X-O (Jarvis) online platform to close in the summer

Section62

It does appear to be a real thing…

https://redress.jarvisim.co.uk/

https://www.londonstockexchange.com/news-article/JIM/audited-results-fca-update-notice-of-gm/17391739

Inducement

The company has incurred an obligation to provide redress in respect of a historic breach of inducement rules. The Board of JIML have agreed to provide redress to the clients impacted by this breach, and the amount provided represents the directors' best estimate of the liability having taken legal advice. The expected outflow for which is expected to occur within two years.

Interest

The board of directors, having taken legal advice on this issue, have agreed to provide for redress related to interest due to customers who previously held client money with the group. The calculation of the provision is complex and the directors have made assumptions about how any financial redress payable to customers should be calculated, which customers should be included in the scope of the redress scheme and the percentage of customers that are expected to opt in to the redress scheme. Additionally, the directors have not yet finalised all of the terms of the redress scheme, which is also subject to engagement with the FCA,

ChangFai

No one else?

Maybe it is a scam then?

Section62

https://forums.moneysavingexpert.com/discussion/comment/82064501#Comment_82064501

The letter you've got could be a scam, but there is a real redress scheme consistent with the text of the email.

AIUI the scheme involves Jarvis calculating how much interest would have been paid if they used an interest-paying HSBC account as a benchmark, rather than the HSBC current account which paid no interest. The benchmarking is -1% below the HSBC rate, so no interest was due whilst the HSBC rate was below 1%.

The result is a relatively narrow timeframe in which interest would actually have been paid, and it appears Jarvis have agreed with FCA that they don't have to pay up if the amount is less than £25.

So there probably won't be many MSE'ers - other than yourself - who had sufficient cash in their account to generate over £25 in interest during the relevant period (I could be wrong there), so the lack of anyone else confirming they got the same email isn't proof the email is a scam.

As with all similar situations, it is probably best to contact Jarvis using details you trust to get verification that the email is genuine. The link to the Jarvis redress scheme pages I gave does include a section about scams.

What isn't clear is whether people owed less than £25 can make a complaint outside the scheme, my understanding so far is no.

mon3ysav3r

I had a X-O (Jarvis) account for around 15 years and I haven't been sent anything, this does smell scam-ey

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82064896#Comment_82064896

Did you ever carry much of a cash balance though? The announcement mentions, "legacy versions" of its client terms of business so it could be that some clients' terms are deemed to be okay and aren't due redress.

As linked above, it was announced by the company to the stockmarket here:

https://www.londonstockexchange.com/news-article/JIM/audited-results-fca-update-notice-of-gm/17391739

"The second breach is with regards to unclear and potentially misleading language in legacy versions of the JIML client terms of business when describing the rate and circumstances in which interest would be paid on client money held."

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/82064902#Comment_82064902

I probably didn't have cash balance for very long as I think any divs I received were transferred automatically on a schedule to my linked bank account

UncleK

I never had cash as dividends were paid straight out. It doesn't look like a scam but just be careful what information you hand over, I guess. It is on the LSE site, after all.

yippee_ki_yay

Hi to all,

I received the above unsolicited letter via email offering settlement of £282. I have until Xmas to accept, appeal the offer or take the matter to the Ombudsman. I was obviously wary, didn’t respond and found my way to this thread. Everything looks legitimate and fits with my circumstances during the specified period. ie: unallocated funds in their ‘no interest’ account. If I am to accept they only require me to respond with basic information and bank details as below:

‘We need to confirm you are the person entitled to receive the redress payment. To claim, you need to provide:

• the claim reference number at the top of this letter;

• your full name;

• your current residential address;

• any other residential addresses you have lived at in the last five years; and

• UK bank account details for an account held in your name.

We will validate this information electronically and your claim will be paid into your UK bank account within two to three business days.’

The format of the letter, address, - email and landline formats, appear legitimate to me.

Also a quick web search reveals stock related news from last December of Jarvis potentially having to pay compensation relating to misleading contract wording around interest payments on unallocated funds.

My current view, if it is legitimate, is that the offer appears reasonable. Especially since I was unaware of it and the fact that they’re not yet apparently being compelled to pay anything. My unqualified life experience suggests I may not have of done any better if I had taken it to the Ombudsman.

I would be grateful for any feedback before I do anything.

Giammy85

I received the email too.

Link to the redress is published on https://www.jarvisim.co.uk/

I was carrying cash balance in my X-O ISA because it was not a flexible ISA.

I don’t hold a copy of my historical cash balances, so unless I ask them, I cannot validate their figures at the moment. The calculation methodology is described in their letter.

Stanley_St

Jarvis Redress Scheme

I received my letter relating to this today, a few days after the others reported here. Initially suspicious I was reassured that this scheme is legitimate by reading what others have written, by the way the attached document was written, and by clicking on genuine looking links.

One doesn't come on this forum and look a gift horse in the mouth… I have submitted my claim on the portal for the £50 on offer. I get the message: 'Payments will normally land in your bank account within 2-3 working days' and an emailed acknowledgement.

With this relating to an ISA, I would hope that HMRC won't want a cut.