SVS Securities - shut down?

jenwrendorset

shiznit76 said:

what number did you call accounts management on?

0207 562 8015 - I was directed to this number by customer services whom I initially called on 0207 562 8001.  Hope this works as well for you, I think I might have caught them on one of their better days but at least I got 75% success and maybe, just maybe, the transfers will miracously happen sometime soon.

jenwrendorset

My MP (Tobias Ellwood) has just sent me the response he received from the FCA - as expected it was two pages full of 'fingerrhea' (I think this is the written equivalent to verbal diarrhea) but thought the following extracts might amuse some of you:

 Role of the special administrators

The special administrators have 3 statutory objectives, one of which is to ensure the return of client assets (including client money) as soon as is reasonably practicable. To complete this, they are required to reconcile the client accounts and identify what monies and assets are held on behalf of each individual. Due to the number of clients invested with SVS this process was expected to take several months !!!!!!

Transfer of client assets to ITI Capital Limited

We are aware that a number !!!!! of former SVS clients, including ............. and her family, have experienced difficulties accessing their assets with ITI and in attempting to transfer their assets to an alternative provider. This is a consequence of IT system failings and errors which ITI has been working

to resolve.

My response:  I suppose 18,000 is a number.

"Our regulations require ITI to safeguard client money and assets"

My response:  They certainly did that,  just a pity we couldn't see or access them.!!

......... and taking steps to ensure they do not suffer financial detriment as a consequence of ITI’s actions.

Eh right......my bank balance says different !

Hope this has brightened up your day.......tomorrow we start all over again.

Jamesram

In its FAQ,s as early as I November 2019 LC had established that SVS's client records were accurate:

"Q. Are my Client Assets safe?

A. We have brought in third party experts to check that the Company's records tally with the Client Assets it actually holds. That exercise is now complete and no material discrepancies between the Company's records and the Client Assets actually held by it have been identified.We have also taken control of the Client Assets held by the Company. This includes transferring Client Money to new trust bank accounts.

So that reconcilliation was achieved in just a few weeks. It is now almost a year since 1 November 2019 and  a lot of former SVS  client records are now in a WORSE state than they were then!

Monsieur_Bourse

shiznit76 said:

are those unfortunate enough to still have a Qort account finding that their values of holdings are still wrong?

Yes shiznit76 my wife's Qort account is regularly throwing up incorrect values. At the moment her cash balance is shown at MINUS £39.75, which yesterday doubled up to MINUS £79.50, I think that this is a new low even for these incompetent clowns. Thursday we sold all the shares in her account, so there is substantially more than -£39.75. Trying for a cash withdrawal tomorrow paying the £10 fee just to be shot of these incompetent bunch of @%^*!!!!!!, fill in your own word as you feel fit. No doubt the cash will not be transferred back tomorrow and it will be one more thing to add to her FOS complaint.

Sheris

Jamesram said:

In its FAQ,s as early as I November 2019 LC had established that SVS's client records were accurate:

"Q. Are my Client Assets safe?

A. We have brought in third party experts to check that the Company's records tally with the Client Assets it actually holds. That exercise is now complete and no material discrepancies between the Company's records and the Client Assets actually held by it have been identified.We have also taken control of the Client Assets held by the Company. This includes transferring Client Money to new trust bank accounts.

So that reconcilliation was achieved in just a few weeks. It is now almost a year since 1 November 2019 and  a lot of former SVS  client records are now in a WORSE state than they were then!

Hi Jamesram, is there anywhere with reference to the 1st November 2019 that L&C stated that no material discrepancies  between the company's records etc ? This could be very important.  

Jamesram

Sheris not sure if I am fully understanding your question- the FAQ extract I cite is is from an LC download of FAQs dated 1 November 2019

This follows an LC 12 Sept 2109 update letter, which stated: " We have engaged specialist third-party auditors to assist the JSAs in carrying out a reconciliation of client money and custody assets from Company records to the market systems and bank accounts. Whilst there are several thousand clients, the reconciliation exercise should be completed shortly and we will keep you informed as to its progress.

