SVS Securities - shut down?

My2penneth

gibson81 said:

Good morning all, I note the earlier comment about iweb refusing transfers in temporarily. Is this a common position due to coronavirus? Or are some providers allowing transfers in? 

I noted this on my iWeb account as I too am planning on a transfer of funds from "Broker X" (Whose name shall not be mentioned!). We have 6 months to transfer from the opening date - you would hope that things were getting back to normal by then. Note - I had the 6 months transfer window with no charges confirmed in writing by LC as I wrote to them. 

manorhouse

I hope some on here can reflect on the scaremongering re 85K last summer when we now know the cost is around 12k .
Lets move on now to all the options we have about were to go next.
The excuse for not going with the newer players was the 85K , ironic that is were we are all initially going !
Why has the broker not now been named when the transfer date is less then one month.
We have been told free transfer out for a short period , why is the period so short i would have thought a better yard stick the amount of time they have taken with this problem 1 year approx .
Can the administers negotiate  a year ? especially in this current climate .
Is withdrawal of cash free ?
Maybe the further delay in non isa was due to the fact more people would be inclined to withdraw non isa cash .

masonic

manorhouse said:

I hope some on here can reflect on the scaremongering re 85K last summer when we now know the cost is around 12k .

That's not my recollection. There were those who were concerned about the costs, and some voices of reason reassuring investors that even being several times over the FSCS limit would be unlikely to cause an uncompensated loss. However, some investors have suffered an imbalance in their accounts and will be suffering losses above the costs. I seem to recall you are one such client, but have had a lucky escape with a relatively small holding.

manorhouse said:

Lets move on now to all the options we have about were to go next.
The excuse for not going with the newer players was the 85K , ironic that is were we are all initially going !

The new broker has been around since 1994 and is a member of the FSCS, so neither a newer player nor missing £85k protection.

manorhouse said:

Why has the broker not now been named when the transfer date is less then one month.

The timetable for announcing the identity of the nominated broker officially to all clients was shared in the recent communication from the administrators.

manorhouse said:

We have been told free transfer out for a short period , why is the period so short i would have thought a better yard stick the amount of time they have taken with this problem 1 year approx .
Can the administers negotiate  a year ? especially in this current climate .

The terms of the transfer have been negotiated over several months at the beginning of this year. It has now been approved by the FCA, the creditors' committee and the high court. Are you suggesting that the administrators should pull out of the existing agreement, re-open negotiations with the nominated broker in order to try to extend the fee free transfer out period they've already negotiated from 6 to 12 months, then go through the process of getting approval from the FCA, the creditors' committee and the high court all over again? I think your fellow clients might prefer getting the transfer over and done with to introducing another several months delay, without any guarantee of success, and the possibility the nominated broker might walk away in exasperation.

manorhouse said:

Is withdrawal of cash free ?

The schedule of charges was identified and posted earlier in the thread. You could refer to that if you are uncertain about any aspect of the fees that will apply post-transfer.

pafpcg

manorhouse said:

Is withdrawal of cash free ?

masonic said:
The schedule of charges was identified and posted earlier in the thread. You could refer to that if you are uncertain about any aspect of the fees that will apply post-transfer.

No need to worry about that - my reading of the Distribution Plan is that the new broker will provide the services orginally offered by SVS at the same price as SVS for a period of three months.  Since SVS made no charge for cash withdrawals, we should get free withdrawals for three months. 

johnburman

Masonic is right. And the court approved the Distribution Scheme. 
As an aside in today's Telegraph (page 8 Money) a journalist commented on the costs of running an account. She went to FREETRADE. I know nothing about them but if it is covered by the FSCS and you have under 85k GBP invested why not. 

manorhouse

johnburman... I think others posted big spreads and "bulk trades"  ( so not normal dealing )

masonic seem to recall you are one such client, but have had a lucky escape with a relatively small holding.
I posted on Tuesday i think it was ,i got my missing shares back at same price it was very lucky as it bounced back strait after i posted .

masonic

manorhouse said:

masonic seem to recall you are one such client, but have had a lucky escape with a relatively small holding.
I posted on Tuesday i think it was ,i got my missing shares back at same price it was very lucky as it bounced back strait after i posted .

I don't think you got your missing shares back. They are still missing. You just bought some more to replace the missing ones. Unless I've misunderstood what you wrote you are still out of pocket until the FSCS pays out for the ones that went missing.

manorhouse

HI masonic
Of course that is correct but seeing we have been told we will have those accs back soon do you think you are being "picky".
Seem to recall being advised to buy them at higher price about a week ago .
Cash left in the bank is not earning much interest .
I suppose the world could end tomorrow , will not matter if out of pocket then .

masonic

manorhouse said:

HI masonic
Of course that is correct but seeing we have been told we will have those accs back soon do you think you are being "picky".
Seem to recall being advised to buy them at higher price about a week ago .
Cash left in the bank is not earning much interest .
I suppose the world could end tomorrow , will not matter if out of pocket then .

I'm not being picky. It's the difference between you being reimbursed for those lost shares vs losing that money. Imagine if FSCS covered the cost of £12k for the administration, but failed to compensate you for the lost shares. Would you consider yourself being "picky" to insist they covered your loss? Even if I held just 100 PETS shares, if the administrators told me only 85 shares would be waiting for me at the new broker, I'd want some compensation for the 15 shares I lost. That would be a bigger priority for me than getting 12 rather than 6 months to transfer out, or whether there was a fee for withdrawing cash at the new broker.

Also, could you please highlight the post in which you received advice to buy back those shares?

manorhouse

Sorry you are losing me masonic.
To me its simple they e-mailed me stating i was to lose 15% but i would be compensated in cash for the value of the shares taken off me for the equivalent price of 219p  per share .
They told be how much this would be in cash .
Are you suggesting i will not be getting that ?
So i thought if i get the chance to invest that same amount of cash in pets @ 219 i would be at no loss.
And on Tuesday i got my chance .
I actually rounded up the cash invested to the nearest £100 so i have slightly more shares now.
( i paid slightly more )