The regulator had first intervened at SVS when it conducted "urgent" supervisory work after receiving a tip-off about the assets in which the company was investing the money of its clients.
Following this the watchdog ordered SVS to cease all regulated activities and it collapsed into administration in August last year.
The regulator found the company was targeting IFAs to promote its model portfolios to clients after a defined benefit pension transfer or Sipp switch.
The City watchdog warned the proportion of illiquid and high-risk bonds in these model portfolios were unlikely to match the needs of the clients.
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