SVS Securities - shut down?

Eastneuk

Well said Bowlhead99. The best thing we can do now is to hope that the distribution is not disputed and is approved by the Court. We will then get back our assets and start again either with the broker approved by the Court or another one of our own choosing. If the distribution is disputed then I would hate to think how long it would take before we get our assets. Another 12 to 18 months? At least going the route recommended by LC will not involve any losses to the vast majority of the clients. I doubt whether this would be the case if there were further delays.

johnburman

No one wants furhter delays, and yes, hopefully we will get all our assets and some will then move them to another broker; but a lot will not. 

I would have thought that the FCA - who must treat all registered entities wiht them equally - was happy with the choice.  But do we all think it wise for the transfer to go to this company?  And to answer my own question, one possible answer is, yes , if it means we get our hands on our own shares/money!  

bowlhead99

johnburman said:

No one wants furhter delays, and yes, hopefully we will get all our assets and some will then move them to another broker; but a lot will not. 

I would have thought that the FCA - who must treat all registered entities wiht them equally - was happy with the choice.  But do we all think it wise for the transfer to go to this company?  And to answer my own question, one possible answer is, yes , if it means we get our hands on our own shares/money!  

As per my earlier answer, if the choice is having your cash and investments inaccessibly stuck underneath a dead company, or having the administrator move them out from underneath that dead company into a not dead company where you can trade your investments or transfer them on, it does seem to be worth the administrator doing that. 

If the choice is (a) move it to the broker who can handle the various types of assets and would like to take them on or (b) don't move it and continue to deliberate while the former customers such as johnburman and others are stuck in limbo with no access to their assets, complaining at least every week about why they can't have their assets yet, I would suggest that yes it is better to go with (b).  So yes it is 'wise' for the transfer to go to that company even though it is only 'one possible answer'.

masonic

johnburman said:

I would have thought that the FCA - who must treat all registered entities wiht them equally - was happy with the choice.  But do we all think it wise for the transfer to go to this company?  And to answer my own question, one possible answer is, yes , if it means we get our hands on our own shares/money!  

It was mentioned a while ago that FCA approval had been sought. Though the FCA's seal of approval isn't worth much. My position has always been that it doesn't matter who gets the accounts provided it isn't costly for investors to move again if their new home is not to their liking. The only reason investors could come to regret the move is if the new broker was on the brink of insolvency itself, or it had bitten off much more than it could chew, resulting in very poor service. I don't see any reason to be particularly fearful of that (someone else highlighted the losses sustained in previous years, but the loss was decreasing, and the recent fee hike might have had the effect of moving the company into profit). It took Interactive Investor the best part of a decade to become profitable, but they did get there.

olderbutnowiser

I have now narrowed my eventual platform down to either A J Bell or Interactive Investor. Costs are similar for the relatively few trades I will make but the lower platform fees (shares only)  at A J Bell (£30 pa) are pointing me towards them. If anyone has any first-hand experience of either broker I would appreciate any feedback.

masonic

olderbutnowiser said:

I have now narrowed my eventual platform down to either A J Bell or Interactive Investor. Costs are similar for the relatively few trades I will make but the lower platform fees (shares only)  at A J Bell (£30 pa) are pointing me towards them. If anyone has any first-hand experience of either broker I would appreciate any feedback.

I've got experience of both (though only a LISA at AJ Bell). I wouldn't have a strong preference for one over the other, though customer service seems quite a bit better at AJ Bell.

olderbutnowiser

masonic said:

I've got experience of both (though only a LISA at AJ Bell). I wouldn't have a strong preference for one over the other, though customer service seems quite a bit better at AJ Bell.

Thank you masonic. Customer service is important to me and I like the fact that AJ Bell are growing organically without having to resort to acquisitions. I suspect that ii will have a lot on their hands absorbing TSC onto their platform having only recently digested Alliance Savings.

manted

olderbutnowiser said:

I have now narrowed my eventual platform down to either A J Bell or Interactive Investor. Costs are similar for the relatively few trades I will make but the lower platform fees (shares only)  at A J Bell (£30 pa) are pointing me towards them. If anyone has any first-hand experience of either broker I would appreciate any feedback.

One aspect to consider is the free trade Interactive Investors offer, which offsets your monthly cost. The platform itself is quite good and they also have loads of research. Their mobile app can be improved, but that is true of so many other top providers.

manted

Another new document posted on the website - https://www.leonardcurtis.co.uk/wp-content/uploads/2020/05/Notice-of-Client-Money-Application.pdf

ascension92

olderbutnowiser said:

I have now narrowed my eventual platform down to either A J Bell or Interactive Investor. Costs are similar for the relatively few trades I will make but the lower platform fees (shares only)  at A J Bell (£30 pa) are pointing me towards them. If anyone has any first-hand experience of either broker I would appreciate any feedback.

Like masonic I also have experience of both. Like you I do not trade often so only left ii when they changed their charging, went to some broker called SVS! Currently have an S&S ISA with AJ Bell for me their charges work and their customer service I have found excellent. I hope to move to them  asap.