managing SVS.
This enforcement action applies to Demetrios Hadjigeorgiou, the former CEO of SVS Securities Plc, who was in that position from May 1, 2018, to August 7, 2019. The FCA's findings indicated that he invested customers' money in high-risk products without proper disclosure, adversely affecting their pension savings.
There is no stated deadline or transitional period for compliance. The FCA noted that Hadjigeorgiou settled his case and withdrew his referral to the Upper Tribunal, which facilitated the enforcement action.