SVS Securities - shut down?

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Comments

  • to_jackie_too
    to_jackie_too Posts: 22 Forumite
    masonic wrote: »
    Had your concerns led you to split your ISA, you might have held half with XO and half with SVS. The more platforms you spread your money around, the more chance you'll experience a platform go insolvent.
    We should be thinking about quality (meaning: stability) as well as quantity when choosing platforms. It may make sense to use more than one platform, but it's more important to pick big, established, platforms, which don't seem to be cutting corners, are themselves financially secure, and don't have a dodgy side to their business.

    I did use SVS Securities a while back, but only to buy some shares and then withdraw them as certificates almost immediately. They did call me one or twice trying to sell me something or other (I didn't find out what precisely, because I'd put them off before they said what it was). But I got the impression they were a bit spivvy.

    Any stockbroker that lets you hold shares with them, but not open-ended funds, is usually a small operator in the world of platforms. So perhaps not the best choice, if you're after a stable platform.
    Thrugelmir wrote: »
    Jarvis is a long established , well respected outfit, that has been trading since 1984.
    Not a great argument. Plenty of financial institutions with hundreds of years of history have gone bust.

    Jarvis are themselves a listed company, unlike SVS; which is helpful, in that it requires them to disclose more about their finances. But they are a very small player.
  • stphnstevey
    stphnstevey Posts: 3,224 Forumite
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    I can't see any link, is it just coincidence SVSXO shares a similar name to X-O.co.uk?
  • jamei305
    jamei305 Posts: 635 Forumite
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    stphnstevey wrote: »
    I can't see any link, is it just coincidence SVSXO shares a similar name to X-O.co.uk?

    Yes, XO stands for eXecution Only.

    SVSXO is a trading name of SVS Securities Plc

    x-o.co.uk is a trading name of Jarvis Investment Management Limited
  • masonic
    masonic Posts: 23,245 Forumite
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    to_jackie_too wrote: »
    We should be thinking about quality (meaning: stability) as well as quantity when choosing platforms. It may make sense to use more than one platform, but it's more important to pick big, established, platforms, which don't seem to be cutting corners, are themselves financially secure, and don't have a dodgy side to their business.
    Agreed, although in the past they seemed to tick all of the boxes other than big and established. The rebrand to SVS XO seems to have coincided with them branching out into undesirable activities.

    Given that for a one-off £25 opening fee, you can access a cheaper sharedealing platform run by a major bank, it seems like a no brainer. That's where I ended up moving my secondary trading account for the overspill from my S&S ISA.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Masonic, can you confirm that you are referring to interactive investor in your last post? I was already thinking of moving my Jarvis USA there.
  • masonic
    masonic Posts: 23,245 Forumite
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    Deleted_User wrote: »
    Masonic, can you confirm that you are referring to interactive investor in your last post? I was already thinking of moving my Jarvis USA there.
    I was thinking of iWeb, run by Halifax.

    (but I do currently use Interactive Investor for the bulk of my investments, my only concern with them is that they are loss-making, though the new charging structure might help with that)
  • Twonko
    Twonko Posts: 20 Forumite
    Anyone know what happens now? I have £30,000 total in an isa and a trading account and whilst I don’t trade often and have moved to HL, I will still need to move everything at SVS at some point. Where will the divs now go? How long might the account be inaccessible assuming both ring fenced assets or otherwise? Still no real news out there that I can find. TIA
  • Reaper
    Reaper Posts: 7,279 Forumite
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    It's disgraceful they just shutdown their web site and said nothing. They could have at least left a static page up saying what has happened and reassuring investors their money is ring fenced.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    edited 5 August 2019 at 9:23AM
    to_jackie_too wrote: »

    Not a great argument. Plenty of financial institutions with hundreds of years of history have gone bust.

    Wasn't an argument. Merely expressing a view in the context of the post made regarding Jarvis. Some companies are run better than others. Hence my earlier comment of waiting for the real facts.
  • Sara7reed
    Sara7reed Posts: 1 Newbie
    Has any one has any more news about svs? I have substantial amount in individual shares held in svs xo. Being an expat it was difficult to get an account with other brokers when Barclays closed my account. Feel extremely worried.
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