SVS Securities - shut down?

My2penneth

LC have had problems with their bulk emailing to hotmail accounts ( and maybe others ). They are sorting the issue.

johnburman

The Committee will have or so LC think FSCF the up to 85k people on the committee. As they will be paying something this seems sensible but is their not a conflict. And as at 5 August they are not a creditor nor a client. Only those who are in for over the 85k should be on the committee IMHO.

FairDinkum

Are other SVS clients receiving annoying phone calls from claims companies wanting to help them recover their cash?

Aside from the nuisance factor, I'd like to know how they obtain my name and mobile phone number. When I ask this question, the only reply I received was that it would be a matter of public record at Companies House but as far as I know, all my holdings with SVS as with my other provider would be in nominee holdings.

Is this an illegal data breach?

Eastneuk

I have completed and submitted (via email) the Client Claim Form and Client Proxy Form. I voted for the Administrators proposals and for myself (I.C.Underwood) as a member of the Creditors committee. However, I have noted that there are a number of Corporate Clients with funds (I presume under Nominee) with SVS far greater than mine (let alone unsecured creditors such as HMRC!) so I expect they will be pushing for the appointment of their own person. It is proposed that the Committee will consist of 5 persons and recommended that a representative of the FSCS be appointed to the group - I would certainly vote for that as it is in their interests to reduce the expenses of LC as much as possible.

Any thoughts/questions?

manorhouse

They did not reply to my phone message after having no one to answer phone.
Got another email saying like myself some clients had shares missing .
GWPH there now.
But they can not even put in alphabetical order !!
Did someone suggest they are getting paid big money for this.
Id rather some plumber sort it out .

bowlhead99

manorhouse wrote: »

They did not reply to my phone message after having no one to answer phone.
Got another email saying like myself some clients had shares missing .
GWPH there now.
But they can not even put in alphabetical order !!
Did someone suggest they are getting paid big money for this.
Id rather some plumber sort it out .

The company went bust and couldn't pay its staff, suppliers and lenders. So, expecting them to be permanently overmanning the phone lines to be able to personally and immediately answer every call they receive from thousands of clients, is optimistic. The special administrators have a duty to control their costs in the interests of the clients and creditors. So maybe they don't return every call quickly, assuming that if it is important you'll call again or email them or write to them.

If the intention of this phase of administration is, among other things, to inform the 13000+ customers how many of which securities they hold on your behalf, and your most criticism was that the updated list of a few holdings hadn't been put into alphabetical order, I think we are quite far from 'sack them and get a bunch of plumbers to have a go at it instead'...

johnburman

SVS have employed 25 existing staff. They have specialist auditors and IT staff. They employed a specialist helpline company. And are paid 500 GBP per hour.

They have been appointed 8 weeks.

Surely the XO clients - and I refer here only to XO clients - who just want their identified shares back and eventually the cash owed.... It all being ringfaced... are entitled to point out LC's small defalcations let alone some of their major bloopers.

My2penneth

The administrators have kept on support staff - SVS cannot appoint anyone as they are in administration.

If you read the update letter you will see the administrators have taken on specialists..at an identified cost.

I have phoned LC several times and they answered it within a few rings. On one occasion they said they would ring me back and they did - within 15 minutes or so. I must have been lucky 4 outta 4 times.

(Not in alphabetical order.... What...the .... ? :rotfl:)

johnburman

You say I have phoned LC several times and they answered it within a few rings. I say "Lucky Chap". They must like you.

But as time goes on they hopefully will get more adroit at dealing with this administration. But at the charges they are making - and from their Proposlas - it should be a much slicker operation than it is

See you all on the 10th October at the meeting

pafpcg

manorhouse wrote: »

But they can not even put in alphabetical order !!
Did someone suggest they are getting paid big money for this.

Curiosity drove me to check the list of my SVS holdings provided by the administrators: they are in alphabetic order on my list.

[Remarkably, not only is the list is in ascending order of the equity name but also the 'Security ID' and the number of shares for each equity in the 'Balance' column. Perhaps I should have entered the National Lottery that week!]