So sometime between these two dates the exercise was carried out by an auditor/accountant- the firm name is in the documents somewhere- and LC were then able to confirm to us that  Client Assets were as SVS had recorded. 

To be fully clear, if pedantic, the FAQ  possibly addressed the "global" issue of total Client Assets. However, that reconcilliation can surely only have been arrived at by checking and  combining all the assets held in individual client accounts.

In any case by 27 November 2019 the matter is put beyond argument because on that date the Client Portal was made available for individuals to check their own holdings against the account records posted online by LC.

Sheris

Jamesram said:

Sheris not sure if I am fully understanding your question- the FAQ extract I cite is is from an LC download of FAQs dated 1 November 2019

This follows an LC 12 Sept 2109 update letter, which stated: " We have engaged specialist third-party auditors to assist the JSAs in carrying out a reconciliation of client money and custody assets from Company records to the market systems and bank accounts. Whilst there are several thousand clients, the reconciliation exercise should be completed shortly and we will keep you informed as to its progress.

So sometime between these two dates the exercise was carried out by an auditor/accountant- the firm name is in the documents somewhere- and LC were then able to confirm to us that  Client Assets were as SVS had recorded. 

To be fully clear, if pedantic, the FAQ  possibly addressed the "global" issue of total Client Assets. However, that reconcilliation can surely only have been arrived at by checking and  combining all the assets held in individual client accounts.

In any case by 27 November 2019 the matter is put beyond argument because on that date the Client Portal was made available for individuals to check their own holdings against the account records posted online by LC.

Many thanks, yes very important on the dates and confirms in further examination with other statements.  

Josl

Jamesram said:

Sheris not sure if I am fully understanding your question- the FAQ extract I cite is is from an LC download of FAQs dated 1 November 2019

This follows an LC 12 Sept 2109 update letter, which stated: " We have engaged specialist third-party auditors to assist the JSAs in carrying out a reconciliation of client money and custody assets from Company records to the market systems and bank accounts. Whilst there are several thousand clients, the reconciliation exercise should be completed shortly and we will keep you informed as to its progress.

So sometime between these two dates the exercise was carried out by an auditor/accountant- the firm name is in the documents somewhere- and LC were then able to confirm to us that  Client Assets were as SVS had recorded. 

To be fully clear, if pedantic, the FAQ  possibly addressed the "global" issue of total Client Assets. However, that reconcilliation can surely only have been arrived at by checking and  combining all the assets held in individual client accounts.

In any case by 27 November 2019 the matter is put beyond argument because on that date the Client Portal was made available for individuals to check their own holdings against the account records posted online by LC.

Clients were asked to fill out Client-Claim-Form-and-Proxy-Forms on 25-Sept. Reconciliation must have completed prior to this event.

snipkin

I have today received the cash amount from my ITI non-ISA account into my Jarvis XO account. However, I do not think this includes any dividends I have received recently as my ITI qort account does not seem to be up to date on my expected dividends. Oh well one small step at a time...

Jamesram

Josl at 8.47 pm  18 Oct  you said "Clients were asked to fill out Client-Claim-Form-and-Proxy-Forms on 25-Sept. Reconciliation must have completed prior to this event."

Hesitate to be even more pedantic but LC's Notice to Clients on 26 September 2019 said that:

"These statements will contain details of clients’ holdings (being custody assets and client monies) as at 5 August 2019. Please note that client statements are indicative and are provided to clients for information.purposes only. They are a record of Clients' stated holdings according to the Company’s records available immediately prior to the Joint Special Administrators’ appointment on 5 August 2019 and have not been independently verified.

I do agree though that LC had clearly established to their own satisfaction very shortly after their appointment in August 2019 that SVS account records were very probably entirely accurate - the subsequent "Reconciliation" by a third-party firm having been more of a formality, and probably required under the Special Administration Rules.