SVS Securities - shut down?

pafpcg

Client update issued by LC today: https://www.leonardcurtis.co.uk/wp-content/uploads/2020/04/SVS-Securities-Client-Update-07-April-2020.pdf
It concerns the transfer to a new broker but still unnamed! LSE member and FCA regulated. Vast majority of client assets will be transferred but not all. 

Distribution Plan with the details of what needs to be done will be published in week commencing 20th April.  Subject to Creditors' Committee and regulatory approval of the Distribution Plan, the return of client assets will NOT take place before July.

plodder73

pafpcg said:

Client update issued by LC today: https://www.leonardcurtis.co.uk/wp-content/uploads/2020/04/SVS-Securities-Client-Update-07-April-2020.pdf
It concerns the transfer to a new broker but still unnamed! LSE member and FCA regulated. Vast majority of client assets will be transferred but not all. 

Distribution Plan with the details of what needs to be done will be published in week commencing 20th April.  Subject to Creditors' Committee and regulatory approval of the Distribution Plan, the return of client assets will NOT take place before July.

Did you get that in an email or did you find it on their site? I’ve not heard anything from them for months, starting to think I’ve been forgotten!

pafpcg

plodder73 said:

pafpcg said:

Client update issued by LC today: https://www.leonardcurtis.co.uk/wp-content/uploads/2020/04/SVS-Securities-Client-Update-07-April-2020.pdf
It concerns the transfer to a new broker but still unnamed! LSE member and FCA regulated. Vast majority of client assets will be transferred but not all. 

Distribution Plan with the details of what needs to be done will be published in week commencing 20th April.  Subject to Creditors' Committee and regulatory approval of the Distribution Plan, the return of client assets will NOT take place before July.

Did you get that in an email or did you find it on their site? I’ve not heard anything from them for months, starting to think I’ve been forgotten!

I too was wondering if anything was happening, so I looked at the LC web-site this afternoon and found the update.
The Distribution Plan will be formally presented to the Creditors' Committee on the 21st April, so I predict that there'll be a few of us checking the web-site from the 22nd onwards.....

bowlhead99

pafpcg said:
...so I predict that there'll be a few of us checking the web-site from the 22nd onwards.....

On track record of this thread, I predict there'll be at least one or two posting back here before the 22nd moaning that it is taking so long....

rnf11

There could well be other snags ahead. I see today that one of my brokers has recently ceased any inwards transfers.

For planning purposes, I've pencilled in Christmas!...

johnburman

rnf11 said that one "of my brokers has recently ceased any inwards transfers." Which one...and did they give any reason?

No moans from me this time...let us see if they can keep the timeline.  No disclosure of the new broker yet, I notice despite a conditonal contract in place. 

Thrugelmir

johnburman said:

rnf11 said that one "of my brokers has recently ceased any inwards transfers." Which one...and did they give any reason?

 

Seems pretty obvious given the office based nature of the business. My broker has been in contact explaining that they maybe delays in answering the telephone and email correspondence. Companies aren't operating at 100% staffing levels. 

manted

rnf11 said:

There could well be other snags ahead. I see today that one of my brokers has recently ceased any inwards transfers.

For planning purposes, I've pencilled in Christmas!...

would you care to disclose which one ? surely you dont want to keep it suspense similar to our "much beloved" LC.

snipkin

That reminds me, I noticed a short item in The Sunday Times yesterday about iWeb::

[Quote] Halt to business at cheap share dealer - The low-cost stockbroker iWeb from Lloyds Banking Group has stopped taking applications from new customers. “We have to work differently amid Covid-19 concerns and prioritise the safety of our staff and customers.” IWeb charges £5 commission for each trade. [end quote]

I was wondering if this had anything to do with the SVS broker transfer but then I assumed it was only about the Covid-19 situation and I thought nothing more of it.

masonic

snipkin said:

That reminds me, I noticed a short item in The Sunday Times yesterday about iWeb::

[Quote] Halt to business at cheap share dealer - The low-cost stockbroker iWeb from Lloyds Banking Group has stopped taking applications from new customers. “We have to work differently amid Covid-19 concerns and prioritise the safety of our staff and customers.” IWeb charges £5 commission for each trade. [end quote]

I was wondering if this had anything to do with the SVS broker transfer but then I assumed it was only about the Covid-19 situation and I thought nothing more of it.

I doubt iWeb is the nominated broker. There would be a bit of a backlash when either SVS refugees have to pay the £25 account opening fee, or it is waived and existing customers kick up a fuss.