SVS Securities - shut down?

My2penneth

manorhouse wrote: »

I am not very computer literate so can someone please explain why there is so much work involved in getting SVS statements up listing everyone's holdings ?
It is reassuring others statements seem correct i expected more cash to of arrived from dividends as its been such a long time.
will there be a record of dividends as per usual ?

The dividends received after they pulled the shutters down on SVS are being held in a separate ring fenced account -that's what the update last week tells us. So, you will only see divis up to the date when they froze the accounts, 6th or 7th August - I can't remember the date off-hand.

In my case, dividends for Vodafone & British Land arrived on the Thursday just before the "freeze" and these are correct on my account to the penny. (Thursday being a common day for receiving divis - so any divis expected on or after 8th Aug are very likely in the ring fenced divis account).

The opening of the platform might not be technically difficult but I guess that the administrators just want to check all is correct before "opening" the old SVS platform for viewing only.

How do I think it will play out....?
As a guess, once they have fully verified the records (and it looks as though the records are indeed ok from the LC update last week and the info they sent out in emails at the end of this week) they will then select a suitable new dealing platform and transfer the share holdings (I assume that LC's proposals will be accepted). Then the divis received will be allocated from the ring fence account. In Q1 2020 you will be able to log on to your new account and you will see your shares and a cash pile of divis. A process will be set in place to catch all divis from August 2019 to Q2 or even Q3 2020 (note Quarter 2 or 3) and flow them into your new account. All divis must be recorded - if only for tax purposes alone so that will definitely happen. The overall cost to the average shareholder will be "time lost only". This is what happened previously in the Beaufort Securities. "No divi will be left behind"...:)

manorhouse

Thank you
Maybe someone should suggest a transfer to H L they have just abolished the transfer out charges.

My2penneth

manorhouse wrote: »

Thank you
Maybe someone should suggest a transfer to H L they have just abolished the transfer out charges.

I wouldn't mind HL or any of the big companies. What I personally don't want is iWeb as I have accounts with then already and I wouldn't want all the eggs in 1 basket.

It does show that for a pensioner living off dividend incomes, it definitely would be prudent to split holdings up over several platforms just in case. For 6 months, the income stream would be frozen (of course, one would also need to employ a safety margin of cash just in case of such events to keep the bills paid whilst accounts are in Limbo).

johnburman

Is everyone voting FOR the proposals on 10th Oct? Anyone voting against - and reasons for so doing?

Twonko

I already have a HL account into which I would like my SVS portfolio moved when the day comes. Hopefully I will be given the option to do this. I was in the process of transferring it piecemeal and now wish I had been quicker. At least I emptied the cash in the trading account two days earlier.

pafpcg

johnburman wrote: »

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

On my statement, the value of the holdings was based on the share price on close of business on Friday 20th September. I assume that's just what the "value" was when the data-base was locked to output everyone's individual statements. Do your statement values also match the prices for the 20th?

pafpcg

My2penneth wrote: »

I wouldn't mind HL or any of the big companies. What I personally don't want is iWeb as I have accounts with them already and I wouldn't want all the eggs in 1 basket.

IWeb couldn't take-over all the SVS accounts without making changes - IWeb (and its sibling HSDL) won't accept joint accounts. I think that also applies to some other platforms. Perhaps, the administrator will choose multiple platforms, splitting off joint accounts to a platform that will accept them?

I opened an execution-only account at SVS because it would accept joint accounts and it had low costs (basically just transaction fees), so my preference would now be Jarvis X-O. Probably it's not a major issue so long as there's no exit fee (or other hurdles) to transfer out my holdings to my choice of platform.

Alexland

It's unlikely that the fees at HSD/iWeb or Jarvis XO are high enough to afford to buy these customer accounts. More likely HL or Interactive Investor who have higher fees and a strategy of acquiring customers.

johnburman

Mainly yes but some serious undervalues with ETFs designated in USD.

Jools2001

pafpcg wrote: »

IWeb couldn't take-over all the SVS accounts without making changes - IWeb (and its sibling HSDL) won't accept joint accounts. I think that also applies to some other platforms. Perhaps, the administrator will choose multiple platforms, splitting off joint accounts to a platform that will accept them?

I opened an execution-only account at SVS because it would accept joint accounts and it had low costs (basically just transaction fees), so my preference would now be Jarvis X-O. Probably it's not a major issue so long as there's no exit fee (or other hurdles) to transfer out my holdings to my choice of platform.

Hopefully Jarvis will be on the list,
after all were not all high flying rich share traders! ;-)

Jarvis trading fees are low, no annual fees either, actually is cheaper than SVS was per trade!
Still see what happens,!
On another note. like the way LC cant even open our new portal
till about 6 weeks time,!!
Anybody would think they were dragging their heals
purely to rack up more fees and costs!

:rotfl: