SVS Securities - shut down?

ascension92

samuzza wrote: »

Got a letter from Winterflood Securities today about an unsettled trade with SVS.

The gist of the letter is I need to pay Winterflood for a trade that happened on the 1 August. If I don't, they will 'close out' the trade and claim any loss from me.

If I settle with Winterflood directly, that means I will have paid for the shares twice. In that case, how would I go about reclaiming the money SVS took from me?

Also, to proceed they want details of my broker. I don't have another broker. And Since I live abroad, it's not easy for me to get another broker in the UK.

Any one else in a similar situation with an unsettled trade? Any advice?

I will contact Winterflood and LC today, but any thoughts and suggestions appreciated.

Going through this at the moment but with Jefferies Internationa (JI)l. Firstly LC advised us that open trades would be just that and London Stock Exchange (LSE) would be in touch with those of us in this situation. 2nd LSE sent me a spreadsheet advising that my trade was in "default" ( there are numerous rules for default) and showing the outstanding trade, giving full details of the number of shares, the date (1st Aug also), the price without SVS charges and fees (these apparently are the responsibility of SVS/LC), all the trade references and the company with whom the trade was with- JI. They also advised me of the correct dividend amount these shares were due which will be paid to me directly the trade is settled. The dividend will not go through SVS or LC. There was also a name and telephone number for LSE which I cannot give out without approval, but believe me I have rung it a lot of time and they are VERY VERY helpful and accommodating, they cannot do anything for us that is down to ourselves but they confirm relevant information so I am fairly certain that it is not a scam.
As I said we are on our own, we either settle the trade by paying again, in which case when LC (spoke with them about this) put out the "portal" they will have "unwound the original trade and added that cost to our client holdings" or we let the trade go to the conclusion of default, where the broker will sell the shares on our behalf any profit will be credited to us (not SVS/LC) any loss we will be liable for.
The pertinent rules for default as I recall once you receive and reply to the spreadsheet LSE will advise the seller (known as the counter party) They will get in touch with you advising of you options, this took a number of weeks, you once again respond and I think at this point you have about 30 days settle the trade (my final day is 11 Nov) otherwise they will sell the shares on your behalf. My distinct impression is that you WILL NOT BE PERMITTED TO WAIT UNTIL LC TRANSFER YOU ACCOUNT IN 2020
I also do not have another broker (see previous posts), I do but they would not take this trade on, therefore, I am having my trade settled by "certificated shares" which unfortunately will now be outside of the ISA wrapper ( had a hell of a job getting HMRC to confirm this) however, my other broker will then accept this certificate and add it to my ISA with them, this will be in next years ISA allowance as I have already paid into one this year (SVS) can't pay into 2 in the same year. I am hoping that whichever broker takes over the SVS account will also accept the certificated shares back into this years ISA if it is transferred before 6 Apr 20,
Hope I have covered all concerns and forgive any speeling mistakes (joke) trying to due this quick. Any other questions bear with me had a family bereavement a few days ago so not at best or know when I can respond

ascension92

samuzza wrote: »

The letter I received states that the LSE collected the details of all unsettled trades from LC/SVS and then passed the relevant information to Winterflood.

uJst reading through posts again, if winterflood are legit they are entitled to your details via LSE, I suggest you contact LSE I believe they should have advised you first, will try on Monday to see if LSE will allow me to give the telephone number I have. There are only 700 of us in this position so they only have 699 more to call them ( another joke)

englishmas

I have also received the same e mail, I do not thing it gives any further information which we already have.
I subscribed this update as I would like to know that when one can summit the compensation claim. I am still not wiser.

My compensation claim has been awarded by the FCA, still waiting to summit my calim.

johnburman

Updated FAQ on the LC SVS site as at 1 Nov

johnburman

Has the new brokers name been announced yet? It was promised on 31 October.

Plus we need to keep an eye open for the new portal. LC said that it would be open in early November.

NZPK

Theres a message on the LC site today saying the client portal will be available w/c 11th Nov.

Nothing more than that and that useless site template they are using doesnt help anyway.

What do you think based on performance and expectation setting so far? Friday the 15th? Late on that Sunday? Maybe the following w/c 18th?

johnburman

The names of the Committee may be found on the Companies House Beta site. If this link works it is SVS SECURITIES PLC Company number 04402606 and then go to filing history.

Still no ID of the new broker appointed (or not)

LC do love keeping us clients in the dark!

fmmajid

Big question is when we will we finally be able to trade our stocks?

NZPK

We are still a long way from being able to trade. First quarter next year. Could be as late as March April.

manorhouse

I thought i would let everyone know i received an e-mail direct from a Kevin Martin at SVS Settlements team.
Today @ 3pm
Informing me of a corporate action in Barrick Gold.
How odd as i have hundreds of different shares with them and there must of been a few C.A since August !!