SVS Securities - shut down?

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  • masonic
    masonic Posts: 23,278 Forumite
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    It seems someone working in their office is rather naive if they thought they could get their document signed off by someone senior at LC and the FCA within the space of a single day, and in time for it to be posted on the website.
  • bnet
    bnet Posts: 13 Forumite
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    If they don't upload the document during the next 3 hours, can we complain to the authorities with clear evidence (a mail in this case stating that a communication was to upload on 12th Sep.) ?
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    bnet wrote: »
    If they don't upload the document during the next 3 hours, can we complain to the authorities with clear evidence (a mail in this case stating that a communication was to upload on 12th Sep.) ?

    What 'authorities' would be interested in a story about an administrator who provided a voluntary update slightly later than planned?

    Send them whatever 'evidence' you like. You are not Hercule Poirot cleverly revealing a murderer. It's a story about an administrator who was receiving some common questions and getting bored of giving stock answers, so decided to release an update or FAQ to save themselves the hassle of repetitive phone conversations or email chains. They said they would give an update and let you know of that by email, without having an obligation to do so.

    And then it took a while for them to actually give the update. What are the 'authorities' going to do with your 'evidence' that someone said they would do something that they didn't need to do, and then did it a bit later than they said?

    They will either ignore you, or tell you to stop wasting their time and eff off.
  • olderbutnowiser
    olderbutnowiser Posts: 85 Forumite
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    edited 13 September 2019 at 4:12PM
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    Don't think we learnt too much that was new apart from the fact that SVS had a disproportionate number of Chinese FX clients! Hope they don't clog up the process too much for us XO clients.


    My take is that there doesn't seem too much to worry about apart from the delay. I wonder though if they will find a single alternative platform acceptable to the majority. Clearly it would be the quickest way back to our portfolios if that can be done.
  • manorhouse
    manorhouse Posts: 149 Forumite
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    Did anyone else get talked into investing in JQW,
    Chinese AIM share , which just delisted .
    They couldn't help with any information , but it was siting there unable to trade , what will happen to these types of shares ?
  • Beckett332
    Beckett332 Posts: 3 Newbie
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    Google "Administrators of collapsed wealth manager secure clients assets" and go to moneymarketing.co.uk
    As a new user I'm not allowed to post links.

    "Administrators of wealth manager firm SVS Securities Plc which collapsed following the FCA investigation in August, have secured the client monies and custody assets.
    They also reported a “significant interest” from firms, interested in having the clients’ assets transferred to them. Over 100 FCA-regulated firms showed interest in transfer."

    Haven't seen this confirmed anywhere else yet.
  • ascension92
    ascension92 Posts: 25 Forumite
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    masonic wrote: »
    Are you sure "open trade" means what you think it means? It's a term normally used in the discussion of spread betting / CFDs / short selling in which a position is opened, and then closed at a later time.

    If you were trading using CFDs, which SVS did offer, and had open positions, then the statement in the FAQ document probably does apply to you.

    Settlement for normal market trading was T+2 at SVS the last time I traded, which was a few years ago.

    Received my letter from LSE regarding my trade of 1 Aug seems the possible T+2 was enough, the trade is in default, waiting now for further letters.
    Apparently there a number of default trades, posting this for anyone in similar position to look out for a letter. going on holiday now so unable to post for a while (bad timing)
  • manorhouse
    manorhouse Posts: 149 Forumite
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    This is the reassurance many have been waiting for so i hope it is true.
    As i said before the Beaufort ex broker informed me clients there were allowed to chose (again i do not know how true that is ? )
    I hope the administrators put a clause in any sale of a free transfer out for those like myself who prefer own choice on who to do business with .
  • manorhouse
    manorhouse Posts: 149 Forumite
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    Just noticed reply's on this board are one hour behind .
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    manorhouse wrote: »
    Just noticed reply's on this board are one hour behind .
    Behind what?
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