SVS Securities - shut down?

Sheris

Thrugelmir said:

rnf11 said:

johnburman said:

Bizarrely some of our new brokers are feeling the strain with all the new clients transferring in. ..................

Christ!. That's hardly surprising is it?

I didn't know whether to laugh or cry reading that comment. Unbelievable. 

Laugh is the only think one can do as the FCA and L&C are like a circus baby.  

Sheris

RasputinB said:

collin618 said:

Does anyone have an email address for individuals at Leonard Curtis please

Carl Lever is a Manager for the JSAs whilst they administer the affairs, business and property of the Company.

Carl.Lever@leonardcurtis.co.uk

Carl Lever is a yes and no man, told what to do by the poor management at the top of the ladder. 

Thrugelmir

Sheris said:

Thrugelmir said:

rnf11 said:

johnburman said:

Bizarrely some of our new brokers are feeling the strain with all the new clients transferring in. ..................

Christ!. That's hardly surprising is it?

I didn't know whether to laugh or cry reading that comment. Unbelievable. 

Laugh is the only think one can do as the FCA and L&C are like a circus baby.  

At least they behave in a professional manner. 

Jamesram

My2penneth said:

I wonder if it is worth a protest meeting outside their office - if it blocks the road and the newspapers "just happen to be there" ...that should get some publicity!

The trouble is my2penneth, I am not entirely convinced  that we all live in Birmingham.

I for one appear to be living in North Yorkshire?

Still I suppose London is closer to Moscow or Kasakhstan ( there, nailed that pesky "h")

Michael_Reynolds

johnburman said:

"LC did all they had to do"
I'm afraid I don't agree with that either. It's been made quite clear by the FCA that the JSAs had the ultimate call regarding the appointment of ITI. They are now required to justify and defend that position. It seems to me in the statement above that LC are trying to say they had no choice! There were only two shortlisted companies so by default we had to give it to a band of Russian crooks! It's incredible. I know you clearly want your transfer done but NOT EVERYONE is in the same position. We have a six months free transfer window out of ITI from July 23rd. In addition I can't see that the clock can start ticking until we have full access so we may have at least another seven weeks added. I personally believe that LC MUST BE FORCED TO EXPLAIN THEIR DECISION TO APPOINT ITI. I repeat if LC are found not to have disclosed ITI's full operating history to the High Court then they are in serious trouble.

Sheris

Thrugelmir said:

Sheris said:

Thrugelmir said:

rnf11 said:

johnburman said:

Bizarrely some of our new brokers are feeling the strain with all the new clients transferring in. ..................

Christ!. That's hardly surprising is it?

I didn't know whether to laugh or cry reading that comment. Unbelievable. 

Laugh is the only think one can do as the FCA and L&C are like a circus baby.  

At least they behave in a professional manner. 

So you think they behave in a professional manner, you need  to take the blinkers off and look outside the box, with the experience that I have received.  

Thrugelmir

Sheris said:

Thrugelmir said:

Sheris said:

Thrugelmir said:

rnf11 said:

johnburman said:

Bizarrely some of our new brokers are feeling the strain with all the new clients transferring in. ..................

Christ!. That's hardly surprising is it?

I didn't know whether to laugh or cry reading that comment. Unbelievable. 

Laugh is the only think one can do as the FCA and L&C are like a circus baby.  

At least they behave in a professional manner. 

So you think they behave in a professional manner, you need  to take the blinkers off and look outside the box, with the experience that I have received.  

We are on totally different tracks. 

Michael_Reynolds

Carl Lever is a yes and no man, told what to do by the poor management at the top of the ladder. 
Try Andrew.Poxon@leonardcurtis.co.uk & Alex.Cadwallader@leonardcurtis.co.uk. They are the JSAs

Emillion1

LC have previously only undertaken one regulated company insolvency which was Hume Capital 6 years ago.  SVS is a totally different animal.  More retail focussed and with a large amount of online trading clients and more importantly 100,000's lines of client data going back to 2003.  Due to their experience, why LC were seen as experienced enough is beyond me.  The online trading business of SVS wasn't profitable, you couldn't give it away.  ITI were the highest bidder and therefore were the preferred buyer, LC were correct to accept the highest bid.  My assumption is that it was a cheap client acquisition cost for ITI and then cross sell into other products to get the ROI.  LC have a duty to the creditor position and took the highest offer, morally SVS clients should be at the forefront, but the administrator obviously has an eye on getting the best price.  LC were made aware that the transfer of client data would be problematic but chose to go with the highest bidder.  Hence ITI and the current problems due to client migration.

Sheris

Emillion1 said:

LC have previously only undertaken one regulated company insolvency which was Hume Capital 6 years ago.  SVS is a totally different animal.  More retail focussed and with a large amount of online trading clients and more importantly 100,000's lines of client data going back to 2003.  Due to their experience, why LC were seen as experienced enough is beyond me.  The online trading business of SVS wasn't profitable, you couldn't give it away.  ITI were the highest bidder and therefore were the preferred buyer, LC were correct to accept the highest bid.  My assumption is that it was a cheap client acquisition cost for ITI and then cross sell into other products to get the ROI.  LC have a duty to the creditor position and took the highest offer, morally SVS clients should be at the forefront, but the administrator obviously has an eye on getting the best price.  LC were made aware that the transfer of client data would be problematic but chose to go with the highest bidder.  Hence ITI and the current problems due to client migration.

L&C did not have a care for the clients of SVS, so is that being a professional administrator and walk away with crazy hour rates paid by the tax payee's ? and now 387 pages, 283k reviews. FCA job is to protect clients they have failed, WHY ?