SVS Securities - shut down?

eskbanker

johnburman wrote: »

Can you now split an existing sole named ISA into several ISAs with different providers?

Yes, it's always been possible to do this. The only stipulation is that current year money must be kept together in the same place, but apart from that you can spread your ISA pot across as many providers as you like....

manted

One of the questions that come to my mind is - If LC offer the option to move to a specific provider and you already had an account with them, Would the transfer simply go into that account ?
I am thinking specifically about ISAs & since one cant have 2 S&S ISA's with the same provider, they ought do it right ?
I was considering my options until this matter resolves, but looking at the market right now it seems like creating another S&S ISA & having it ready to buy assets seems to be a good strategy - if we see a full scale melt down ..

masonic

manted wrote: »

One of the questions that come to my mind is - If LC offer the option to move to a specific provider and you already had an account with them, Would the transfer simply go into that account ?
I am thinking specifically about ISAs & since one cant have 2 S&S ISA's with the same provider, they ought do it right ?

There's no rule preventing ISA managers from letting you hold more than one S&S ISA. HMRC considers someone who holds current year and previous year funds with the same provider to have two accounts. Providers are even at liberty to sub-divide contributions from this tax year into different accounts providing they report a combined figure to HMRC.

If you hold current year ISA subscriptions with SVS, you are not permitted to contribute to a second S&S ISA with another provider unless and until your account is transferred to that provider.

I was considering my options until this matter resolves, but looking at the market right now it seems like creating another S&S ISA & having it ready to buy assets seems to be a good strategy - if we see a full scale melt down ..

If you haven't contributed to your SVS S&S ISA this tax year then you could do so, but it typically doesn't take very long to open a S&S ISA and begin investing within it, so there is no rush (unless you think markets will take a nosedive and almost immediately recover).

pafpcg

johnburman wrote: »

You can not have a joint ISA. You can have a joint trading account though. Can you now split an existing sole named ISA into several ISAs with different providers?

Just a cautionary note:
- some platforms won't accept joint accounts in any form, eg IWeb and its Halifax equivalent.
- some platforms will accept joint accounts but impose restrictions, for example not allowing online trading (written instructions only).
- JarvisXO allow joint accounts but application has to be by post; SVS allowed online application for a joint account, which is why I've ended up here....

johnburman

Thanks pafpcg. The reason i joined SVs was the easy way the ISA and joint accounts could be run. So who is best for a joint account (large but very few trades - so no evil inactivity fees please)

But we are counting our chickens aren't we? (!)

Alexland

manted wrote: »

looking at the market right now it seems like creating another S&S ISA & having it ready to buy assets seems to be a good strategy - if we see a full scale melt down ..

You shouldn't let the unfortunate SVS platform situation change your long term investment strategy.

englishmas

Hi

I had a long running battle since 2017 regarding the advisery account. Now the omdudsman has made the finial decision.


What do we do now that the Ombudsman has ruled on a complaint which was made prior to liquidation and on which the Ombudsman has given his final ruling after liquidation. up holing the complaint and to redress the finicial losses.

who is going to do the calculation for compesation?
how the liqudater going the deal with it.
What happened to my account, holding

any suggestion would be appreciated
Thanks

johnburman

To englishmas it will be down to the Special Administrators (LC) to do everything. Your claim will be (if its cash) a unsecured claim against the company and will be paid by LC. in as much as you suffer a loss as long as it is <£85k the Compensation Fund will meet it

So make your claim on LC now

If I have got anything wrong others will let you/me know

I'm interested what the original finding by the Ombudsman was tho'. As i suspect will be the FCA.

englishmas

Hi John

Thanks for your response, may be my complaint was one of the contrbuting factor in studing down,

the prevional decision was made in May but the finalone just last week.

by applying the formula decided by the ombudsman my compensation would be higher than £85K.
I donot know if I get back the remaining of my investment still in the account.
Is there any guidline how to claim the compensation,I have do the calculation or the liquidater will do it, also any idea from where to get and how to apply the FTSE Private Investorrs Income Total Return Index.

any suggestion.

Thanks

johnburman

Really interesting englishmas

The first step is to give the Ombudsmans decision to LC and get them to work out the compensation and tell you what it is and when will you get it?

They should do it and (eventually) tell you.

You can then work out the position, and whether you agree with it then. At worst you can go back to the Ombudsman again (and it may be worthwhile you doing this anyway to hurry up LC)

LC will pay you compensation presumably as an unsecured creditor as Xp in the £. If the losses you suffer that they (LC) do not pay >£85k, that is in theory lost. BUT it is the losses. There must be SOME assets there to pay unsecured creditors and all unsecured creditors are put in a pot and are paid out pro-rata. So you would only lose out if the *loss* you suffer were over £85k. Not that the ombudsman's award was over £85k.

So pursue your award with LC like the demon!

Well done for winning!