The FCA has banned Demetrios Hadjigeorgiou from working in senior management positions in financial services and fined him £56,400.
Mr Hadjigeorgiou was the former director and chief executive officer (CEO) of SVS Securities Plc (SVS), a discretionary fund manager.
The FCA found that Mr Hadjigeorgiou failed to properly manage SVS and protect its customers’ interests.
While he was CEO, the firm invested customers’ money, including pension savings, in high-risk products while receiving significant payments from the companies that issued them.
Mr Hadjigeorgiou also failed to challenge a decision that reduced the value of customers’ bond investments by 10% when they decided to sell them. This generated £359,800 for SVS at the expense of its customers. Customers were not clearly told about this reduction and, as a result, some lost part of their pension savings.
The ban and fine were imposed after Mr Hadjigeorgiou settled his case with the FCA and withdrew his referral to the Upper Tribunal.
Therese Chambers, joint executive director of enforcement and market oversight, said:
‘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.’
Notes to editors
- Final Notice 2026: Demetrios Christos Hadjigeorgiou[1] (PDF).
- Read our press release: FCA takes action against three individuals from SVS Securities for mistreatment of pension funds[2].
- SVS Securities Plc entered special administration on 5 August 2019 and was dissolved on 10 August 2023.
- Mr Hadjigeorgiou was the CEO of SVS from 1 May 2018 to 7 August 2019. He received an initial Decision Notice[3] dated 25 April 2024.
- The FCA found that Mr Hadjigeorgiou breached Statement of Principle 6 by failing to exercise due skill, care and diligence in managing the business of SVS.
- The FCA imposed a financial penalty of £56,400 and a prohibition order under sections 66 and 56 of the Financial Services and Markets Act 2000.
- Find out more information about the FCA[4].