SVS Securities - shut down?

bowlhead99

johnburman said:

Guys all SVS clients will know the risks.  But the XO clients did not accept the risk of the company's insolvency followed by a lengthy wait for access to their own assets.  But we are where we are with SVS and LC.

It seems the SVS execution-only clients did 'accept the risk' of exactly that happening, whether or not they really understood what would happen if the person they'd engaged to be the custodian of their assets, went out of business.

It is like if I cross the road, I am probably deemed to have accepted the risk of getting knocked down by a truck and having to stick around in hospital for a while afterwards. 

I won't say, "well, I knew I might get hit by a truck and break some bones, but thought it unlikely, and how was I to know I would have to spend time in hospital recuperating afterwards, what a tedious palaver, I'd never have accepted the risk if I knew the practical aspects of getting hit by a truck, but how was I to know it might involve a period of hospitalisation, I've never been hit by a truck before!"

The bottom line is, if you do something you accept the risks. You're right to note that although Fineco and others might be very cheap and will have some regulatory protection, they could be great value, but SVS customers now know that price isn't everything.

When crossing the road, you might find a T-shirt without padding or reflective logos is less expensive or less hassle than motorcycle gear and a reflective jacket and helmet, which seems overkill when the road isn't even busy, knowing that it won't even be fully effective in a collision anyway.  But if you have more experience of the outside world you might think twice about your choice of routes, mode of transport, clothing etc etc rather than fall back on the 'hey, I never accepted this risk' argument after it's too late.

masonic

It's worth remembering that SVS were not very cheap. They started out at parity with Jarvis, but trades were put up to something like £8 several years ago - when they raised their prices to that level, it was enough to make me move elsewhere. There are several good options that are cheap but not unsustainably so, and it wouldn't be hard to find a broker that gives you an overall saving vs SVS, but with a much better reputation, and UK regulation and FSCS protection.

johnburman

masonic please list them.  Who "gives you an overall saving vs SVS, but with a much better reputation, and UK regulation and FSCS protection."  Very few, if any; but please prove me wrong.

masonic

johnburman said:

masonic please list them.  Who "gives you an overall saving vs SVS, but with a much better reputation, and UK regulation and FSCS protection."  Very few, if any; but please prove me wrong.

Compared to SVS (buy and sell = £16, no custody charges), there is...

iWeb (buy and sell = £10, one off £25 opening fee), Jarvis (buy and sell = £12, no custody charges), potentially AJ Bell (buy and sell = £11.50 if using regular investing service, plus up to £30pa custody charge), Interactive Investor (buy and sell = £8 if using regular investing service, £24pa custody charge if you trade at least once a month) depending on usage. Even Halifax Sharedealing and Hargreaves Lansdown can come out cheaper for unwrapped accounts if you make use of their regular investing services to place your buy orders.

englishmas

Any idea whats going to happen to the SVS Advisory Accounts,  Do you think they will be treated like X O accounts.
Do you think they will also be treated like X O accounts and transfer to another online trader.

masonic

englishmas said:

Any idea whats going to happen to the SVS Advisory Accounts,  Do you think they will be treated like X O accounts.
Do you think they will also be treated like X O accounts and transfer to another online trader.

If the holdings are compatible with being transferred to an execution only broker, it would be the simplest option and it is possible LC could negotiate a waiver of any onward transfer fees. Do you know of anyone who used the advisory service?

manorhouse

I have accs with all of the ones masonic has listed .
What on earth is the problem with seeing all the ones available.
Today i traded four times with Degrio that cost me approx £8 .. HL would of been £60.
I have no problem if some on here only want to shop in waitrose , many might have got money to easy .
I want to look in tesco , maybe iceland or God forbid a foreign shop like lydl .
That does not stop you or me going to waitrose.

englishmas

Thanks Masonic for your response, Yes I am one the stupid one, regarding the holding some the companies now virtually worthless or just near to it. but still shows up in listings
Regarding the brokers, I have some holding with X-O ( Jarvis) and Degrio,  both work fine with my small holdings and relatively cheap.
One problem have encounter with Degrio is funding the accounts , it takes few days funds to show up in the account, where       X-O you can use the debit card and then you can trade same time.

masonic

manorhouse said:

I have accs with all of the ones masonic has listed .
What on earth is the problem with seeing all the ones available.
Today i traded four times with Degrio that cost me approx £8 .. HL would of been £60.
I have no problem if some on here only want to shop in waitrose , many might have got money to easy .
I want to look in tesco , maybe iceland or God forbid a foreign shop like lydl .
That does not stop you or me going to waitrose.

I've got no issue with people who wish to shop at Waitrose vs Tesco vs Iceland, or even those going for Aldi or Lidl. Those are all sustainable businesses. But I would caution people against buying their food from a bloke unloading it from the back of a white van, or from a street trader in a back alley, even if you can pick up for a fiver a shop that would have cost you £50 in a traditional supermarket. You might arrive home to find things aren't as they appeared when you made your purchase.

manorhouse

Degrio ( who i am with ) compared to bloke unloading from back of van.
Do you want to have another think about that masonic ?
I have no experiences with fenco that is the point of moving on from pointless discussions about admin and looking for new homes .
Some might only want to look at the old ones some might not.