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  • FIRST POST
    • MK62
    • By MK62 3rd Aug 19, 6:05 AM
    • 466Posts
    • 343Thanks
    MK62
    SVS Securities - shut down?
    • #1
    • 3rd Aug 19, 6:05 AM
    SVS Securities - shut down? 3rd Aug 19 at 6:05 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 6:12 AM. Reason: Added links
Page 23
    • Clairabella
    • By Clairabella 10th Sep 19, 4:57 PM
    • 209 Posts
    • 73 Thanks
    Clairabella
    Please can someone tell me if my money is protected at the value on the day of administration or will I receive what the shares are worth when this is finally all sorted?
    • masonic
    • By masonic 10th Sep 19, 5:03 PM
    • 12,298 Posts
    • 9,916 Thanks
    masonic
    Progress reports are made every 6 months as Reaper originally suggested, not every 2 months.

    This insolvency is governed by the The Investment Bank Special Administration (England and Wales) Rules 2011 as stated in the Administration Order.

    Chapter 9 of the Rules states:
    "122.—(7) The progress report must, except where paragraph (6) applies, cover the period of 6 months commencing on the date on which the investment bank entered special administration and every subsequent period of 6 months."
    Last edited by masonic; 10-09-2019 at 5:22 PM.
    • masonic
    • By masonic 10th Sep 19, 5:07 PM
    • 12,298 Posts
    • 9,916 Thanks
    masonic
    Please can someone tell me if my money is protected at the value on the day of administration or will I receive what the shares are worth when this is finally all sorted?
    Originally posted by Clairabella
    If your investments are sold, then you'll receive the proceeds of the sale. Otherwise, you'll retain the investments you held on the day of the administration.
    • ascension92
    • By ascension92 10th Sep 19, 6:31 PM
    • 5 Posts
    • 0 Thanks
    ascension92
    Hi Masonic
    I understand what you are saying, but LC indicate that open trades would be in "default" if my trade was settled there and then I will have the shares which is my preferred option. How long does it take these days to clear and settle trades. Back in the 80's when I had my first stab at stocks and shares clearing used to take 10 days, slate and chisel as apposed to computers.
    There have been other posters who have paid in money who presumably are in a worse or similar situation to me, with LC saying they are supplying LSE with information on any open trades I thought from an LSE standpoint where the other side of the trade has been "let down" we might have heard from LSE. If anyone does get any contact maybe they would post it, other than that I will take you advice on other posts and wait for LC to advise later this month.
    • masonic
    • By masonic 10th Sep 19, 6:42 PM
    • 12,298 Posts
    • 9,916 Thanks
    masonic
    Hi Masonic
    I understand what you are saying, but LC indicate that open trades would be in "default" if my trade was settled there and then I will have the shares which is my preferred option. How long does it take these days to clear and settle trades. Back in the 80's when I had my first stab at stocks and shares clearing used to take 10 days, slate and chisel as apposed to computers.
    There have been other posters who have paid in money who presumably are in a worse or similar situation to me, with LC saying they are supplying LSE with information on any open trades I thought from an LSE standpoint where the other side of the trade has been "let down" we might have heard from LSE. If anyone does get any contact maybe they would post it, other than that I will take you advice on other posts and wait for LC to advise later this month.
    Originally posted by ascension92
    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.
    Last edited by masonic; 10-09-2019 at 6:49 PM.
    • Monsieur Bourse
    • By Monsieur Bourse 10th Sep 19, 6:49 PM
    • 7 Posts
    • 7 Thanks
    Monsieur Bourse
    Today my wife and I both received the generic letters that were sent out to all UK based SVS clients on the 9th August.

    How on earth my wife's letter arrived I really do not know, it only had here name, house number and street and the village name on the envelope. No postcode and no reference to France. My letter had the postcode and department, again no reference to France on the envelope.The letters had a 5th September postmark. I do not know if LC are now sending out letters to all non UK based clients, or the receipt of the letters were down to the e-mail that I sent them.

