SVS Securities - shut down?

manorhouse

Why are your loses greater then 85K englismas ?
I thought i would not have any loss but now confused .
I had shares and cash never left cash on acc withdrew or invested  , but over this closed period cash would of built up .
We are getting cash on acc back ?
Is the 11.5k admin charge a loss against myself recorded somewhere , added to that the "compo" for missing pets shares ?
so i have only 85K less both those sums if i were to claim some other loss ?
Now something that springs to mind is an investment in JQW that SVS "senior broker"  rang me and persuaded me a good thing to buy .
They delisted and are still a going concern in china .
Were do i stand with those shares.?

englishmas

HI manorhouse
FCA Ombudsman awarded me compensation on my complaint  against ,at the same time when it was  being shutdown by FCA, According to Ombudsman calculation my compensation  amount is way above the £85k + the remaining assets in my account.
Now as for as I understand the maximum compensation  I can claim from the FSCS i going to be £85K, So as the FSCs paid to LC £11.5 K on my  behalf to recover the remaining assets  valued ~£11k in my SVS  account, So now I can only make claim  FSCS  £85K-£11.5K =£73.5K, which is much less what I would have been paid by the SVS if they had  not been shut down last year.
Therefore I will lose out as I will  not be able to recover all the amount awarded  by the FCA Ombudsman to me.
A very expansive lesson for me in my old age.

johnburman

I wonder if ITI will reduce their charges after the "SVS charging" period expires to stop a lot of clients transferring out?
I had not thought of SAXO.  x-o.com is a winner as is iWeb for we XO clients.  For those who read my posts, I'm for splitting up your holdings keeping in mind the max £85k FSCS compensation limit per broker per client - joint accounts get £170k cover.  So keep on checking that the broker meets the CASS Rules on client segregation and go with the cheapest.  PS: is there any correlation between the charges made and a broker going bust?  Was Barings, Beaufort, SVS etc. super cheap - no they were not,

johnburman

Hold on guys...I have just seen SAXO markets charging structure...complex with lots of differing charges, including  a"platform" and a "custody" fee - no thanks; not for me.  Simple transparent chargin gis what SVS offered and what attracted it to me.

Thrugelmir

Any LSE quoted/listed stock can be traded through x-o. I've had no issues with the purchase of international shares nor ETF's. (Other than scarcity of stock). The parent Jarvis Investment Management are in themselves full LSE brokers. Providing a full range of services besides the cheap online retail offering. They actually run the in house ISA facility for Goldman Sachs employees. A reliable indication as to the reputation they have built in the City. 

bowlhead99

leonde said:

I've just noticed the X-O website says:

"You can invest in a wide range of products including UK listed shares, Gilts, Bonds, Exchange Traded Funds and Investment Trusts. Please note that you cannot buy or hold overseas shares or unit trusts in an X-O account"

iWeb seems to allow trading in foreign stocks. But being unable to is not an absolute dealbreaker for me.

Yes, it's true that you can't use Jarvis's X-O.co.uk to deal on foreign markets. International shares that can be traded in London are fair game. 

They are fine for what they are -cheap and cheerful, and after trading cheaply you can withdraw the stock on a paper certificate for a small fee if you want. But if you want a less mainstream foreign stock (or even a famous one) that's not traded in London, you'd need to look elsewhere.

johnburman

Which is why Trading 212 is such a pain - they only have a limited number of shares and ETFs that you can deal.  There is a reason why there is *no commisison* no platform fee and no custody fees

masonic

leonde said:

I've decided that I ideally want to move on to iWeb, but I don't expect (maybe I'm 50:50 there, but that's just a private feeling from someone preparing for the next step) the slowdown from COVID-19 to be significantly different from mid-July (the time Leonard Curtis predicts we'll be able to access our assets&cash), so I don't expect iWeb to be taking transfers in again by then either.

So unless iWeb goes back to normally operation by then, I'll probably create an account with either (or perhaps both) x-o.co.uk or Saxo Markets in early July.

It's a shame iWeb stopped processing transfers. They completed 2 for me in late March and early April and while they were slow, I was understanding and am glad they were completed at all. I'm sure they will be able to start accepting transfer requests before the end of the year when the free transfer-out window expires. If you wanted an intermediate home for your account, it needn't be one of the cheapest providers if you make any necessary changes in the 3 month SVS-prices window before moving somewhere and sitting on your hands for a few months before making an onward transfer to iWeb.

Thrugelmir

leonde said:

I've just noticed the X-O website says:

"You can invest in a wide range of products including UK listed shares, Gilts, Bonds, Exchange Traded Funds and Investment Trusts. Please note that you cannot buy or hold overseas shares or unit trusts in an X-O account"

iWeb seems to allow trading in foreign stocks. But being unable to is not an absolute dealbreaker for me.

Foreign shares listed on the LSE can be traded through x-o. As examples I hold the following directly Microsoft (US), Roche (CH), Orsted (DK),  Koninklijke DSM (NL) and Total (FR). In essence all major stocks. 

Alexland

If you email the Jarvis X-O customer services people with the list of shares you wish to transfer and/or trade they should be able to confirm if it will be possible. Of the many platforms we have held accounts with they are one of the best for replying to messages quickly and efficiently.