Compliance Head in battle with CEO as FCA brings action over "mistreatment of pension funds"

Two senior employees in SVS Securities, a City of London firm of discretionary fund managers, are disputing evidence given by their former CEO, Kulvir Virk. The evidence helped the FCA decide to fine all three of them and to reduce the roles that they can play in financial services in future.

By Neasa MacErlean

However, a decision by the two - former Compliance Head David Stephen and former Finance Director Demetrios Hadjigeorgiou - to appeal against the Financial Conduct Authority's findings against them means that a conclusion to the case has been delayed.