SVS Securities - shut down?

masonic

englishmas said:

Thanks again
Let's hope for my account the cost is not too high , as the FCA ombudsman already awarded me the compensation which on my calculation way above the 85k, So  I think my claim to FSCS will be 85k- cost= much less than the compensation awarded by the ombudsman.
LC in their current update did not say anything the timing for making my compensation claims to FSCS, any idea when and how I can do this. Very much appreciate your response. 

The FSCS gave this update in December:

"We're aware that the return of money and assets may not satisfy those SVS customers who might have a claim for further losses against SVS. Customers who believe SVS has caused additional losses may wish to make a claim to FSCS in relation to those losses.

We're not currently open to these claims, as we want to make progress on reuniting customers with their money and assets. But we do intend to open to such claims, and we will announce this on our website when we are ready.

By agreeing to FSCS compensation for the costs of returning money and assets via the SVS portal, customers will be assigning their right to claim against SVS to FSCS in relation to that claim.  Customers will not lose the right to make further claims to FSCS in relation to additional losses."

https://www.fscs.org.uk//failed-firms/svs/

I suggest you subscribe to updates using the form on that page. I expect the FSCS will open up to claims once the bulk transfer has completed.

englishmas

 masonic, Sorry to come back as I have no experience in dealing with these kind of issue , just my stupidity I got involved with SVS,
Been  there , phoned FSCS, but no once can give me a clear answer. FCSC lady said, should get in touch with LC. LC said get in touch  with FCSC as they are only dealing with liquidation and assets.
So I draw the conclusion, I should wait till I know how  much LC going to charge fo admin fee and then put the compensation claim to FSCS. I do not know if this is the right approach.

My2penneth

I definitely will not be staying with a broker that I've not heard of and not at their charges for a simple XO account.  I will be transferring to my  iWeb account.....assuming that the Covid 19 transfer restrictions have been lifted !  
I'm slightly concerned about the accrued dividends and how they will be credited and at what timescale.  
Ideally I would want to transfer all shares and all dividends asap and then any dividends that are still to hit the account would be transferred  or cashed in later ( but before 6 months was up).

My2penneth

I admit that when I saw the picture with the redacted names I did a bit of Sherlock Holmesing ...I did identify the building correctly ( using google Google Earth!  ) but on looking through the names of the companies in the building I skipped over ITI...

masonic

englishmas said:

 masonic, Sorry to come back as I have no experience in dealing with these kind of issue , just my stupidity I got involved with SVS,
Been  there , phoned FSCS, but no once can give me a clear answer. FCSC lady said, should get in touch with LC. LC said get in touch  with FCSC as they are only dealing with liquidation and assets.
So I draw the conclusion, I should wait till I know how  much LC going to charge fo admin fee and then put the compensation claim to FSCS. I do not know if this is the right approach.

When you originally contacted them, it was not clear that all other options of obtaining the compensation were exhausted. Now that the finances of SVS are known, and there is clearly no money in the business to satisfy your claim, it is eligible to be paid by the FSCS.

The text I have quoted above makes it clear that the FSCS will be accepting claims for other losses in due course. In fact, it will be impossible for you to take your claim anywhere else once you've assigned your right to claim against SVS to the FSCS. You aren't going to be able to get anywhere until FSCS starts to accept claims, which they've stated they will announce when they are ready.

masonic

My2penneth said:

I definitely will not be staying with a broker that I've not heard of and not at their charges for a simple XO account.  I will be transferring to my  iWeb account.....assuming that the Covid 19 transfer restrictions have been lifted ! 

iWeb are currently accepting inward ISA transfers. I completed one in March and have another in progress.

My2penneth

https://beta.companieshouse.gov.uk/company/02926252

ITI Capital Ltd.

Previous company names

Name	Period
WALBROOK CAPITAL MARKETS LIMITED	18 Dec 2015 - 10 Nov 2017
FXCM SECURITIES LIMITED	09 May 2011 - 18 Dec 2015
ODL SECURITIES LIMITED	16 Apr 2002 - 09 May 2011
OPTIONS DIRECT (EUROPE) LIMITED	06 Jun 1995 - 16 Apr 2002
OPTIONS DIRECT EUROPE LTD.	29 Jul 1994 - 06 Jun 1995
REVMARK INVESTMENTS LIMITED	05 May 1994 - 29 Jul 1994

My2penneth

Private Clients - Fees September 2019
https://private.iticapital.com/Rate-Card-Sept-2019.pdf

- Custody Fee Flat fee Month end snapshot on asset value 25bps per annum. (0.25% per yr)

-  Funds custody fee Percentage on notional value Charged quarterly 35bps per annum

- Portfolio valuation Flat fee Time of request £25 per line of stock, minimum £100 (??) 
( why would I pay ...can't I just log on and view?)

- ISA management fee Percentage on account value Charged quarterly 30bps per annum, minimum £7.5 per quarter (min of £30 per year to look after your ISA shares!).

- £12.50 dealing.

- £25 per line charge if you subsequently want to transfer to another broker..might get expensive! 

My2penneth

masonic said:

My2penneth said:

I definitely will not be staying with a broker that I've not heard of and not at their charges for a simple XO account.  I will be transferring to my  iWeb account.....assuming that the Covid 19 transfer restrictions have been lifted ! 

iWeb are currently accepting inward ISA transfers. I completed one in March and have another in progress.

The text on the iWeb site is misleading then!

"Transfer your existing investments to IWeb

We have temporarily paused all inward transfers of stock and cash, and transfers between accounts. Like all businesses we have to work differently amid concerns regarding Covid-19 and prioritise the safety of our staff and customers. As a result we are working with reduced resource which is impacting this service. "

 https://www.iweb-sharedealing.co.uk/share-dealing/transfer-your-existing-investments.asp

NZPK

Private Clients - Fees September 2019

- Custody Fee Flat fee Month end snapshot on asset value 25bps per annum. (0.25% per yr)

-  Funds custody fee Percentage on notional value Charged quarterly 35bps per annum

This is different to the fee structure that Masonic posted earlier. I thought it was 10 basis points custody fee and £15 per trade for UK ETFs. 
Either way, am I interpreting it right that they charge annually a fee just to hold our assets in a custodial account? That's basically bumping up the cost of my very low fee Vanguard ETFs by a big percentage. 
I am a foreign domeciled investor and I've found it really hard to open another account with any of the platforms since SVS imploded. I may find in stuck with these guys. Grumble.