SVS Securities - shut down?

englishmas

Two come to mind
X-O not platfrom fee , they say that the clients share and money are inenditifiable and protected by extra insurance.
Degiro another one has a low fee and no platfrom charges.
may be you should check these two.

manorhouse

Thank you englishmas, i am with both of them.

And thank you Masonic for what you answered which i have just seen you posted 5th August 4pm,
( Degiro Was the dutch one i referred to , they are registered here as well with the FCA ( so i guess have two regulates wonder if that is a good thing or not ? ))
With SVS going down and people suggesting do not have more then 85k the more we know about and have acc with the better ?

johnburman

Degiro are registered by the Dutch regualtor. And for those with long memories Icesave was regulated by the Icelandic regulator. When Icesave went bust the Icelandic Fund had in it a few Kroner, enough to by the Regulators some coffee and not much else. The UK Governement agreed compensation. I am not sure if it got it back from the the Icelandic Governement - I have a feeling it dod not.

The FCA etc. may be supine, and pretty hopeless, but at least you can write to them (at their group email - that will be ignored) in English!

masonic

manorhouse wrote: »

Thank you for all the info on this situation.
Can anyone give info or recommend any other brokers for future use.
I do not like paying a platform fees.
There are newish ones i see like Fineco Bank. ( anyone use ? )
Trading 212 .
Interactive Brokers ( but i can not get a phone number , not sure if USA )

If you want one run by a big bank, iWeb (run by Halifax) has no platform fees, £5 a trade and a one off £25 opening fee for your first account with them.

( Degiro Was the dutch one i referred to , they are registered here as well with the FCA ( so i guess have two regulates wonder if that is a good thing or not ? ))
With SVS going down and people suggesting do not have more then 85k the more we know about and have acc with the better ?

It doesn't really have two regulators. The regulatory framework across Europe is sufficiently harmonised (for now) that the FCA considers the Dutch regulation to be sufficient to authorise Degiro in the UK. What you lack is access to the FSCS and would have to appeal to a foreign state should the worst happen. Some people (including me) would consider that unsatisfactory (speaking as an Icelandic bank survivor).

I don't think it is practical to keep less then £85k per provider and I don't plan to attempt this. I've settled for splitting between two major providers. I wouldn't trust the likes of Trading212 with my assets and felt that way long before SVS went bust.

masonic

englishmas wrote: »

Hi Masonic
been intuch with the Lc, no joy , will calulate the compensation by using the link you gave me and send the caculations to the LC with Ombudsman decision. I think will not get all the compesation as it is more than remaing value of the investment with SVS + 85K.

I would be inclined to include a completed Proof of Debt form, alongside your calculations and Ombudsman Decision letter. That will allow them to formally register your creditor claim (of compensation minus present value of investments). Then all you can do is sit back and wait for the administrators' proposals in late September, which will include a Statement of Affairs, from which you'll get a rough idea what remains in the pot for creditors.

manorhouse

Thank you again masonic , I am with i web.

I just managed to get through to interactive brokers on 0080042276537.
Was told as USA based covered for even more then FCA 85k ?
Can have sips but not ISA with them.
They seem to be a big outfit ?
Anyone experiences with them ?

masonic

manorhouse wrote: »

Thank you again masonic , I am with i web.

I just managed to get through to interactive brokers on 0080042276537.
Was told as USA based covered for even more then FCA 85k ?
Can have sips but not ISA with them.
They seem to be a big outfit ?
Anyone experiences with them ?

The USA-based cover is higher than the FSCS cover. I don't know if it can be claimed by non-US citizens or someone not resident in the USA. Ultimately it would be a risk to rely on a compensation scheme from another country where you have no standing. Personally I'd rather take the risk of keeping all my investments with one safe major player in the UK if that was my only other alternative.

englishmas

I am no expert but told some time ago that it is bit difficult and complicated process for a non USA citizen
to make a claim agaist US base company.
As Mosonic said I will take risk to keep funds with UK based company.

johnburman

A Further Thought on protections

In addition to the regulatory protection under the FSCS, does SVS have professional indemnity insurance. This will provide protection against loss arising in the event of negligence. There coudl be a further policy that protects against fraud or misappropriation. The Financial Conduct Authority (FCA) may be nvolved in this and I do not know what is their minimum requirements of the terms and conditions of the policy and the possible level of protection to SVS (and if they are in liquidation, third parties under the Third Parties (Rights Against Insurers) Act 2010 (came into effect in 2016).

Thsi may be a claim that LC will have to make, but there is no reason why those who have not suffered losses should claim - a class action anybody?

We should ask LC for a copy of the policy.

englishmas

it is good point to ask LC if SVS has the insurance but it think it is unlikely.

Tried get some info. from LC but they simply say write to us and then say do not expect quick response, their help line is a joke . the person on line does not know any thing.
I suppose we have to wait till end of next month to get some clear picture.