SVS Securities - shut down?

olderbutnowiser

I do hope that this is resolved before the end of the tax year.



There must be many of us who were planning to add to our ISA accounts before April and there will be some who will want to realise sales for CGT purposes this year.


LC refer to Q1 2020 and they will avoid a lot of hassle from clients if they can move us over by the end of March at the latest.


As for the new platform, I think I will just accept whatever one they chose since I couldn't stand another period of uncertainty whilst the shares are transferred yet again to a platform of my choice.


I hope though that they do not chose HL because their annual platform charge is quite high and will not go down well with anyone with a large portfolio.


PwC chose The Share Centre when dealing with Beaufort and I would not object to paying their annual fee of £60. A J Bell looks a decent choice as well with a platform charge capped at £30 although they do charge exit fees which might be an issue.


Anyway the good news is that our portfolios are intact as far as we can tell and it's just the issue of not being able to access our money for nine months or so.

masonic

olderbutnowiser wrote: »

I hope though that they do not chose HL because their annual platform charge is quite high and will not go down well with anyone with a large portfolio.

There's no platform fee at HL for a general investment account holding shares, and capped at £45 per year for an ISA holding shares. And no exit fees, so it's an ideal choice given HL will likely pay for new customers, whereas others including Jarvis are unlikely to do so.

olderbutnowiser

Thank you masonic for clarifying that HL platform fees are capped at £45 pa for a shares ISA and free for a general share account. I would therefore agree that HL sounds a good choice.


FWIW I had been reading the charges for funds which are not capped. My bad!

grnglide

There must be many of us who were planning to add to our ISA accounts before April

You can always contribute to a case ISA and then transfer that to a new S&S ISA in the new tax year.

olderbutnowiser

grnglide wrote: »

You can always contribute to a cash ISA and then transfer that to a new S&S ISA in the new tax year.

Not sure how that would help. I can ALWAYS make the full £20k subscription next year. It's topping up this year's that I'm concerned about.

grnglide

You put the money you would have put into SVS this year into a cash ISA this year and then move it into S&S next year.

olderbutnowiser

grnglide wrote: »

You put the money you would have put into SVS this year into a cash ISA this year and then move it into S&S next year.

Thanks grnglide, I've finally got it! Would never have thought of doing that. I must remember to open a cash ISA at the end of March if we still haven't got our portfolios back.

FairDinkum

SVS have made an error dating back to 2018. In Feb 2018 i bought 53 shares of an ETF @ £183 per share. I have a statement showing the trade but on the same statement (6th April 2018) in the summary of holdings at the end, the name of the stock has changed although the ticker is correct. However the value shown is much less than the actual value at that date.

Since I was tracking my holdings with my own program based on scraping value data from the London Stock Exchange site, I didn't notice this discrepancy. Only when cross checking the statement from Leonard Curtis did the matter become apparent. The shares are now worth some £12,000 in total and LC show the value as £6,000. I presume that I have to wait until web access is restored before I can signal this problem. Any thoughts? Has anyone else seen a similar problem?

Thanks.

Alexland

FairDinkum wrote: »

I presume that I have to wait until web access is restored before I can signal this problem.

I don't seem the harm in contacting SVS/ LC now to ask them to investigate your concern.

My2penneth

What was the ETF?
It's 'strange' that the value is "50%" of what you think it should be.