SVS Securities - shut down?

johnburman

Some news from the FSCS:

FSCS is continuing to work closely with the Leonard Curtis/SVS towards delivering a transfer of client money and assets to a new broker. Teams at both organisations are continuing to function in spite of the COVID 19 restrictions.

We're working with the joint special administrators on the steps necessary to return custody assets and client money as soon as possible.

manted

Good for the FSCS to keep us posted.
Only now if we can get the name of the broker to which those assets will be transferred.

johnburman

Good for the FSCS to keep us posted.  YES.  But LC shoudl be doing this. AND the CREDITORS COMMITTEE AND FCA should be ensuring tha tthey do so( ...and actually the FSCS too).

masonic

johnburman said:

Good for the FSCS to keep us posted.  YES.  But LC shoudl be doing this. AND the CREDITORS COMMITTEE AND FCA should be ensuring tha tthey do so( ...and actually the FSCS too).

The FSCS has a representative on the creditors' committee and seems an ideal conduit for the committee to communicate to the investor base.

johnburman

Masonic...so why don't they do so?  Surely it is for LC to keep us informed not any "third party."

Thrugelmir

johnburman said:

Masonic...so why don't they do so?  Surely it is for LC to keep us informed not any "third party."

Perhaps social distancing has made the task rather difficult. Or they've succumbed to the virus themselves. 

masonic

johnburman said:

Masonic...so why don't they do so?  Surely it is for LC to keep us informed not any "third party."

Perhaps if you direct your question to the appropriate place you'll get an answer.

As we've gone through time and time again it is LC's responsibility to keep you informed through progress reports issued at 6 month intervals. They have a track record of communicating updates more frequently when there is something new to report. The most plausible explanation for a lack of communication is that there is nothing further to communicate at this time.

johnburman

masonic is being a little to relaxed at the approach of LC.  I do NOT think that the process of returning OUR money and OUR shares should take forever.  Even with the COVID crisis that we are now in (although that may have technical platform transfer issues)
FYI I have received this extract of an email from LC to-day:

Thank you for your email.  Throughout this process, the Joint Special Administrators strategy has been to return Custody Assets and Client Money to Clients by way of a transfer to one or more nominated regulated broker. Good progress has been made in this regard and we have now agreed the terms of a transfer with a single broker. Unfortunately, we are not yet in a position to disclose the name of that broker to clients. Furthermore, we cannot provide you with any certainty at this stage regarding the timing of the proposed transfer.

 You will appreciate that there is a legal process which must be followed to affect such a transfer. That process is contingent on obtaining FCA approval – which we await – and includes obtaining the approval of both the Creditors Committee and the High Court to a Distribution Plan.

  So there is a broker; and terms have been agreed BUT NO FCA approval (I wonder why not?); NO Criditors Committee approval and NO Court approval. Only 8 months since LC were appointed.

masonic

johnburman said:

masonic is being a little to relaxed at the approach of LC.

I'm not being relaxed about it. If I had money and/or investments trapped at SVS, and I was upset over lack of progress, I'd do something constructive about it. I wouldn't waste my time repeatedly posting the substantially the same protestations to a group of anonymous strangers over a period of months, while largely ignoring any constructive suggestions they made. However, I must give you credit for taking my advice in this instance and emailing LC.

johnburman said:

So there is a broker; and terms have been agreed BUT NO FCA approval (I wonder why not?); NO Criditors Committee approval and NO Court approval. Only 8 months since LC were appointed.

The FCA is next to useless at the best of times, so I imagine with them all "working" from home, they're probably all too busy working out how to deal with their overflowing bins and figuring out the appropriate place in their house to urinate and defecate.

manorhouse

I saw a big poster for IG at train station must be many up .
Anyone with them .
£3 uk trades free US.
I hope we get transferred to them