SVS Securities - shut down?

masonic

Reaper wrote: »

According to Wealth Manager (link) their income fund had 51% invested in the questionable company when the FCA warned them to change strategy, but they instead increased this to 78%

Wow, now that is scandalous!

gadgetmind

Wow, once again the FCA show themselves to be toothless and ineffective.

johnburman

Full article in THIS IS MONEY.


svs securities
Daily update ⋅ 28 August 2019
NEWS
'I came home from holiday to find my £111000 savings had gone missing': How share dealing ...
This is Money
SVS Securities was the online share-broker I'd been using to buy shares with my savings for a decade. Some 13,500 clients, with a total of £60million ...

But no new info. Scary but without any facts.

2 points I would draw to your attention and for which I will be criticised

1.the failed and completely hopeless helpline

2.the refusal of LC to comment on the report

The FCA must supervise LC better. They de facto appointed them. They should be held to account for their actions.

Reaper

The article is well behind the curve as the writer was on holiday and has only just heard about it.

johnburman wrote: »

2 points I would draw to your attention and for which I will be criticised

1.the failed and completely hopeless helpline

2.the refusal of LC to comment on the report

I'm not sure what more the helpline can do. He asked them whether his shares were safe. That's something that can only be stated 100% once the administrators have completed their their investigations. They can't answer yes or no in this or any other case at the outset.

Indeed I think it pointless having a helpline at all. Better to state all the facts to date on the website than talk to worried investors one by one all of whom ask the same questions.

If I was LC I doubt I would bother commenting on the report. There are no new revelations, just an uninformed journalist worried about his money.

englishmas

Hi

I just got a cold call from some one called RMJ solicitors,
say that they can work on my behalf to get my investment back from SVS liquidators, they said I donot have to wait tell 27/09.
Two questions, from where they have got my tel no.
second , can they really recover my investment sooner.
Any body else has got a call.

johnburman

RMJ Solicitors were closed down in March 2017 by the SRA

They are not on the law society Find A Solicitor website

YOU HAVE BEEN HAD
Take care

englishmas

Hi Thanks, I said no help needed till I know what LC going to tell us.
The caller no was 02039303590.
would like to know if any one has a similar call.

johnburman

You are right but it's harsh

They have been special administrators for 23 days now... One of which was a bank holiday... And no info at all to those who are XO client in segregated accounts.

I repeat segregated accounts... Well hopefully segregated!

Although there is a helpline.. But that has no info at all

What about the London Stock Exchange where they were members. Anything there. Do they have a compensation fund?
Have they even commented?

pafpcg

Reaper wrote: »

The article is well behind the curve as the writer was on holiday and has only just heard about it.
I'm not sure what more the helpline can do. He asked them whether his shares were safe. That's something that can only be stated 100% once the administrators have completed their their investigations. They can't answer yes or no in this or any other case at the outset.

Indeed I think it pointless having a helpline at all. Better to state all the facts to date on the website than talk to worried investors one by one all of whom ask the same questions.

If I was LC I doubt I would bother commenting on the report. There are no new revelations, just an uninformed journalist worried about his money.

I agree with you on all counts, but with two provisos regarding the helpline:

1. There's possibly a few SVS clients who can't access a website and need a telephone helpline. Probably a vanishingly small number, but still...

2. When it comes time for LC to present their bill, they'll be able to highlight the number of telephone calls they received and the HUGE amount of effort it took to respond to all those callers! Please think of the shareholders in bankruptcy practitioners...

pafpcg

englishmas wrote: »

The caller no was 02039303590.
would like to know if any one has a similar call.

I got a call from this number yesterday (27-Aug) just after 12:00. When I answered the call there was silence, then a male voice (presumably an automated message) saying something like: "Apologies, there is no-one available to speak to you at the moment". Presumably, they're trying to keep their own telephone costs down by getting the victims to call them back - no chance with me!

Obviously, the database of client telephone numbers has been sold/leaked/walked out of the office with a disgruntled member of staff.