SVS Securities - shut down?

johnburman

Really interesting post... are you better with one of the big boys or the smaller or mid sized ones like SVS?

Are the bigger brokers too big to fail. Do they have better governance. I wonder. Is there validity in what you say or simply is it 'no body gets fired for buying IBM' syndrome.

Anyway you say Halifax but there must be others... Vanguard? Or what about sharedealing facilities of the banks? (do any of the smaller banks offer a good cheap service?)

pafpcg

masonic wrote: »

You can be more relaxed about the upper value of your investments at more significant providers, since there will be economies of scale during an administration (also likely better corporate governance meaning said administration is less likely to occur). The biggest provider with no ongoing charges is iWeb (Halifax Sharedealing). I moved there following SVS's trading fee hike 2 years ago.

Sadly, IWEB and its sibling Halifax Share Dealing don't offer share dealing accounts in joint names.

masonic

pafpcg wrote: »

Sadly, IWEB and its sibling Halifax Share Dealing don't offer share dealing accounts in joint names.

You can achieve the same end (extra FSCS cover) by opening an account in each name and splitting your investments between them. Admittedly, there's an extra one-off account opening fee to pay

DianaMusic

Hi
To the writer whose Mother was cold called by SVS and probably wrongly advised:..
.I should have been an execution only (as I have since learned) customer and was cold called (and checked that it was SVS) with whom I had a small diy portfolio. I had not done a lot and suspect they needed more trades. Anyway this individual traded penny shares (as I have since found out) on my behalf after phoning me, I agreed not having heard of the companies concerned (yes, I know...!)
In Feb 2019 I had a revelation, sold all the penny shares and transferred the few remaining FTSE 100 to a local sotcokbroker in speci, it was an ISA. My expertise was in trading FTSE 100 companies and safe-ish shares unlike what SVS's trader dealt. Thanks to getting out I have not lost capital in the admin. proceedure but suspect I lost a lot through their dealing. Am not sure if there's a case for mis-selling and am taking advice.(I have quite a lot of paperwork, but their website now defunt.)
Has anyone else had a similar experience??

johnburman

And there is a difference in giving shares to say spouse or kids and having a joint account with them. Both in title (ownership), tax and inheritance tax. And also knowledge of the transactions entered into.

masonic

johnburman wrote: »

And there is a difference in giving shares to say spouse or kids and having a joint account with them. Both in title (ownership), tax and inheritance tax. And also knowledge of the transactions entered into.

True, although HMRC's treatment of joint accounts is far from simple - as this article discusses: https://www.boodlehatfield.com/the-firm/articles/joint-accounts-whose-money-is-it/ (relates to joint bank accounts but the principles would also apply to investment accounts).

masonic

DianaMusic wrote: »

Hi
To the writer whose Mother was cold called by SVS and probably wrongly advised:..
.I should have been an execution only (as I have since learned) customer and was cold called (and checked that it was SVS) with whom I had a small diy portfolio. I had not done a lot and suspect they needed more trades. Anyway this individual traded penny shares (as I have since found out) on my behalf after phoning me, I agreed not having heard of the companies concerned (yes, I know...!)
In Feb 2019 I had a revelation, sold all the penny shares and transferred the few remaining FTSE 100 to a local sotcokbroker in speci, it was an ISA. My expertise was in trading FTSE 100 companies and safe-ish shares unlike what SVS's trader dealt. Thanks to getting out I have not lost capital in the admin. proceedure but suspect I lost a lot through their dealing. Am not sure if there's a case for mis-selling and am taking advice.(I have quite a lot of paperwork, but their website now defunt.)
Has anyone else had a similar experience??

As discussed earlier in the thread, there are grounds for complaint if she suffered a loss as a result of being cold called and pestered into agreeing to these trades. This could result in compensation paid by the FSCS, via the Financial Ombudsman Service.

johnburman

Mis-selling by SVS staff. In ALL cases this should be reported and a claim made for the losses suffered. Compensation will be paid by the FSCS. Initial enquires to SVS (LC) and then is it to the Financial Ombudsman Service?

Question? If SVS 'entice' you to buy risky penny shares, when your portfolio is in blue chips and you make it clear you are not interested into dealing in small cap, AIM-type stock, and then you give instructions to SVS relying on them to buy...is that min-selling? I think yes, BUT make a claim on the FOS and let them determine it. Don't not make a claim because you feel a fool!

johnburman

Bar date now passed - now what?

No comms from LC of course

masonic

johnburman wrote: »

Bar date now passed - now what?

No comms from LC of course

That marks the deadline for submitting Client Money Claims under Regulation 12A (does not relate to other client assets, only cash), and Custody Assets Claims under either Rule 139 or 140. In the words of the two notices:

"If you fail to submit your Client Money Claim by the Client Money Bar Date, the Joint Special Administrators will not be able to guarantee that your Client Money Claim will be satisfied in whole or in part, or indeed at all in certain circumstances."
https://www.leonardcurtis.co.uk/wp-content/uploads/2019/11/Notice-of-Bar-Date-in-respect-of-Client-Money.pdf

"Please note, in accordance with Regulation 11(5) and Rule 147, if you fail to submit your Custody Assets Claim by the Custody Assets Bar Date, and if SVS has insufficient assets of the type claimed by you, your only remedy will be to submit a proof of debt in writing to the Joint Special Administrators, in accordance with Rule 152, for the value of the Custody Assets not returned to you."
https://www.leonardcurtis.co.uk/wp-content/uploads/2019/11/Notice-of-Bar-Date-in-respect-of-Custody-Assets.pdf

The next steps would be for LC to total up the claims and confirm they do not exceed the amount of money/assets being held in the client accounts. If they do not, then they will propose a distribution plan and seek the permission of clients, creditors and the High Court to make a distribution.