SVS Securities - shut down?

olderbutnowiser

Talk about dragging it out......

FairDinkum

Seeing the level of fees racked up by various entities, I feel very happy that the FSCS is covering them. With the current market slide, I'll have to hang on to investments I had intended to dispose of. 
Unfortunately for HMRC I won't be able to declare income correctly since I will have no idea by the end of the tax year what my investments may have earned.

eskbanker

FairDinkum said:

Unfortunately for HMRC I won't be able to declare income correctly since I will have no idea by the end of the tax year what my investments may have earned.

If you feel the need to declare such income before having sight of confirmed figures then you could always work it out yourself, flagging it as estimated to HMRC if you're not confident of doing so to the level of accuracy expected?

masonic

FairDinkum said:

Seeing the level of fees racked up by various entities, I feel very happy that the FSCS is covering them. With the current market slide, I'll have to hang on to investments I had intended to dispose of. 
Unfortunately for HMRC I won't be able to declare income correctly since I will have no idea by the end of the tax year what my investments may have earned.

If you complete a tax return, then you have plenty of time before you need to complete this for the 2019/20 tax year. If you don't complete a tax return, then you would only need to make a declaration of there would be a tax liability, is this likely to be the case?

manted

juliamarsh said:

I'm quite convinced SVS's client contact details have been sold on. Several times a week we get calls from 'financial' companies supposedly following up on information we have 'requested' and this has been going on for quite a few months. Beaufort Securities is one, and yesterday it was Cleo Securities but I suspect they could be one and the same outfit. Usually they ask for my son but occasionally me. The fact that they always ring the landline, never our mobiles is a bit of a giveaway -  I was concerned about SVS ringing my children directly to try to persuade them to invest in dodgy companies, so in order to protect them I removed everybody's mobile numbers from SVS's database because I knew that if they phoned on the landline I would be able to intercept the call and fend them off. Has anybody else been targeted by Beaufort Securities or Cleo?

You could report the nuisance calls to your landline using this link - https://ico.org.uk/make-a-complaint/nuisance-calls-and-messages/spam-texts-and-nuisance-calls/report-spam-texts-and-nuisance-sales-calls/

masonic

manted said:

juliamarsh said:

I'm quite convinced SVS's client contact details have been sold on. Several times a week we get calls from 'financial' companies supposedly following up on information we have 'requested' and this has been going on for quite a few months. Beaufort Securities is one, and yesterday it was Cleo Securities but I suspect they could be one and the same outfit. Usually they ask for my son but occasionally me. The fact that they always ring the landline, never our mobiles is a bit of a giveaway -  I was concerned about SVS ringing my children directly to try to persuade them to invest in dodgy companies, so in order to protect them I removed everybody's mobile numbers from SVS's database because I knew that if they phoned on the landline I would be able to intercept the call and fend them off. Has anybody else been targeted by Beaufort Securities or Cleo?

You could report the nuisance calls to your landline using this link - https://ico.org.uk/make-a-complaint/nuisance-calls-and-messages/spam-texts-and-nuisance-calls/report-spam-texts-and-nuisance-sales-calls/

Yes, although this is generally only worth doing if the calls you are receiving are from reputable firms.

manorhouse

Why is this taking so long ?

bowlhead99

manorhouse said:

Why is this taking so long ?

Why do the same people keep asking why it is taking so long?

A large number of the 1000+ posts on the thread are people explaining to impatient former SVS clients why it's a process that takes time, providing both technical and layman explanations of what is going on and giving references or links to the various official responses and updates provided by the administrators.

I expect that - similar to how SVS clients are growing tired of waiting for a transfer of assets to be concluded which allows them access to their holdings once again - the other forum members are growing tired of having the same people come back and bump the thread by saying they don't know why is taking time, as if they had never asked or been answered before.

The Special Administrators provided a 50-page progress report on their dedicated site on the afternoon of Thursday 27th, which was linked a few posts up the thread, and you're back on Friday 28th to ask why it's taking time? If the report left you none the wiser, why not give them a call and see what they say?

johnburman

Bowlhead99 asks
Why do the same people keep asking why it is taking so long?
and I one of them.  the answer is that this shodl be a relitively streightforward admininstration - there are only 21.5k clients.  Most of the XO clients have settled tranactions: there are very few unsettled ones.  The assets and liabilities of the company are known, the bar date has passed (after being extended), the Progress Report tells us what we all already know.  There have been no 'proposals' for the distribution.  And all this after 7 months.
The FCA and FSCS and the Creditors Committee shoudl be pushing for a resolution.  Thankfuly the CASS Regs worked BUT if there is no distribution back to clients that is hardly a success.  The delay is a stain on the FCA and one the special admininstration process: meanwhile LC charge £430 ph.     

masonic

So why don't you do something about it @johnburman ?

(by the way, credit where it's due for attributing blame to the special administration process. It did not go unnoticed )