SVS Securities - shut down?

bowlhead99

manorhouse wrote: »

bowlhead remarks "If you are a naive or unlucky investor caught out by the SVS debacle I can't see that your life will become measurably better by using that site to learn about REITs. "
I do not think is a fair reflection .

I was with SVS i think investors in ox only accounts will not lose out at all and i think some posters on here are causing unnecessary anxiety to some less experienced investors and maybe older folk .

If i am correct i hope posters suggesting shares where not separated out as is required by regulation will apologise

I have no idea whether customers with simple execution-only brokerage and nominee services will financially lose out to any significant degree. Hopefully that's not the case and everything is neatly segregated out and can be transferred to a different viable brokerage or investment platform business in due course, and I'm not looking to cause anxiety or scaremonger within that customer population.

However, it's factual that anyone with an SVS account is unable to access their funds and trade their investments and there are several hundred posts here talking about uncertainty, unwanted delay and lack of clarity pending administrator reports which could take ages.

So whether or not it gets resolved in due course with a positive result (e.g. the investments you couldn't trade go up in value rather than down, before you get around to being able to sell them in the future and implement any further investment plans you might already have or make) there is no doubt that SVS's customers have all been 'caught out by the debacle'.

All SVS customers are surely disappointed, upset or angered. I can't imagine that anyone having assets lodged with SVS, who tries to log onto their account and find that it is in administration and not open for usual business, is completely indifferent or uncaring towards the situation. It's highly annoying and even if there are no uncompensated losses, it's frustrating and a hassle. As you say, some of those will be inexperienced or elderly or just generally anxious about outcomes.

Without commenting too much about the reitly site - which they say is not being actively marketed and perhaps unfinished so was only found by accident, so no point in dwelling on that specific business, it's just an example... people who have recently lost money *or* just generally had a bad experience with their assets should be cautious about diving from the frying pan to the fire by diving into a newly formed service promoting certain specific asset types over more generalist shares or funds.

When reitly gives background information about REITs on their site and says, "you can invest in these from as little as under £1, select and understand their performance and investments with us, all in one place" there is an implication that one of their services might be to let you buy investments through them, which is something in which former SVS customers might have cause to be interested, because the SVS brokerage service has ceased to exist. That's why I thought manorhouse was linking to them.

However, if not, and they don't offer investments and are simply a site aggregating some published data on REIT performance, then no wonder they have not sought FCA regulation.

The testimonial from user 'Ben', "I was struggling to save a deposit for a flat, but now with Reitly I can grow my savings to make my plans a reality" implies that he has found some better way of growing his savings, thanks to this service, but perhaps it is just an information-only service in relation to this niche category of investments - just a data re-publisher. People can get similar data via places like
https://www.theaic.co.uk/aic/find-compare-investment-companies?sector=&name=&region=PRO and just filter for property investment sector with 30-40 results - but not all REITs are AIC members and other sites may be better ; I won't list them all as I should already apologise for derailing the thread a bit. Just replying to the points made.

Pafpcg is right that there are already hundreds of threads about where inexperienced investors might like to go to learn about investment types or fund/company performance.

masonic

They certainly need to work on their SEO. I thought a google search for "reitly" would get me to the site, but all I found was their Companies House records and the Linked In profile of their founder. Then I found it, languishing at the very bottom of page 3 of my search results.

As a website offering some information about a subset of the available REITs it is a bit basic, but perhaps has the potential to be quite useful (though I got more comprehensive information from the advanced charting dropdowns on Trustnet). However, for an asset class that would typically make up 0-10% of a balanced portfolio to which the majority of investors would seek exposure using a single diversified fund, it's hard to get excited about this service and it certainly isn't a replacement for SVS XO unless investors have been scared into managing a virtual portfolio in future.

dales1

This reitly stuff is completely off topic and is marketing dross.
Mods should delete all promotional manorhouse and reitly posts.

johnburman

Agree with dales1. SVSXO clients would tend towards the conservative in their investing. The refusals of the hard selling advisory services of SVS in small AIM mining companies is proof of that.

Ads for magic investments or crypto stuff or snake oil commodities belong in another category. This is for worried exSVS clients

manorhouse

I do not understand why dales wants my posts deleted .
I only try and help others and thought that sight might also be trying to do that.

Thank you for you post yet again masonic always well thought out and i agree again .

I thought you last reply bowlhead was also very good this time many good points .
I thought after about the naive remark in you first post and the Woodford income unit trust came to mind, i do not think investors there were naive ?
Looks to me they might be locked in for longer then SVS folk ?
I am in the investment trust and have topped up as it has fell.
I do not think you go from very smart to fool overnight .
I think like the name of the trust Patience is the way to make money with investments.
What a good job the Patient one i am in is not a unit trust .

wallric

Anyone else got this ? Sorry it’s made me remove the hyperlinks...but the latest info has not yet been posted to the site


Dear Sir / Madam,

SVS SECURITIES PLC (IN SPECIAL ADMINISTRATION) (“the Company”)
IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
CASE NUMBER 2019-005229
COMPANY REGISTERED NUMBER: 04402606
REGISTERED OFFICE ADDRESS: Tower 12, 18/22 Bridge Street, Spinningfields, Manchester M3 3BZ

Further to our recent email correspondence I can confirm that we have continued to monitor client queries and we have produced an interim update for all clients and we believe this will deal with the majority of all client queries.

It is anticipated that we will be upload this document to the dedicated website during the course of Thursday 12 September 2019 and we would ask that you read the document.

If you feel that the document does not answer all of your queries, please email any further queries to svs@leonardcurtis.co.uk

On a separate matter, we are continuing to update client contact addresses. If you have recently changed address and have not already notified us, please email your updated address to svs@leonardcurtis.co.uk

Yours faithfully,
For and on behalf of
SVS SECURITIES PLC

bnet

Yeah I got the same email this morning but I don't see any update on their website. This is very strange!

johnburman

Is it too much for LC to organise themselves so that when they say they will post on the website they actually do so! Please please give me some indication that LC are competent. So far I have seen no evidence of this.

masonic

It seems someone working in their office is rather naive if they thought they could get their document signed off by someone senior at LC and the FCA within the space of a single day, and in time for it to be posted on the website.

bnet

If they don't upload the document during the next 3 hours, can we complain to the authorities with clear evidence (a mail in this case stating that a communication was to upload on 12th Sep.) ?