SVS Securities - shut down?

shiznit76

Bingo, got mine through and all good. Light at end of tunnel

ascension92

ascension92 wrote: »

Received my letter from LSE regarding my trade of 1 Aug seems the possible T+2 was enough, the trade is in default, waiting now for further letters.
Apparently there a number of default trades, posting this for anyone in similar position to look out for a letter. going on holiday now so unable to post for a while (bad timing)

Spoke with LSE, this trade is now outside of SVS & LC, and in my case stocks & shares ISA. The counterparty (seller I think) will contact me to settle the trade, this means I am going to have to pay again and reclaim my original purchase price back from LC or FSCS. LSE advise me that the trade is still current as at the original purchase date - 1 Aug - and any dividends accruing will be paid directly to me and not LC. I have not had contact as yet with the counterparty but my presumption is that this trade will be completed in "certificate" form, I have spoken with a broker to see if they would act for me in this trade if I deposited the money with them but they were not prepared to take on the risk. They were not sure that they could not act for me, they just did not want to, another broker may be happy to. This should all happen within the next couple of weeks.
The other problem area I believe I have come across with this trade is with the ISA part of the transaction. This would have been my second trade inside the ISA this FY and would have used up the £20000 allowance. Now that the trade is outside the ISA does my allowance revert to the balance prior to the trade or has it flagged up to HMRC that my annual allowance has been reached, I am sure you will not be surprised that HMRC were no help at all (that I got through to them was the surprise), however, as I have made one transaction this FY I can now not subscribe to another SS ISA or trade through another SS ISA. I am of the opinion and the broker I spoke with agrees, that if LC do not resolve the situation and release my account (and everybody else's) then I have lost the balance of my ISA allowance for this FY. I could always use a cash ISA but then who would. I am awaiting a response from LC regarding the ISA position.
If anyone has any other information I would love to hear it.
As an aside, there would be no charges for the broker to accept my certificated shares but, there would be charges to bed & ISA at a later date. Maybe FSCS would compensate me for it.

Jools2001

Got our 4 account emails at 11.10pm tonight.
and all holdings and my £6.26 cash balance all showing! lol

Lets hope its sorted out soon,as this gardening leave with no trading profits,
is costing me a fortune,in lost day trading!
But could of been worse,holdings could of gone missing,
thankfully they didnt!

GordonsLilac

Beware!

I am not sure if Open Hub Pro has been mentioned in this thread, but they somehow obtained my phone number and wanted to help rescue my XO accounts.

These guys are bitcoin scammers based in Dubai. Watch out.

manted

Yes, there's no issues with voting for these proposals.Once the portal is up, if we all rallied to quickly verify the holdings, we could then maybe push for the 'bar' date to be set sooner ..

pafpcg

Received our joint-account holdings in an email timed at 23:06 on Thursday night!

Custody assets are correct and the client money (the last two dividends which arrived the day before the SVS system was shut-down on Aug 2nd) is exactly what I expected.

Curiously, the "GBP Valuation" for the Custody Assets is the value at the market closure on Friday 20th September and not the date when SVS went into administration on August 5th (or at market closure on Aug 2nd). So that valuation is of limited use and will vary from day-to-day over the next few months. But nothing to worry about!

My2penneth

Received info through on my ISA account after receiving info on my non-ISA account yesterday.

Both statements from Leonard Curtis have agreed perfectly with my records.

My2penneth

Some musings...

Assuming that all the records are correct, and assuming LC wants 10% for their work (a max charge I would hope)...then the FSCS should cover people for any losses if their holdings are up to £850k.

I can't see LC getting away with a charge of £30m (10% of the assets) for doing the admin and indeed they've not spent anything like this sum so far so it is likely that people with holdings even greater than 850k will be covered.

johnburman

Is the consensus to vote FOR the proposals?

Is there any reason to vote against or not vote at all?

My2penneth

Update:

I've now had the details from LC on all 4 accounts (2 in my name and 2 in the wife's).

All 4 accounts agree 100% with my records in terms of share holdings.