    Why there was such a discrepancy in the addresses I do not know, both our addresses were correct on every contract note that I printed out. I guess going by the useless telephone 'helpline', LC are probably employing staff on temporary contracts, probably with little interest in the job, and it would seem very little in the way of training.
    • ascension92
    • By ascension92 10th Sep 19, 7:02 PM
    • 5 Posts
    • 0 Thanks
    ascension92
    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.
    Originally posted by masonic
    You are making me feel better, I was not doing any spread betting/CFDs or short selling just plain old share buying. My original thought was that until my money was handed over my trade was "open" so maybe the shares are "mine", however, the T+2 could in my parlance be still open. I did actually try to log into SVS Friday 2 Aug and was locked out, at the time I thought this was a glitch! KNOW BETTER NOW
    Will wait and see what comes from LC and not LSE
    • masonic
    • By masonic 10th Sep 19, 7:14 PM
    • 12,298 Posts
    • 9,916 Thanks
    masonic
    Company representatives need permission to post here leonam
    • leonam
    • By leonam 10th Sep 19, 7:24 PM
    • 1 Posts
    • 0 Thanks
    leonam
    Company representatives need permission to post here leonam
    Originally posted by masonic
    Sorry - I have requested permission.
    • Reaper
    • By Reaper 11th Sep 19, 8:27 AM
    • 6,642 Posts
    • 5,000 Thanks
    Reaper
    I would love it if you would be up for giving us some feedback
    Originally posted by leonam
    It's a bit off topic but I would suggest for starters:
    * In your "About Us" section explain your financial qualifications so people can get a feel as to whether you know what you are talking about, rather than your desire to set up a beach bar.
    * Explain why REITs are preferable to other investments. Brexit fears have impacted them recently so I am not convinced they are safer than other investments and indeed may end up being more volatile.
    • manted
    • By manted 11th Sep 19, 9:33 AM
    • 9 Posts
    • 2 Thanks
    manted
    To the Reitly Marketers -
    I would consider a better thread to post to than this one - where most of us are in pain from the SVS saga. Free marketing should be got elsewhere, not in a place where most are in worry about their hard earned money being locked. I would seriously reconsider my strategy if i were you .. just saying
    • manorhouse
    • By manorhouse 11th Sep 19, 11:23 AM
    • 20 Posts
    • 1 Thanks
    manorhouse
    I have complimented masonic on his thought out and logical comments on this site.

    bowlhead remarks "If you are a naive or unlucky investor caught out by the SVS debacle I can't see that your life will become measurably better by using that site to learn about REITs. "
    I do not think is a fair reflection .

    I was with SVS i think investors in ox only accounts will not lose out at all and i think some posters on here are causing unnecessary anxiety to some less experienced investors and maybe older folk .

    If i am correct i hope posters suggesting shares where not separated out as is required by regulation will apologise ( In my opinion it would be grossly negligent of the FCA as they already had concerns about SVS before this latest problem if they did not check that , it would be the first thing i would check and i am a blue collar worker , FCA regulators i would guess are well paid and have some savvy )

    Some posters on this tread do not have the same knowledge as others that is why i suggested the site i came across there was not much on the site that i did not know but i thought others posting here might learn something about investing and it did have a simple format i thought.
    • pafpcg
    • By pafpcg 11th Sep 19, 12:05 PM
    • 383 Posts
    • 361 Thanks
    pafpcg
    I'm sure you want to be helpful, but could I respectfully suggest that you start an entirely new discussion thread if you want to assist the less experienced investor, perhaps "Hints for better and safer investing" or "Alternatives to SVS X-O", leaving this thread specifically for discussion of the administration of SVS?
    • bowlhead99
    • By bowlhead99 11th Sep 19, 1:04 PM
    • 9,175 Posts
    • 16,742 Thanks
    bowlhead99
    bowlhead remarks "If you are a naive or unlucky investor caught out by the SVS debacle I can't see that your life will become measurably better by using that site to learn about REITs. "
    I do not think is a fair reflection .

    I was with SVS i think investors in ox only accounts will not lose out at all and i think some posters on here are causing unnecessary anxiety to some less experienced investors and maybe older folk .

    If i am correct i hope posters suggesting shares where not separated out as is required by regulation will apologise
    Originally posted by manorhouse
    I have no idea whether customers with simple execution-only brokerage and nominee services will financially lose out to any significant degree. Hopefully that's not the case and everything is neatly segregated out and can be transferred to a different viable brokerage or investment platform business in due course, and I'm not looking to cause anxiety or scaremonger within that customer population.

    However, it's factual that anyone with an SVS account is unable to access their funds and trade their investments and there are several hundred posts here talking about uncertainty, unwanted delay and lack of clarity pending administrator reports which could take ages.

    So whether or not it gets resolved in due course with a positive result (e.g. the investments you couldn't trade go up in value rather than down, before you get around to being able to sell them in the future and implement any further investment plans you might already have or make) there is no doubt that SVS's customers have all been 'caught out by the debacle'.

    All SVS customers are surely disappointed, upset or angered. I can't imagine that anyone having assets lodged with SVS, who tries to log onto their account and find that it is in administration and not open for usual business, is completely indifferent or uncaring towards the situation. It's highly annoying and even if there are no uncompensated losses, it's frustrating and a hassle. As you say, some of those will be inexperienced or elderly or just generally anxious about outcomes.

    Without commenting too much about the reitly site - which they say is not being actively marketed and perhaps unfinished so was only found by accident, so no point in dwelling on that specific business, it's just an example... people who have recently lost money *or* just generally had a bad experience with their assets should be cautious about diving from the frying pan to the fire by diving into a newly formed service promoting certain specific asset types over more generalist shares or funds.

