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  • FIRST POST
    • MK62
    • By MK62 3rd Aug 19, 7:05 AM
    • 514Posts
    • 379Thanks
    MK62
    SVS Securities - shut down?
    • #1
    • 3rd Aug 19, 7:05 AM
    SVS Securities - shut down? 3rd Aug 19 at 7:05 AM
    I tried to access my account this morning and it just times out (eventually).

    There are some rumours online that it shut down yesterday, but it's not exactly plastered all over the place, and I've never heard of the sites carrying the rumours (so no idea how reliable they are).

    https://www.shareprophets.com/views/44019/breaking-svs-securities-shutting-down

    https://www.valuethemarkets.com/2019/08/02/svs-securities-another-broker-bites-the-dust-how-much-trouble-is-aim-in/

    I did a quick search on here but came up with nothing.....this kind of thing is usually on here pretty quickly though tbh....
    Last edited by MK62; 03-08-2019 at 7:12 AM. Reason: Added links
Page 33
    • My2penneth
    • By My2penneth 11th Oct 19, 11:54 PM
    • 72 Posts
    • 37 Thanks
    My2penneth
    Their charging rates per hour are
    Director 525
    Senior Mgr 445
    Manager 1 395
    Manager 2 345
    Administrator 1 280
    Administrator 2 250
    Administrator 3 230
    Administrator 4 165

    These rates are specified in their proposal letter 25 September.

    I suggest that the FCA should ask for a work breakdown structure and a plan for the work and not to give them a blank cheque. I would want to know how much each of the above "rates" are going to be used.
    Last edited by My2penneth; 14-10-2019 at 2:16 PM.
    • My2penneth
    • By My2penneth 11th Oct 19, 11:56 PM
    • 72 Posts
    • 37 Thanks
    My2penneth
    My guess is that the overall cost of LC's work will be about 10% of the clients assets - so this would be a "loss". So, it would be a problem for retail investors (i.e. you and me) if we have more than 850k of shares (10% of 850k would be on the 85k compo limit).
    • olderbutnowiser
    • By olderbutnowiser 12th Oct 19, 11:02 AM
    • 15 Posts
    • 6 Thanks
    olderbutnowiser
    My guess is that the overall cost of LC's work will be about 10% of the clients assets - so this would be a "loss". So, it would be a problem for retail investors (i.e. you and me) if we have more than 850k of shares (10% of 850k would be on the 85k compo limit).
    Originally posted by My2penneth

    Surely you can't be serious! Clients assets and money amount to just over 300 million. I know LC are expensive, but I somehow doubt that even the FCA would countenance a fee 30 million!
    • manorhouse
    • By manorhouse 12th Oct 19, 11:24 AM
    • 39 Posts
    • 1 Thanks
    manorhouse
    Outrageous fees for easy work .
    Makes you think Labour party policy's are correct these city types have no integrity and are out to rob hard working ordinary folk .
    As i said before a group of plumbers more trustworthy .
    • johnburman
    • By johnburman 12th Oct 19, 12:01 PM
    • 93 Posts
    • 20 Thanks
    johnburman
    look ALL creditors/clinets in administrations feels, and has done so sinf the begining of time that the administratios or liquiditors charge too much

    But oif we sack Lc and get PwC or KPMG ignoring the delay, we will be charged twice as much

    And they know it

    And FSCS will be paying (most anyway)

    Plus if LC are slooooooow, any new administrator is going to be even slowerrrrrr. They must be through they will tell us

    We need ot keep up th eproessure on the FSA and FSCS. They are supervising the thing and - and this is the most important- they will be handling out other special administrations in the future. New Work.

    Here is THE question. "Who -living person and not a big company - xo client will HAVE UNCOMPENSATED LOSSES?" And why can no one tell us the answer to that figure?
    • fmmajid
    • By fmmajid 13th Oct 19, 11:10 PM
    • 4 Posts
    • 1 Thanks
    fmmajid
    Like I said Leonard Curtis are milking every single minute here.
    I have told their managers as much - ultra slow and ridiculous fees.
    • johnburman
    • By johnburman 15th Oct 19, 9:56 AM
    • 93 Posts
    • 20 Thanks
    johnburman
    Anyone knwo who is on the Creditos Committee? They must approve the fees and the formula for calculating the "allocation" FSCS will compensate.

