SVS Securities - shut down?

ascension92

manted wrote: »

https://www.sharesoc.org/blog/insolvency-and-administration/another-update-on-the-svs-special-administration/
Some more details, but your pictures and notes would be useful Eastneuk ..

Thanks for the link manted at least I now know a committee has been formed. Any info from Eastneuk would aslo be appreciated.
Pity LC cannot advise us, what are administrators 1 2 3 & 4 being for?

ascension92

ascension92 wrote: »

Thanks for the link manted at least I now know a committee has been formed. Any info from Eastneuk would aslo be appreciated.
Pity LC cannot advise us, what are administrators 1 2 3 & 4 being for?

Should have said being PAID for

manted

Yeah, I agree meeting minutes should not take too long to come out.
I am hoping they can provide those by Friday 18th, the only positive i got from the sharesoc summary is that LC have narrowed to just 3 firms to transfer our assets to and could select one by 31st October ..
I would like to see what criteria they followed in choosing the firm.

johnburman

Criteria. 1 Who is UK based 2 Regulated by the FCA 3 Will take all - 100% - of clients (inc overseas, joint, SIPP, FX and ISA 4 Has the real cash to complete 5 Will complete 6 Will not go bust within say 18 months of the transfer AND 7 will actually be able to deal with 20k clients who otherwise then contact LC to complain why they chose that provider.

We should open a sweepstake on who will it be? The FX requiremenet points to IG, or one of the big boys, Hargreaves Lansdown?

Twonko

I hope it is Hargreaves. I already have an account with them. Transfers in from others will be free but it’s an unnecessary ball ache and will take extra time. Not being able to sell some of my holding has already cost me several thousand at today’s prices. This BS could have happened at a better time than when Johnson and Corbin et al are parping the economy down the toilet.

johnburman

Awaiting the 'portal' being opened by LC. As they have 29 ex svs staff working for them and several consulting companies I wonder why LC has said this will take so long.

masonic

If they are paying 29 salaries using client assets then that's going to annoy those whose losses end up over the FSCS compensation limit. What possible justification could they have to do so?

shiznit76

if you only have shares with SVS how do LC get their money of you for their cut?

masonic

shiznit76 wrote: »

if you only have shares with SVS how do LC get their money of you for their cut?

Either direct from the FSCS or by selling some of your shares.

johnburman

Now there is a creditors committee why have we not been told which clients or class of clients will have uncompensated losses I. E who will suffer losses, *after* FSCS compensation?