SVS Securities - shut down?

Monsieur_Bourse

Hello everybody. Obviously I am in the same boat as everybody else that has posted on this forum, due to our friends at SVS.

My question will only be directed at very few of the members that are present on this forum, so I hope that somebody will be able to help.

My wife and I both have an execution only account with SVS, we are both resident in France, not the UK. After reading various posts earlier in the thread, I understand that a lot of you have received generic letters from LC acknowledging that you hold accounts with SVS. To date neither myself or my wife have received a generic letter, so we are both getting a little concerned. I telephoned the helpline yesterday and a very unhelpful lady took my call. She started to lecture me that LC are unable to give advice on individual accounts, and personal letters will be sent out by 27th September, this I already knew from reading all the information available. I explained that I was not asking for a personal breakdown of my account, but could she confirm that I should have received a generic letter. She then confirmed that these letters are being sent out, and maybe give it a few more days. Fair enough, although the postal service between the UK and France does not usually take over a week. Maybe overseas clients are being treated differently to UK based clients.

Anyhow is there anybody out there that could tell me if they live outside the UK, if you have or have not received the generic letter yet. The information would be much appreciated.

If we have not received anything by next week I will take a stronger tone with whoever answers the telephone, as obviously LC must have generated a data base to send out the letters.

johnburman

I think you should email your account details to LC, and you full names, address etc. You must tell them you have not received letters...and ask why not. Eventually they will respond.

AND

LC have now been in post for over 14 days and the service - lack of service - they are giving XO clients is APPALLING. So much for "segregated accounts." My complaint , made here earlier, is that there are only 14k of us. The question is what can one do?

masonic

Monsieur_Bourse wrote: »

Anyhow is there anybody out there that could tell me if they live outside the UK, if you have or have not received the generic letter yet. The information would be much appreciated.

If we have not received anything by next week I will take a stronger tone with whoever answers the telephone, as obviously LC must have generated a data base to send out the letters.

As johnburman says, send an email.

This was covered in the second FAQ document lodged on the dedicated website for SVS investors and creditors

"Q Why haven’t I been notified of SVS entering Special Administration?
A. On 9 August 2019, we sent a letter to all clients of the Company per the records available to us. If you haven’t received the letter, a copy can be found on our website at https://www.leonardcurtis.co.uk/SVS.
If you think our contact details for you may be incorrect or wish to update your contact details, please write to us via email at (redacted)"

englishmas

I think the timing will depends upon if you are holding a custody X-O account, i.e your holdings are identifiable under your name then you will have a quick excess, if not that means your holding on short lend by SVS to professional investors, in this case you may have to wait till all the mess has been sorted out, then we have to waits months not weeks.

masonic

johnburman wrote: »

LC have now been in post for over 14 days and the service - lack of service - they are giving XO clients is APPALLING. So much for "segregated accounts." My complaint , made here earlier, is that there are only 14k of us. The question is what can one do?

Exactly what "service" do you think you are entitled to? If the answer is that you think you are entitled to greater information and "service" than is prescribed by law, then I regret to inform you that you aren't.

Perhaps I should remind you that the company is in administration and no longer trading, staff have been made redundant etc.

I've already stated that if you are not happy with that, then it is a matter you should take up with your MP. Otherwise, it is futile to grumble about the situation.

I've been a creditor in a number of insolvencies, either directly or indirectly, and have followed the course of one or two chronicled on this forum. I can tell you the level of information and service SVS investors and creditors have received from LC to date has been better than anything I've experienced personally or read about.

englishmas

Dear fellow SVS investors
Let's try to be helpful and nice to each other, we all are stressed and nerves.
Some of us were stupid like me had no experience and taken in by SVS advisers and now find themselves helpless , asking questions which may look silly to an experience investor. please do not get uptight, be helpful and share your experience Thank you for this

johnburman

Dear IanManc

Why is it a "fantasy requirement" to expect the Special Administrators, one of whose specific dutioes is "to ensure the return of client assets as soon as is reasonably practicable" to engage in better communication with the XO clients? In my view their comms has not been good especially in the last few days when their investigatons will have started. My evidence - one call the othe "helpline" proves my point. Why is that such an unreasonable comment?

AND

New comunication on the website concerning a Fraudulent Letter Warning. LC call it an "URGENT NOTICE TO ALL CLIENTS AND CREDITORS 21 AUGUST 2019" and tells about a fraudulent letter being circulated purporting to come from LC, but was not from them. But they do no say to whom, or what class of claiant it was circulated, nor what its contents are about. Anybody received such a letter, and could they post its contents (making clear LC say it is fraudulent - we do not want to worry people more than they are worried!)?

Alexland

johnburman wrote: »

Why is it a "fantasy requirement" to expect the Special Administrators, one of whose specific dutioes is "to ensure the return of client assets as soon as is reasonably practicable" to engage in better communication with the XO clients? In my view their comms has not been good especially in the last few days when their investigatons will have started. My evidence - one call the othe "helpline" proves my point.

As you quote their job is to try and recover the assets (they have a sequence of activities to follow) not to answer queries along the way. They are publishing updates. If they need to know anything from you they will contact you.

Alex

johnburman

I fear that you forget that this is a Special Administration not just Ann ordinary commercial insolvency. The Special Administrators have different duties and obligations as set out and recognised. The point I was trying to make was for XO clients who should have segregated funds the information provided is poor. I wonder how many Specials have LC carried out. I am reassured they are using Ashurst's as solicitors... but will not be when I see their fees!

englishmas

Just for information
last year FCA shut down Beaufort Securities, had 15000 clients, PwC was the liquidator, PwC bill was 100 millions, after the courts intervention it was reduced to 55 millions, and FCA ends up paying for it. SVS has 13500 clients, what's the LC bill will be ???
I do not whose going to pay the bill, LC is their for to make the money.
What we should be concentrating on to get the value from then in a orderly manner , any idea who is supervising the LC work and investigation. If it is FCA then we should be in contact with them, perhaps it will become more clear after the 27 September . May be we have to wait till then.
Anyone know the process as I have no experience and willing to share with us.
I understand that people with the investment less than 85k has nothing to worry about as at some point they will get all their money back, if you have more than that, then watch the space and like me hope for the best.