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SVS Securities - shut down?

edited 3 August 2019 at 6:12AM in Savings & Investments
5.6K replies 345.2K views
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  • edited 10 September 2019 at 5:22PM
    masonicmasonic Forumite
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    edited 10 September 2019 at 5:22PM
    Progress reports are made every 6 months as Reaper originally suggested, not every 2 months.

    This insolvency is governed by the The Investment Bank Special Administration (England and Wales) Rules 2011 as stated in the Administration Order.

    Chapter 9 of the Rules states:
    "122.—(7) The progress report must, except where paragraph (6) applies, cover the period of 6 months commencing on the date on which the investment bank entered special administration and every subsequent period of 6 months."
  • masonicmasonic Forumite
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    Please can someone tell me if my money is protected at the value on the day of administration or will I receive what the shares are worth when this is finally all sorted?
    If your investments are sold, then you'll receive the proceeds of the sale. Otherwise, you'll retain the investments you held on the day of the administration.
  • Hi Masonic
    I understand what you are saying, but LC indicate that open trades would be in "default" if my trade was settled there and then I will have the shares which is my preferred option. How long does it take these days to clear and settle trades. Back in the 80's when I had my first stab at stocks and shares clearing used to take 10 days, slate and chisel as apposed to computers.
    There have been other posters who have paid in money who presumably are in a worse or similar situation to me, with LC saying they are supplying LSE with information on any open trades I thought from an LSE standpoint where the other side of the trade has been "let down" we might have heard from LSE. If anyone does get any contact maybe they would post it, other than that I will take you advice on other posts and wait for LC to advise later this month.
  • edited 10 September 2019 at 6:49PM
    masonicmasonic Forumite
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    edited 10 September 2019 at 6:49PM
    Hi Masonic
    I understand what you are saying, but LC indicate that open trades would be in "default" if my trade was settled there and then I will have the shares which is my preferred option. How long does it take these days to clear and settle trades. Back in the 80's when I had my first stab at stocks and shares clearing used to take 10 days, slate and chisel as apposed to computers.
    There have been other posters who have paid in money who presumably are in a worse or similar situation to me, with LC saying they are supplying LSE with information on any open trades I thought from an LSE standpoint where the other side of the trade has been "let down" we might have heard from LSE. If anyone does get any contact maybe they would post it, other than that I will take you advice on other posts and wait for LC to advise later this month.
    Are you sure "open trade" means what you think it means? It's a term normally used in the discussion of spread betting / CFDs / short selling in which a position is opened, and then closed at a later time.

    If you were trading using CFDs, which SVS did offer, and had open positions, then the statement in the FAQ document probably does apply to you.

    Settlement for normal market trading was T+2 at SVS the last time I traded, which was a few years ago.
  • Today my wife and I both received the generic letters that were sent out to all UK based SVS clients on the 9th August.

    How on earth my wife's letter arrived I really do not know, it only had here name, house number and street and the village name on the envelope. No postcode and no reference to France. My letter had the postcode and department, again no reference to France on the envelope.The letters had a 5th September postmark. I do not know if LC are now sending out letters to all non UK based clients, or the receipt of the letters were down to the e-mail that I sent them.

    Why there was such a discrepancy in the addresses I do not know, both our addresses were correct on every contract note that I printed out. I guess going by the useless telephone 'helpline', LC are probably employing staff on temporary contracts, probably with little interest in the job, and it would seem very little in the way of training.
  • masonic wrote: »
    Are you sure "open trade" means what you think it means? It's a term normally used in the discussion of spread betting / CFDs / short selling in which a position is opened, and then closed at a later time.

    If you were trading using CFDs, which SVS did offer, and had open positions, then the statement in the FAQ document probably does apply to you.

    Settlement for normal market trading was T+2 at SVS the last time I traded, which was a few years ago.
    You are making me feel better, I was not doing any spread betting/CFDs or short selling just plain old share buying. My original thought was that until my money was handed over my trade was "open" so maybe the shares are "mine", however, the T+2 could in my parlance be still open. I did actually try to log into SVS Friday 2 Aug and was locked out, at the time I thought this was a glitch! KNOW BETTER NOW
    Will wait and see what comes from LC and not LSE
  • masonicmasonic Forumite
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    Company representatives need permission to post here leonam
  • masonic wrote: »
    Company representatives need permission to post here leonam

    Sorry - I have requested permission.
  • ReaperReaper Forumite
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    leonam wrote: »
    I would love it if you would be up for giving us some feedback
    It's a bit off topic but I would suggest for starters:
    * In your "About Us" section explain your financial qualifications so people can get a feel as to whether you know what you are talking about, rather than your desire to set up a beach bar.
    * Explain why REITs are preferable to other investments. Brexit fears have impacted them recently so I am not convinced they are safer than other investments and indeed may end up being more volatile.
  • mantedmanted Forumite
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    To the Reitly Marketers -
    I would consider a better thread to post to than this one - where most of us are in pain from the SVS saga. Free marketing should be got elsewhere, not in a place where most are in worry about their hard earned money being locked. I would seriously reconsider my strategy if i were you .. just saying
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