SVS Securities - shut down?

masonic

Robster88 wrote: »

Would someone more knowledgeable than me be able to interpret what, if the accusations in the report are accurate, it would mean for people with cash and shares within SVS (not invested in any of these bonds or portfolios). Does it make recovering the full value of these more or less likely, or is it impossible to tell?

The FCA's concerns were not specific enough to rule anything in or out, but the report appears to be concerned with activities carried out in their advisory arm and there was nothing I could see that suggested the FCA suspected any wrongdoing in the XO arm. However, the concerns raised over compliance with CASS could 'taint' the whole investment management business and scupper the chances of a sale of the XO accounts to a competitor.

Whichever way this goes, investors using the platform with less than £85k held with SVS are guaranteed a 100% recovery. It is very likely those with more than £85k held with SVS will also see a full recovery.

Edit: ...and SVS bondholders will very likely see a 100% loss of their investment.

Robster88

masonic wrote: »

The FCA's concerns were not specific enough to rule anything in or out, but the report appears to be concerned with activities carried out in their advisory arm and there was nothing I could see that suggested the FCA suspected any wrongdoing in the XO arm. However, the concerns raised over compliance with CASS could 'taint' the whole investment management business and scupper the chances of a sale of the XO accounts to a competitor.

Whichever way this goes, investors using the platform with less than £85k held with SVS are guaranteed a 100% recovery. It is very likely those with more than £85k held with SVS will also see a full recovery.

Edit: ...and SVS bondholders will very likely see a 100% loss of their investment.

I fortunately no longer have any cash or investments with SVS, as I transferred the money from the sale of shares out a couple of weeks ago. It was under the £85k guarantee limit anyway so I wouldn't have been overly worried.

My father does still have cash and shares with SVS (in the XO arm). He didn't invest in any bonds or managed SVS managed portfolios or anything, just used SVS XO to hold the shares as they were cheap for trades etc. He recently had to liquidate a lot of shares due to a company buyout, and that money was still within his SVS account. He is lucky enough to therefore be in the unfortunate position of having more than £85k in cash within the account.

I've reassured him that I think it is unlikely that this money (over the £85k guarantee) will be lost, as the problems seem to be around SVS bonds etc, but I'm not entirely sure whether that's true.

johnburman

My2penneth wrote: »

PELLO CAPITAL

DO NOT RESPOND TO THEM

I've been in touch with Leonard Curtis (Manchester) to check Pello out.

DO NOT SIGN ANY TRANSFER REQUESTS!!!!!

1 You managed to get through!
2 They spoke to you!
3...and more seriously why did they say that? It is not for the Special Administrator to tell clients what to do ...unless they were being helpful.

Pello Capital I am *not* touching. But they are authorised by the FCA:


Pello Capital Limited
(Postcode: EC4N 8AD)
Cornhill Capital Limited,Cornhill Asset Management Ltd

Firm
449720 Authorised

My2penneth

johnburman wrote: »

1 You managed to get through!
2 They spoke to you!
3...and more seriously why did they say that? It is not for the Special Administrator to tell clients what to do ...unless they were being helpful.

I phoned the Manchester office. The phone was answered within a few rings. They asked me to provide a link as to where I'd seen this ( if you Google SVS and Pello Capital you'll find a webpage).
Of course, I passed on the website link.

In addition, I'd also emailed them and they answered my email within 20 mins or so ( maybe less, I was talking to them by then ).

They were unaware of Pello Capital in relation to SVS.

My2penneth

Letter to clients from SVS posted on the LC webpage

https://www.leonardcurtis.co.uk/wp-content/uploads/2019/08/Letter-to-Clients-09.08.2019-SVS-Securities-PLC.pdf


(note - it mentions approaches from claims management companies and to be wary. If you are approached by anyone CLAIMING to be from Leonard Curtis or SVS - to END THE CALL )

johnburman

Only issues is that Pello Capital are not a claims management company but a new broker, authorised by the FCA.

masonic

johnburman wrote: »

Only issues is that Pello Capital are not a claims management company but a new broker, authorised by the FCA.

Or a scammer impersonating that company.

Chasweekly

I cannot figure out how to link to the letter above from the LC/SVS website. I clicked on Notes to Clients and Creditors from this part of the site:

STATUTORY NOTICES AND REPORTS
• Notes to Clients and Creditors
• FAQ’s
• Administration Order

but all I get is the Note-to-Clients-and-Creditors-regarding-the-Special-Administration-of-SVS-Securities-PLC.pdf[/url]

I sense there is an important link here I need to get hold of. Help appreciated.

johnburman

you have the message in the your PC's cache

i would

• close your browser and use a new browser if you have one (or get anew one - try BRAVE) - i did this; or
  
• try switching your machine of and on again

PS - I am not a techie, but it worked for me

manted

Did any XO clients receive any letters or correspondence from SVS or Leonard Curtis ?
As per the supervisory notice it should have -
"
1.4 By 5pm on 5 August 2019, SVS must notify in writing:
a) all its Clients;
b) all financial advisers which it knows or believes act as agents for its Clients;
c) all platforms which SVS uses to manage or trade assets;
d) the custodians of all assets managed by SVS, and
e) the sub-custodians of all assets held by SVS,
of the terms and effects of these Requirements. "