SVS Securities - shut down?
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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. "0 -
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/0 -
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.0 -
Thanks My2penneth - got it0
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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.0 -
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.pdf0 -
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.pdf0 -
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.0 -
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??
Thanks0 -
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??0
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