SVS Securities - shut down?

My2penneth

Chasweekly wrote: »

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.

I'd go to the dedicated LC webpage and click on the link from there. (the /url] is wrong - try removing the last characters. that is, [/url]

Here's the LC webpage

https://www.leonardcurtis.co.uk/SVS/

My2penneth

manted wrote: »

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;
...
of the terms and effects of these Requirements. "

No, all we have is the very badly scanned letter that was issued on the LC website on Friday.
It is signed on behalf of SVS Securities.

Chasweekly

Thanks My2penneth - got it

Chasweekly

manted wrote: »

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. "

I have had sweet FA. As mentioned earlier even moved £600 into SVS in blissful ignorance at 6.30pm on Monday 5th.

My2penneth

Chasweekly wrote: »

I have had sweet FA. As mentioned earlier even moved £600 into SVS in blissful ignorance at 6.30pm on Monday 5th.

They've not complied with 1.9 then

"SVS must not accept any new client money or new custody assets, whether from
existing or new clients, in any of its business areas"

And they didn't post anything on their website on Monday 5th.....another failure to comply.

https://www.fca.org.uk/publication/supervisory-notices/first-supervisory-svs-securities-plc-2019.pdf

masonic

My2penneth wrote: »

They've not complied with 1.9 then

"SVS must not accept any new client money or new custody assets, whether from
existing or new clients, in any of its business areas"

And they didn't post anything on their website on Monday 5th.....another failure to comply.

https://www.fca.org.uk/publication/supervisory-notices/first-supervisory-svs-securities-plc-2019.pdf

In fairness, that's a very impractical requirement, given customers already had SVS's bank details. They certainly didn't get them from the website or by calling SVS as the shutters had been pulled down by that time.

johnburman

From 'This is Money' to-day

https://www.thisismoney.co.uk/money/diyinvesting/article-7338073/Will-money-SVS-Securities-collapse.html

Nothing new, but sets out where we are.

dur77

Hi All, really helpful thread that I am following on behalf of my father who is retired and had a lot of retirement capital held with SVS for both himself and my mum, so pretty stressful.
He has about £90k in shares ISA, and £70k shares ISA for my mum (held in her named account). Also £45k in shares portfolio trading account and then just transferred £25k cash to buy some more shares and then couldn't log in the next day.
Unfortunately he has not printed any of the statements, it was all online on the website. He has some emails of share transactions but only until year ending 2018.
Is there anything else he can do to try and provide evidence of holdings or does he just have to hope the administrators will trace back the shares and ISA accounts accurately??
Thanks

masonic

dur77 wrote: »

Hi All, really helpful thread that I am following on behalf of my father who is retired and had a lot of retirement capital held with SVS for both himself and my mum, so pretty stressful.
He has about £90k in shares ISA, and £70k shares ISA for my mum (held in her named account). Also £45k in shares portfolio trading account and then just transferred £25k cash to buy some more shares and then couldn't log in the next day.
Unfortunately he has not printed any of the statements, it was all online on the website. He has some emails of share transactions but only until year ending 2018.
Is there anything else he can do to try and provide evidence of holdings or does he just have to hope the administrators will trace back the shares and ISA accounts accurately??

He doesn't need to provide evidence of his holdings. If the administrators cannot accurately determine investors' holdings, then likely no document prepared by SVS could be taken as sufficient proof anyway.

dur77

Thanks Masonic
That's helpful to know
Presumably if for any reason they are unable to determine client accounts due to mishandling or any kind of inappropriate actions, there would then be protection for loss upto £85k each for himself and wife...but what evidence would FCA need to have to make a claim for that? Bank statement transactions to SVS?