SVS Securities - shut down?

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

Danie5

I suppose that if you vote against the proposal you must at least have some amendments in mind. I have now received my statement with which I fully agree and my only purpose is now to get my stuff to an acceptable broker so I can get control of my portfolio. From the communications on this forum I gather that there are some 11 brokers interested. If my portfolio gets transferred to LCs choice and I don't like him I will surely move on. So, can we have the names of the interested brokers and make the choice for ourselves? They can pay whatever commission is required to LC and the FSCS can fill in any shortfalls. I will sign any document to certify that I have no further claims as long as I get my stuff back and LC can then focus on the problem areas.

ascension92

desertorchid123 wrote: »

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

Still waiting!!

ascension92

Alexland wrote: »

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?

LC already stated they will not/cannot complete the trade, waiting a response from them on any update re ISA position. Still waiting for confirmation of my account, maybe this is what is holding it up!

Ravima

All present and correct. Got several copies of the email though!

manorhouse

Did anyone else hold GWPH with them .
Had a large holding which seems to be missing , i did not have a record so can not see if all others are there only noticed this one due to size.
I could not get through on phone , the second one on list does not exist message said.
First just kept ringing.
Third i was able to leave my number .. no call back.

johnburman

Danie5 suggestion works well if EVERY client does as he suggests. But they will not, and its these claims or potential claims LC is afraid of. This is why they will tell us about the delay.

And my shareholdings were correct but the values they put on them were in 3 cases wrong. Right number; right shares but wrong values.

Does not fill me with confidence, although thankfully the shares are there!

When I called LC (yes i got through - they said they were having BT problems - they said that the portal was expected to be up in November. Nothing will happen before then IMHO: then they have the bar [date] and the Court Order. We are all looking at February 2020 are we not?

My2penneth

manorhouse wrote: »

Did anyone else hold GWPH with them .
Had a large holding which seems to be missing , i did not have a record so can not see if all others are there only noticed this one due to size.
I could not get through on phone , the second one on list does not exist message said.
First just kept ringing.
Third i was able to leave my number .. no call back.

NASDAQ stock ?

I've phoned LC 3 times at various times and got through within a few rings each time. Last occasion they said they would contact me ( phone me back) with an answer to my query...they did this within 15 mins or so. I must have been lucky to get through with no problems.

My2penneth

johnburman wrote: »

We are all looking at February 2020 are we not?

Maybe even into March..but it is looking like these are the timescales for re establishing our portfolios on another platform.