SVS Securities - shut down?

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 ?     
  

Emillion1

Sheris said:

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 ?     
  

I'm sure they (LC) did have a care for the clients but if a company is authorised by FCA and with the correct permission profile to receive the clients, it's a done deal, highest bidder wins.  Otherwise creditors could question the liquidator.  Administrators are no better than second hand car salesmen, it's all about their fee.  FCA's job is not to protect the clients, they are there to regulate the industry.  

johnburman

It's too late to moan about LC.. That boat has sailed. The work was a Special Administration which is very rare. Only the biggest firms do it. Which is why LC used Ashurst solicitors. Of course now we know LC were not up do the work. ITI were an unknown who could offer all clients of SVS a service including the FX clients and the overseas ones. Othet brokers did not have the range. The truth is that the risks to ITI of this and relying on outsourced suppliers is very high. Hence it seems to me the shambles. I NEVER WANT TO DEAL WITH ITI AGAIN. As I have said many times before I will not do business with a company that does not answer its customer services phone line. Period. I hope those reading this will do likewise. 

Michael_Reynolds

Whose moaning? LC have a responsibility to the 18,000 SVS Clients and they must face up to it. We have made alot of progress on this blog. I have little doubt that LC, FCA, FSCS and most important of all ITI are reading these hallowed pages and the result is progress in a number of different areas. I for one am delighted they are keeping abreat of what is being said about them. They may actually learn somethng about running this organisations more successfully!
johnburman
I'm not sure why you keep banging the drum about dealing with ITI? I don't suppose they give a damn whether you choose them as a broker or not. ITI, LC and the FCA only pay attention when LARGE groups get together and pose a threat to their professional reputations. That is why we are making progress. We just all need to keep constant pressure on them. Daily emails to all concerned are the order of the day. I'm afraid for the foreseeable future!

jh_aux

Many thanks to the participants in this forum thread.  I’ve been following our mutual woes and worries for a while, and this is my first post.  

I have a small portfolio, not critical for my wellbeing (the share qtys are correct in Qort/awaiting transfer into a Phoenix Ac) and GBP5,000 at stake.  I’ve made cash withdrawal requests via the 2 nominated email addresses, 4 weeks ago - not yet acted upon.   I can only imagine ITI’s backlog of emails and ‘Request id/tickets’, and increasing every day.   Plus, we can only speculate on technical and staffing difficulties, and ongoing viability.

I was prepared to stay with ITI, but my question is “Can anyone suggest any straightforward online brokers that will accept overseas residents?” I’m based in Australia.  Mention was made of Trading212, but nothing is ‘for free’.  HL, iWeb, etc. are limited to UK residents.  Thanks for any replies.  

This thread is my morning read!   I will report anything positive, my end.  John

adeel26

Hello All,

I am just wondering if anybody using any trading platform which deals with US stocks? I opened the account with X-O without knowing that the sea with US Stocks. Any leads will be much appreciated.

As for ITI, I requested cash withdrawal on 4 September. On 12 September I received an email asking to submit a snapshot of my bank recent statement and the money landed into my account on Monday afternoon. I sent one email to X-O to check on transfer status. They informed that the valuation verification is ongoing and they expect the transfer to happen in next 3-4 weeks time. 

Michael_Reynolds

jh_aux said:

“Can anyone suggest any straightforward online brokers that will accept overseas residents?” I’m based in Australia."

Swissquote in Luxembourg. Paper work is a bit tedious but you can do it all online. They have an excellent reputation and costs are reasonable.

RasputinB

Some years ago Keith Goodman was a senior partner with Leonard Curtis. He wasn't happy when Channel 4's investigative documentary "Dispatches" included Leonard Curtis in their episode called "The Liquidation Game". It was on the air in 1996.
Apparently he wanted an apology but didn't get it. His comment shown at https://www.financialdirector.co.uk/1997/08/08/insolvency-goodman-loses-c4-fight/ was ‘I am thoroughly disappointed and thoroughly out of pocket.’
Does anyone have access to a recording of "The Liquidation Game"?