SVS Securities - shut down?

Just for information
last year FCA shut down Beaufort Securities, had 15000 clients, PwC was the liquidator, PwC bill was 100 millions, after the courts intervention it was reduced to 55 millions, and FCA ends up paying for it. SVS has 13500 clients, what's the LC bill will be ???
I do not whose going to pay the bill, LC is their for to make the money.
What we should be concentrating on to get the value from then in a orderly manner , any idea who is supervising the LC work and investigation. If it is FCA then we should be in contact with them, perhaps it will become more clear after the 27 September . May be we have to wait till then.
Anyone know the process as I have no experience and willing to share with us.
I understand that people with the investment less than 85k has nothing to worry about as at some point they will get all their money back, if you have more than that, then watch the space and like me hope for the best.

Hi Johnburman,
Do we know that if the XO clients funds were segregated? if so you are right it should be straightforward process for XO account holder to get excess to their accounts.
But I fear this not the case, this may be one reason that SVS under investigation.

Try not to stress.
At the moment we can only assume shares were segregated and you will just suffer a lock in there .
Some have suggested no residents treated differently , that would be disappointing and i would be writing to my MP if i find that is the case .
Maybe you could ring the FCA to ease your mind there.
Interestingly Tom Winnifrith a journalist who has his own web site suggested he knows the "real reason " SVS was shut down .
He charges for readers to listen to his broadcasts so i have not.
( I do not think hes a good person so will not support him , i do think he gets inside information from city workers , placings ect a lot of this turns out to be the case )
He claims to have revealed this yesterday, so if anyone does know the rummer he claims is all around the city please let us all know.

Just received an email from LC.


We have been made aware of a fraudulent letter that claims to come from the Special Administrators Leonard Curtis. Please ignore the letter. For more details visit the SVS page on the Leonard Curtis website.

If you haven’t already, you can sign up to receive email updates on the SVS Securities situation on our website. Whenever we have an update, we’ll send you an email to let you know the latest news.

johnburman wrote: »

I fear that you forget that this is a Special Administration not just Ann ordinary commercial insolvency. The Special Administrators have different duties and obligations as set out and recognised.

Would you care to elaborate on the specifics of these additional duties and obligations, with regard to customer service activities?

As far as I'm aware, the Special Administration Regime merely adds the obligation to keep critical or systemically important payment and securities settlement services running (to prevent disruption to financial markets). It also outlines the process by which properly segregated client assets are returned to investors, and how costs are dealt with. In other respects it closely mirrors the standard insolvency legislation, but extends rights afforded to creditors to cover investors as well.

The point I was trying to make was for XO clients who should have segregated funds the information provided is poor. I wonder how many Specials have LC carried out.

Making an assumption that funds are segregated, and then acting on that assumption by providing unverified information to investors, would be poor. It would probably see them replaced as Special Administrators.

Happy for you to point to legislation to the contrary, but my understanding is that LC is under absolutely no obligation to provide any information to investors or creditors regarding their activities, the company's affairs, or the details of investors accounts in the first 8 weeks following their appointment, whether it is a Special or ordinary administration.