    There will not be a simple % charge, but a formula depending on assets held and cash held. And there will be losers who will have uncomensated losses. Large companies certainly, but also others where the formula gives them losses of >85k (but nobody says they know who theses people are - which is strange)
    • ascension92
    • By ascension92 15th Oct 19, 1:07 PM
    • 14 Posts
    • 0 Thanks
    ascension92
    Creditors meeting
    For those of us who did not or could not go to the meeting, it would be nice if LC could give us some information regarding what went on!
    • Eastneuk
    • By Eastneuk 15th Oct 19, 1:14 PM
    • 8 Posts
    • 5 Thanks
    Eastneuk
    I had a proxy attend who took some notes and pictures. Anyone know how I can post these?
    • manted
    • By manted 15th Oct 19, 4:26 PM
    • 20 Posts
    • 8 Thanks
    manted
    https://www.sharesoc.org/blog/insolvency-and-administration/another-update-on-the-svs-special-administration/
    Some more details, but your pictures and notes would be useful Eastneuk ..
    • user1168934
    • By user1168934 15th Oct 19, 4:50 PM
    • 424 Posts
    • 267 Thanks
    user1168934
    https://www.sharesoc.org/blog/insolvency-and-administration/another-update-on-the-svs-special-administration/
    Some more details, but your pictures and notes would be useful Eastneuk ..
    Originally posted by manted

    Thanks very much, this is exactly the summary I needed - simple, to the point and free of unnecessary technical jargon
    Save 12k in 2015 #193 (target 12,000) : 12,690 (105.75%)
    Save 12k in 2016 #130 (target 18,000) : 15,000 (83.33%)
    Save 12k in 2019 #166 (target 12,000) : 4,762 (39.68%) ... on track so far
    • ascension92
    • By ascension92 15th Oct 19, 5:20 PM
    • 14 Posts
    • 0 Thanks
    ascension92
    https://www.sharesoc.org/blog/insolvency-and-administration/another-update-on-the-svs-special-administration/
    Some more details, but your pictures and notes would be useful Eastneuk ..
    Originally posted by manted
    Thanks for the link manted at least I now know a committee has been formed. Any info from Eastneuk would aslo be appreciated.
    Pity LC cannot advise us, what are administrators 1 2 3 & 4 being for?
    • ascension92
    • By ascension92 15th Oct 19, 5:21 PM
    • 14 Posts
    • 0 Thanks
    ascension92
    Thanks for the link manted at least I now know a committee has been formed. Any info from Eastneuk would aslo be appreciated.
    Pity LC cannot advise us, what are administrators 1 2 3 & 4 being for?
    Originally posted by ascension92
    Should have said being PAID for
    • manted
    • By manted 15th Oct 19, 6:56 PM
    • 20 Posts
    • 8 Thanks
    manted
    Yeah, I agree meeting minutes should not take too long to come out.
    I am hoping they can provide those by Friday 18th, the only positive i got from the sharesoc summary is that LC have narrowed to just 3 firms to transfer our assets to and could select one by 31st October ..
    I would like to see what criteria they followed in choosing the firm.
    • johnburman
    • By johnburman 16th Oct 19, 2:48 PM
    • 93 Posts
    • 20 Thanks
    johnburman
    Criteria. 1 Who is UK based 2 Regulated by the FCA 3 Will take all - 100% - of clients (inc overseas, joint, SIPP, FX and ISA 4 Has the real cash to complete 5 Will complete 6 Will not go bust within say 18 months of the transfer AND 7 will actually be able to deal with 20k clients who otherwise then contact LC to complain why they chose that provider.

    We should open a sweepstake on who will it be? The FX requiremenet points to IG, or one of the big boys, Hargreaves Lansdown?
    • Twonko
    • By Twonko 20th Oct 19, 9:07 PM
    • 18 Posts
    • 0 Thanks
    Twonko
    I hope it is Hargreaves. I already have an account with them. Transfers in from others will be free but it’s an unnecessary ball ache and will take extra time. Not being able to sell some of my holding has already cost me several thousand at today’s prices. This BS could have happened at a better time than when Johnson and Corbin et al are parping the economy down the toilet.
    • johnburman
    • By johnburman 21st Oct 19, 8:19 AM
    • 93 Posts
    • 20 Thanks
    johnburman
    Awaiting the 'portal' being opened by LC. As they have 29 ex svs staff working for them and several consulting companies I wonder why LC has said this will take so long.
    • masonic
    • By masonic 21st Oct 19, 6:12 PM
    • 12,452 Posts
    • 10,025 Thanks
    masonic
    If they are paying 29 salaries using client assets then that's going to annoy those whose losses end up over the FSCS compensation limit. What possible justification could they have to do so?
    • shiznit76
    • By shiznit76 21st Oct 19, 8:42 PM
    • 4 Posts
    • 0 Thanks
    shiznit76
    if you only have shares with SVS how do LC get their money of you for their cut?
    • masonic
    • By masonic 22nd Oct 19, 6:38 AM
    • 12,452 Posts
    • 10,025 Thanks
    masonic
    if you only have shares with SVS how do LC get their money of you for their cut?
    Originally posted by shiznit76
    Either direct from the FSCS or by selling some of your shares.
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