SVS Securities - shut down?

dales1

There is a capital gain - see the HS284 leaflet or webpage
"How you work out the gain under the ‘bed and breakfasting’ rule If a disposal of shares is identified with shares acquired within the following 30 days, the gain or loss on disposal is the difference between the net disposal proceeds and the acquisition cost."

masonic

juliamarsh wrote: »

I intended to report them to the FCA at the time, and to the Ombudsman for the 'mistakes' in their compensation calculations and for procrastinating so long over paying up, but I was so exhausted from battling with them for so long that I never got round to it. Really wish I had now!

I doubt it would have made any difference. The FCA is not known for acting on such reports.

A certain other company recently in the news for selling worthless mini-bonds was reported to the FCA by a financial adviser over 2 years ago and was was able to continue hoodwinking unsuspecting consumers completely under the FCA's radar until very recently.

londoninvestor

dales1 wrote: »

There is a capital gain - see the HS284 leaflet or webpage
"How you work out the gain under the ‘bed and breakfasting’ rule If a disposal of shares is identified with shares acquired within the following 30 days, the gain or loss on disposal is the difference between the net disposal proceeds and the acquisition cost."

Yes - and this is true even if the number of shares repurchased is the same as the number sold, if the repurchase price is different from the sale price.

steamy40

Hi,
I have investments with SVS as well as cash in the account.
On Monday the 29th I made a cash withdrawal using the online form which I have used many times.
Unfortunately the money never reached my current account although the SVS account balance altered immediately.
Does anybody know where this money may have gone or chances of getting it back? this would be a Bac's transfer I assume.
I've contacted the bank and they say they cant see any money coming?
Cheers

masonic

steamy40 wrote: »

Hi,
I have investments with SVS as well as cash in the account.
On Monday the 29th I made a cash withdrawal using the online form which I have used many times.
Unfortunately the money never reached my current account although the SVS account balance altered immediately.
Does anybody know where this money may have gone or chances of getting it back? this would be a Bac's transfer I assume.
I've contacted the bank and they say they cant see any money coming?
Cheers

There's not much you can do about it right now. This would form part of the funds you could reclaim from the FSCS if the money isn't located during the administrators' reconciliation of the clients cash account. Until such time as they are able to provide investors a summary of their final positions, you will not be able to check whether it is accounted for or not. This is likely to happen some time after the initial proposals, due in a little under 8 weeks.

My2penneth

Chances of getting it back....must be close to 100%.

Robster88

I was a user of SVS XO until very recently. I sold all my shares, and withdrew my money from the account a couple of weeks ago. I didn't have an inkling that anything was going to happen to SVS, I just no longer wanted to do any share dealing, but I echo what other people have said on here about how reputable SVS seemed.

When I was with them, I was getting rung up constantly so they could convince me to invest in some opportunity or another, when I clearly said that I wasn't interested in anything speculative. This may be normal for all stockbrokers, but it never really sat easy with me. I am put off by all forms of hard selling.

I also think there was something a bit dodgy going on with the fees that they had charged for transferring shares from their standard account into an ISA. My father (who also has an account with them) was told that to transfer the annual ISA limit (£20k) from both his and his wife's normal account into ISA accounts would incur a 2% charge (1% for selling and 1% for buying back with the ISA wrapper). As he was doing that for both his and his wife's ISA limits, that would amount to a 4% fee, which they would 'kindly' discount to 3%.

When he told me this I pointed out that's not how percentages work (unless I'm mistaken?!). A 2% charge for two transactions still works out at 2% of the overall amount, it would never have been 4%. The 'discount' to 3% was surely still 1 percentage point more than it should have been?

My2penneth

I would have thought that the charges would be £7.95 to sell EACH holding in the account, £7.95 and tax to rebuy EACH holding in your ISA and then there would be a possible spread between the sell price and the buy price ( this might be the biggest cost). Then they might charge you for doing the work on your behalf.

These costs soon rack up and would be the same / similar on other platforms.

As for hard selling...they phonesd me twice in 3 years to "see what they could offer me".....I said , sorry I only invest in FTSE companies or ITs..I'm not interested in AIM". That was that, no more calls.

There was one "issue" this year when they upgraded their IT system (but that was resolved to my satisfaction. They also took quite a while to transfer in a cash ISA because they supplied their old address to my cash ISA holder and there was a lame excuse regarding setting up their mail forwarding address from Ropemaker Street to their current new office.

Hodge31

My2penneth

Thank you for the tip

masonic

My2penneth wrote: »

As for hard selling...they phonesd me twice in 3 years to "see what they could offer me".....I said , sorry I only invest in FTSE companies or ITs..I'm not interested in AIM". That was that, no more calls.

I had a similar experience, just a couple of calls, both times I said I wasn't interested and after the second call I asked them not to contact me for marketing purposes again, after which the calls stopped.