SVS Securities - shut down?

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.

EdGasketTheSecond

Well it could be the full-priced version i.e. Halifax then; more than double the dealing cost.

masonic

EdGasketTheSecond said:

Well it could be the full-priced version i.e. Halifax then; more than double the dealing cost.

Halifax can be cheaper than iWeb if you make use of the regular investing (£2) and monthly offers on trading (£3.95).

Alexland

EdGasketTheSecond said:

Well it could be the full-priced version i.e. Halifax then; more than double the dealing cost.

Or 40% the dealing cost if using their regular £2 rate. My guess is that the SVS customers are far more likely to go to HL, AJ Bell or Interactive Investor.

Thrugelmir

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.

Social distancing etc applies to offices as anywhere else. Open plan offices pose signficant challenges. Given the close proximity of desks. Likewise staff that have child care issues, are self isolating etc. The world is far from functioning normally. 

johnburman

By a quirk of fate I was looking at iWeb - I rather like them.  They could waive the £25 fee for ex-SVS 'refugees'.

But I have been looking at Trading 212 too - NO COMMISSION.  Very basic website, and no customer service I can see - not even a customer phone number - but how do they do it for no commission?  And it is Regulated by the FCA and the overseas authorities, and covered by the FSCS.  

But no commission does catch my eye.  Am I a fool looking at them?  

gibson81

Alexland said:

EdGasketTheSecond said:

Well it could be the full-priced version i.e. Halifax then; more than double the dealing cost.

Or 40% the dealing cost if using their regular £2 rate. My guess is that the SVS customers are far more likely to go to HL, AJ Bell or Interactive Investor.

Morning all, great news on the progress on 7th April. Excuse my naivety but does an LSE member firm mean a company listed on the stock market? This would presumably reduce the number of brokers our accounts could be transferred too. I know HL and AJ Bell are both quoted.

adeel26

This is what I got from LC this morning.

Thank you for your email.  We are currently working towards a target of initiating a bulk transfer of all SVS Securities PLC client accounts to the new nominated broker during July 2020. 

The completion of the distribution process is dependent on a number of contingencies, include High Court timetables, FCA/FSCS and Creditor Committee approval and the ongoing negotiations with the nominated broker.

The next stage is for the Joint Special Administrators to have their distribution plan (the detailed legal document outlining how all clients assets and monies will be transferred to the nominated broker) approved by both the Creditor’s Committee and the High Court. Once approved by both, we will be able to get underway with the client transfer process. The reason the estimated date for clients to be reunited with their portfolios is now July is because the nominated broker have asked for a 10 week window to execute the transfer from the time the Distribution Plan is approved by the High Court (expected on 7th May 2020). 

The nominated broker has now completed a period of exclusivity to carry out their due diligence of the SVS client asset base and contracts have been exchanged. We hope to be able to inform clients of the name of the nominated broker very soon.

EdGasketTheSecond

johnburman said:

By a quirk of fate I was looking at iWeb - I rather like them.  They could waive the £25 fee for ex-SVS 'refugees'.

But I have been looking at Trading 212 too - NO COMMISSION.  Very basic website, and no customer service I can see - not even a customer phone number - but how do they do it for no commission?  And it is Regulated by the FCA and the overseas authorities, and covered by the FSCS.  

But no commission does catch my eye.  Am I a fool looking at them?  

If you are looking at investing significant amounts then I'd be wanting a company that looks sound, has a history, has good customer service, provides address, phone number and email for contact, and is profitable so I know it will stay around. Just look at the plight of SVS securities customers to see what can go wrong. Now reconsider how many of those criteria Trading 212 meet.