SVS Securities - shut down?

Eastneuk

Likewise. All 3 accounts agree. One of my (larger) shareholdings was under a scheme of arrangement which closed a week after SVS was shut down. In the statement no value has been given to the number of shares I was holding. Their covering letter notes that funds received as a result of corporate actions "continue to be held on trust on your behalf by the Administrators" so I hope this is the case although it does put a serious dent in the overall value of my holdings!

desertorchid123

Anyone else still waiting? Not yet received details of my ISA account

My2penneth

Voting

Although we haven't hear what the proposals are from LC - the amount of money they take from the accounts will be reviewed and scrutinised by the FCA before any FSCS is applied. Looking at Beaufort Securities .PwC ended up with roughly 10% (hence my "musings" above).

I have nowhere near 850k in my account so any "loss" as a result of paying for LC's services is not going to exceed the compensation limits.

Overall then, I will very likely be voting to accept LC's proposals, hoping that one of the 11 candidates is appointed to takeover the clients accounts.

For the average shareholder (with assets of less than £850k...why would one not accept?)

My2penneth

Desertorchid....I spoke to LC on the phone yesterday - they simply said that there's 21000 accounts to deal with and they have to break the work down into batches.

Did you get a letter for each of your accounts.? .if so then they know you have the accounts and I guess it'll be just a matter of time til you receive the info.

My2penneth

I note that there were dividends from Vodafone and British Land due on August 2nd 2019 . These look to have been correctly accounted for in the cash balance information received from LC.

grandadpaul

Since all investments seem to match our records, why was SVS shut down?

My2penneth

grandadpaul wrote: »

Since all investments seem to match our records, why was SVS shut down?

There has been discussion on this already on earlier postings. Here's a snippet from CityWire

"The company was closed by Financial Conduct Authority (FCA) over ‘repeated serious breaches’ at the beginning of last month.The regulator later said it ‘had serious concerns over the integrity of certain SVS directors’, with the firm appearing to have invested pensioner client funds in high-risk companies in return for disguised payments."

And in the FT

https://www.ftadviser.com/your-industry/2019/09/13/failed-wealth-manager-circled-by-100-firms/

manted

Going by the comments on the forum so far, everyone on the XO side of things have their positions in line with what they would expect.
If that's the case - is there any need for LC to engage 3rd parties to verify the records as they seem to suggest in the letters.
Would it not be better to get forensic analysis done only when any discrepancies discovered ? I would imagine people will shout when the portal is up & if they find any gaps.
What I am after is the 1st Objective they have mentioned - ensuring return of assets as quickly as possible . If there's no complications on the Xo side, maybe they could save costs and time for all involved.

eskbanker

leonde wrote: »

Isn't the FSCS protection limit £85,000 not £850,000?

Indeed, but the point being made was that if an assumption is made that administrator costs equate to 10% of assets, then it's only those with more than £850K that would suffer losses of more than £85K, i.e. beyond what FSCS would make good....

Alexland

ascension92 wrote: »

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.

Yes sounds messy have you asked SVS/LC if they would consider settling the trade using the money that is in your client account which was intended for this purpose?

https://www.londonstockexchange.com/traders-and-brokers/rules-regulations/default-information/svs-securities-plc/svs-securities-plc.htm