SVS Securities - shut down?

masonic

johnburman wrote: »

Thought. Are the terms and conditions of the FSCS consumer fair and reasonable? Are they binding on consumers anyway? (can you accept, take your shares and then later still claim against/sue FSCS for loss of interest?)

The "terms and conditions" of the FSCS are governed by the Financial Services and Markets Act. So they don't have to be fair and reasonable, but they do have to be lawful. If you believe they are unlawful, you could theoretically take the FSCS or the FCA or the Government to court. But you'd need a strong legal case and deep pockets to fund the legal action.

masonic

Sailskipete wrote: »

The point of compensation is to put you back into no worse situation than the same "financial" position you were at the point of failure.

Thoughts and informed views appreciated. And if anyone wants to have a good laugh then please do! :rotfl:

Subject to the limits of the FSCS scheme, you will be put back into the position you were in prior to the insolvency:

• You'll receive all of the shares you held at that time, or if some of your assets need to be sold, sufficient cash to be able to repurchase those shares at their value at the time of distribution
• You'll receive any uninvested cash on your account, plus income from your investments received during the insolvency

I'd imagine if your shares had been steadily going up in value, you'd be dead against missing out on 6-9 months growth. Giving everyone back their assets, rather than the cash value at an arbitrary point in history, seems the fairest way.

My2penneth

I received my passwords for my accounts today. I've just submitted the claim form electronically. The whole process for the two accounts (my ISA and non-ISA account) took my around 20 minutes to submit in total (I have approx 35 "holdings" spread over the 2 accounts and it was a case of checking them off with LC's previous letters which agreed with my records / letter sent out a while ago by LC which listed their understanding of my holdings/cash on the 5th August).

So, no problems - no discrepancies :j

My2penneth

I've just submitted the claims for my wife's ISA & Non-ISA accounts. The share holdings and cash matched with the letters that LC sent out a few weeks ago.

No discrepancies.

(so, that's 4 out of 4 accounts where assets match).

juliamarsh

In order for my children's holdings to be accurately checked we will need to view contract notes which are not on the portal. So I guess it is a case of emailing them to request access to view these.

pafpcg

pafpcg wrote: »

.........
The only issue I have is with dividends received since SVS went into administration. LC say dividends will be held in a separate bank account for clients, but when we will be able to check the amounts? Next April when the assets are released?

After my posting this morning, I emailed LC to ask when and how we could check for post-administration dividend payments. I've received a reply with a statement of my account as of today with itemised dividend income. The dividends payments received match what I would have expected.

On this occasion: "Well done, LC!"

MK62

My claim info is also correct....and now submitted.

johnburman

FSCS compensation depends on their Rules. They are here https://www.handbook.fca.org.uk/handbook/COMP.pdf

Bound to say for the loss of interest on my dividends not-invested is so small as to be not worth the trhead discussion, but we are not looking at ££ from LC who are agent for SVS, who are insolvent. the only ££ one woudl get is from the FSCS.

But one still has suffered a loss. After the insolvency of SVS...but for the life of me I can not find out why tha tshould prevent compensation from them

Toki

Sorry for what is likely a stupid question. I take it for all normal situations we should click yes for the "FSCS Compensation Scheme"? I have £20k holdings and what I would call typical UK shares holdings with £300 cash from previous divis.

My2penneth

Yes..tick the "yes" box.