SVS Securities - shut down?

Alexland

masonic wrote: »

While it's a little surprising more of the media haven't picked this up, it was a small broker, and most likely there just isn't any more information out there at the moment.

Limited media interest is another danger of going with a smaller player. I would like to think if any of our platforms or asset managers encountered difficulties then the UK and/or US governments would be very motivated to get a resolution.

Wilks16

There's an announcement on Twitter here. The FCA have given a statement.

jamei305

Here: https://www.fca.org.uk/news/news-stories/svs-securities-plc-enters-administration


"Acting on intelligence received about the assets in which SVS invested its clients’ money, we conducted urgent supervisory work and identified serious concerns about the way in which the business was operating. "

Sailskipete

Been watching this thread all day so far. Thanks for all the great info.

The text below now appearing on the SVS main website (svssecurities.com).


Upon the application of the Board of Directors, the High Court appointed Julien Irving, Andrew Poxon and Alex Cadwallader each of Leonard Curtis as Joint Special Administrators of SVS Securities PLC with effect from 12.25 pm on 5 August 2019 (“Joint Special Administrators”).

For client and all non-press enquiries, a mailbox (svs@leonardcurtis.co.uk) and telephone number (01282 610635) have been set up for those affected by the Special Administration of SVS Securities PLC and we would encourage you to direct any further queries to this address and telephone number. Updates on the progress of the Special Administration will be provided on the Joint Special Administrators dedicated website: leonardcurtis.co.uk/SVS You can also access more information at fscs.org.uk andfscs.org.uk/failed-firms/svs

The affairs, business and property of SVS Securities PLC are being managed by the Joint Special Administrators who act as agents of the Company, without personal liability. Julien Irving, Andrew Poxon and Alex Cadwallader are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. SVS Securities PLC is authorised and regulated by the Financial Conduct Authority. FCA reference number 220929. Registered in England No. 04402606.

MK62

Just up on the SVS website........




Upon the application of the Board of Directors, the High Court appointed Julien Irving, Andrew Poxon and Alex Cadwallader each of Leonard Curtis as Joint Special Administrators of SVS Securities PLC with effect from 12.25 pm on 5 August 2019 (“Joint Special Administrators”).
For client and all non-press enquiries, a mailbox [EMAIL="svs@leonardcurtis.co.uk"](svs@leonardcurtis.co.uk)[/EMAIL] and telephone number (01282 610635) have been set up for those affected by the Special Administration of SVS Securities PLC and we would encourage you to direct any further queries to this address and telephone number. Updates on the progress of the Special Administration will be provided on the Joint Special Administrators dedicated website: www.leonardcurtis.co.uk/SVS. You can also access more information at www.fscs.org.uk and www.fscs.org.uk/failed-firms/svs.
The affairs, business and property of SVS Securities PLC are being managed by the Joint Special Administrators who act as agents of the Company, without personal liability. Julien Irving, Andrew Poxon and Alex Cadwallader are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. SVS Securities PLC is authorised and regulated by the Financial Conduct Authority. FCA reference number 220929. Registered in England No. 04402606.

manorhouse

Thanks for all the wise comments on svs and possible loss of money and shares.
I take it when you closed acc with them you went to i web .
whats your take on Jarvis .
And the newish dutch one winning industry awards ( if that counts for anything )

pafpcg

For anyone curious about FCA's reference to "special administration" rather than just plain administration, it refers to the case where it's a failing investment business. See here for an explanation: https://www.lexisnexis.com/uk/lexispsl/restructuringandinsolvency/document/393781/5TC7-2TX1-F18C-C2BC-00000-00/Special_administration_overview

Wilks16

Currently wading through the documentation that has been released. This is the most useful snippet that I have found:

Clients will receive formal correspondence shortly setting out the process for making a claim in order to receive a distribution for amounts owed. As part of the process of agreeing client money entitlements we will notify a “last date for proving” in due course, although would seek to make interim payments to holders of agreed claims before this date insofar as this is possible.

So we just sit and wait to be informed?

pafpcg

manorhouse wrote: »

I take it when you closed acc with them you went to i web .
whats your take on Jarvis .
And the newish dutch one winning industry awards ( if that counts for anything )

Like Masonic, I've been with SVS since 2013. I've found them, (up till last Friday!), adequate with just a few niggles - all minor. So I have continued to use them. Fortunately, I certificated the majority of my holdings with them but still had/have holdings above the original £50k FCSC limit - I was relieved to find when I checked the FCA website yesterday that the new limit is £85k which covers the joint account between my partner & I.

I went with SVS originally because they opened joint accounts immediately; JarvisX-O required joint accounts to be opened only via postal application; iWeb, like many others, won't allow joint accounts. I'm hoping we can find a suitable platform for our joint account. For my "unwrapped" equity holdings, I'm having to steer clear of iWeb, part of the HBOS division within Lloyds Banking Group - it's only a couple of years since Lloyds started closing customers' accounts for unspecified reasons and closing all the customer's related LBG accounts; that would be a real headache since we've each got not just multiple Lloyds & HBOS bank accounts but substantial holdings in iWeb ISAs and a Halifax mortgage!

In one of the reviews of the "newish dutch one", I read that it uses clients' share holdings (held in its nominee account) for loans and share swaps. Whether that's still true or not I don't know, but I would investigate further when it comes time to choose a replacement for SVS.

Reaper

pafpcg wrote: »

In one of the reviews of the "newish dutch one", I read that it uses clients' share holdings (held in its nominee account) for loans and share swaps. Whether that's still true or not I don't know, but I would investigate further when it comes time to choose a replacement for SVS.

They all do. It seems a bit dodgy loaning out shares to those who want to short and therefore drive down the price of the shares held by customers. However the argument goes if they didn't lend them somebody else would and this way they can use the money it generates to keep customer fees low.