SVS Securities - shut down?

ascension92

It appears there is/maybe a 3rd document dated 15/01/2020,which is only being sent to those who have not yet submitted a claim, though I cannot see how if it is on their update page, which is where I found it.
It said I had not yet submitted my claim and had until 6 Feb to submit it (possible new bar date?) I had submitted my claim shortly after the portal opened last year so was somewhat concerned to read that I had not submitted the claim. LC have confirmed the my claim was received and before the bar date, but there was an amount of panic until their confirmation. Others may want to watch out for this.
Could also delay any final outcome.

My2penneth

Last minute tax return problem - I needed to check for foreign income and thus needed a consolidated tax return for 2018/2019. I phoned up LC and they emailed me the data within a matter of minutes.

Well done LC for a VERY prompt reply. :T

(It also provides "evidence" of the dividends that should be eventually winging their way into the new account on the next platform.)

johnburman

Bloody hell My2penneth and well done LC [I'd never think I would be saying that]. I asked for a statement on 31 December 2019; they took a few days to produce them. All shares were there; dividends too BUT for 2 shares the prices quoted were wrong.

I complianed and got new corrected statements quickly and and explanation only to-day.

johnburman

Anything happening at LC/ SVS or are we waiting for Feburary second bar date and the meeting of Creditors committee to agree the Distribution Plan?

Fairyfeet2

Not sure where else to go with this at mo, sorry if its the wrong place , has anyone else had a problem with the FCSC, where do you go for advise ?

eskbanker

Fairyfeet2 wrote: »

Not sure where else to go with this at mo, sorry if its the wrong place , has anyone else had a problem with the FCSC, where do you go for advise ?

Are you asking specifically about the FSCS's role in dealing with the administration of SVS Securities?

If you are then it would be worth posting more detail of exactly what your query is.

If it's just a general off-topic question then try https://www.fscs.org.uk/how-we-work/what-to-do-if-youre-not-happy/ and start your own thread if you need further info....

Or if you really mean FCSC, rather than FSCS, then again start a thread with more detail about what you're referring to!

Danie5

It seems that non UK residents will have a big problem to open share trading accounts with UK brokers after the SVS situation is concluded.
I have made enquiries with iWeb, Jarvis, Redmayne Bently and Degiro with negative feedback. Does anybody know of any legislation in this regard? Where will LC then find a broker to whom they can transfer the SVS XO accounts? I understand there are some 6000 Chinese who have accounts that must be transferred. Is there not a further problem and another delay around the corner?
Just asking, and if anyone can recommend a broker I will appreciate it very much. PS I am a citizen and resident of South Africa.

EdGasketTheSecond

AJ Bell, and Hargreaves lansdowne take non-residents as do HSBC.

olderbutnowiser

A J Bell make it very clear on their website that they will not open an account if you are resident overseas.


HL make reference to moving overseas but I cannot see anywhere that they will accept new accounts from overseas residents.

johnburman

Interesting thread. Wonder if we are going to all be moved to an expensive broker just beacuse they accept overseas clients.

I am sure overseas clients will have a home: I do not think they will need to worry. But it may all be rather expensiver to trade (for all of us) with the new broker