SVS Securities - shut down?

Hattie625
Under MiFid II, they should be producing Quarterly reports.

iWeb produce them but you have to go looking for them in their menu on their website ( the SVS issue made me check my iWeb account...I found a 25 page document for each account issued Quarterly...must admit...never checked before). It's useful for tax returns in non ISA accounts but it's only a snapshot of ones holdings at any given point in time....you could have sold all your shares the very next day!

Of course, we can't check SVS reports on our holdings ( I know you can request transaction statements with SVS..maybe this is good enough / compliant?)

Out of curiosity what happens to the investments you had when they SVS went offline / out of business?

Do you get the market worth at what the investments were at that point, will you be given the market value as at the point when the issue is rectified i.e. business sold to another broker or cash refunded or will the shares be transferred to you via another broker and you get the market value at the time?

Thanks for the help.

shez.85 wrote: »

Do you get the market worth at what the investments were at that point, will you be given the market value as at the point when the issue is rectified i.e. business sold to another broker or cash refunded or will the shares be transferred to you via another broker and you get the market value at the time?

ASN wrote: »

So what about my shares in different companies I bought through SVS Securities ?

Your shares will be ring-fenced so even if the company goes bust your shares are safe. You won't be able to trade in them until it all gets sorted out but they will carry on rising or falling in value. The most likely outcome is another broker will purchase all the clients from the administrator and you will then be able to trade through them.

Hi Shez.85. Any shares/ fundholdings (did they deal in funds?) are held in the separate SVS Nominee ac, ie the shareholder has "nominated" SVS to keep his/her stock in that ac on his/her behalf. All this is electronic of course, and say you had BP shares, you would not be able to point to "your stock"- all BP shares managed by SVS are pooled together with other client BP shares. But neverthless, you are still the owner of those BP shares. So given that SVS are no longer, for whatever reason, able to trade and manage them for you, they will have to transfer to an organisation that can, ie a new broker such as The Share Centre. This will be done under the auspices of the FCA. Individual shareholders will not be able ask for their shares back, or for them to be sold off, until the transfer process is complete, for the main reason (I assume) is that there is no one to act on their behalf until the whole operational transfer is complete on Xdate. On Xdate you should then be able to instrcuct the new broker to sell., buy or whatever as normal. Unfortunately, this took months in the case of Beaufort Securities last year, but that broker was under FCA investigation. SVS may be simpler, or they may have a better solution, but I would guess we will be in limbo for weeks awaiting Xdate, if not months.

As a new user not allowed to post links.(so havent posted a link to cityam article)
you can Google Carbon credits svs deutsche to have a read.
I keep kicking myself for not checking news related to SVS more often.

I have just over £xxxk in an ISA with them. Glad to read all the discussions about the issue as MSE seems to be the only place where there's any info at all.
I have a sharesoc free membership & so have contacted them. They did and are still pursuing Beaufort, so am hopeful we can also start a campaign for SVS.
I am also being hopeful that we don't even have to go to that extent and the matter resolves quicker than Beaufort and some other broker gets our accounts.