    When reitly gives background information about REITs on their site and says, "you can invest in these from as little as under 1, select and understand their performance and investments with us, all in one place" there is an implication that one of their services might be to let you buy investments through them, which is something in which former SVS customers might have cause to be interested, because the SVS brokerage service has ceased to exist. That's why I thought manorhouse was linking to them.

    However, if not, and they don't offer investments and are simply a site aggregating some published data on REIT performance, then no wonder they have not sought FCA regulation.

    The testimonial from user 'Ben', "I was struggling to save a deposit for a flat, but now with Reitly I can grow my savings to make my plans a reality" implies that he has found some better way of growing his savings, thanks to this service, but perhaps it is just an information-only service in relation to this niche category of investments - just a data re-publisher. People can get similar data via places like
    https://www.theaic.co.uk/aic/find-compare-investment-companies?sector=&name=&region=PRO and just filter for property investment sector with 30-40 results - but not all REITs are AIC members and other sites may be better ; I won't list them all as I should already apologise for derailing the thread a bit. Just replying to the points made.

    Pafpcg is right that there are already hundreds of threads about where inexperienced investors might like to go to learn about investment types or fund/company performance.
    Last edited by bowlhead99; 11-09-2019 at 1:57 PM.
    • masonic
    • By masonic 11th Sep 19, 5:51 PM
    • 12,298 Posts
    • 9,916 Thanks
    masonic
    They certainly need to work on their SEO. I thought a google search for "reitly" would get me to the site, but all I found was their Companies House records and the Linked In profile of their founder. Then I found it, languishing at the very bottom of page 3 of my search results.

    As a website offering some information about a subset of the available REITs it is a bit basic, but perhaps has the potential to be quite useful (though I got more comprehensive information from the advanced charting dropdowns on Trustnet). However, for an asset class that would typically make up 0-10% of a balanced portfolio to which the majority of investors would seek exposure using a single diversified fund, it's hard to get excited about this service and it certainly isn't a replacement for SVS XO unless investors have been scared into managing a virtual portfolio in future.
    Last edited by masonic; 11-09-2019 at 5:53 PM.
    • dales1
    • By dales1 11th Sep 19, 10:35 PM
    • 97 Posts
    • 88 Thanks
    dales1
    This reitly stuff is completely off topic and is marketing dross.
    Mods should delete all promotional manorhouse and reitly posts.
    • johnburman
    • By johnburman 12th Sep 19, 7:55 AM
    • 62 Posts
    • 14 Thanks
    johnburman
    Agree with dales1. SVSXO clients would tend towards the conservative in their investing. The refusals of the hard selling advisory services of SVS in small AIM mining companies is proof of that.

    Ads for magic investments or crypto stuff or snake oil commodities belong in another category. This is for worried exSVS clients
    • manorhouse
    • By manorhouse 12th Sep 19, 10:16 AM
    • 20 Posts
    • 1 Thanks
    manorhouse
    I do not understand why dales wants my posts deleted .
    I only try and help others and thought that sight might also be trying to do that.

    Thank you for you post yet again masonic always well thought out and i agree again .

    I thought you last reply bowlhead was also very good this time many good points .
    I thought after about the naive remark in you first post and the Woodford income unit trust came to mind, i do not think investors there were naive ?
    Looks to me they might be locked in for longer then SVS folk ?
    I am in the investment trust and have topped up as it has fell.
    I do not think you go from very smart to fool overnight .
    I think like the name of the trust Patience is the way to make money with investments.
    What a good job the Patient one i am in is not a unit trust .
    • wallric
    • By wallric 12th Sep 19, 3:26 PM
    • 1 Posts
    • 0 Thanks
    wallric
    Update
    Anyone else got this ? Sorry it’s made me remove the hyperlinks...but the latest info has not yet been posted to the site


    Dear Sir / Madam,

    SVS SECURITIES PLC (IN SPECIAL ADMINISTRATION) (“the Company”)
    IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
    CASE NUMBER 2019-005229
    COMPANY REGISTERED NUMBER: 04402606
    REGISTERED OFFICE ADDRESS: Tower 12, 18/22 Bridge Street, Spinningfields, Manchester M3 3BZ

    Further to our recent email correspondence I can confirm that we have continued to monitor client queries and we have produced an interim update for all clients and we believe this will deal with the majority of all client queries.

    It is anticipated that we will be upload this document to the dedicated website during the course of Thursday 12 September 2019 and we would ask that you read the document.

    If you feel that the document does not answer all of your queries, please email any further queries to svs@leonardcurtis.co.uk

    On a separate matter, we are continuing to update client contact addresses. If you have recently changed address and have not already notified us, please email your updated address to svs@leonardcurtis.co.uk

    Yours faithfully,
    For and on behalf of
    SVS SECURITIES PLC
    Last edited by wallric; 12-09-2019 at 3:29 PM.
    • bnet
    • By bnet 12th Sep 19, 5:34 PM
    • 3 Posts
    • 0 Thanks
    bnet
    Yeah I got the same email this morning but I don't see any update on their website. This is very strange!
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