SVS Securities - shut down?

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  • manted
    manted Posts: 126 Forumite
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    Did you receive the HMRC call from a No Caller ID number ?
    I have received a couple of calls from the same, but I guess its some robot on the other end based on previous messages on this board.
  • LEAR1
    LEAR1 Posts: 60 Forumite
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    manted wrote: »
    Did you receive the HMRC call from a No Caller ID number ?
    I have received a couple of calls from the same, but I guess its some robot on the other end based on previous messages on this board.

    Yes, no ID, but a real person on the other end. Though certainly anything but HMRC and having my best interests at heart!!
  • Scottcollier
    Scottcollier Posts: 3 Newbie
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    I’m also impacted by the SVS closure. Has anyone else been receiving calls from Wealth Management firms over the past few weeks? I’ve received calls from Primary Property Solutions, Clear Capital and Harpur. Wondering if anyone else has received the same and our information has been sourced from SVS? I have never heard of any of these companies or given them my info.
  • johnburman
    johnburman Posts: 727 Forumite
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    Could your ifa (who knows you are in with SVS) have disclosed this to these new companies who see you as a good prospect?
  • masonic
    masonic Posts: 23,278 Forumite
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    Scottcollier wrote: »
    I’m also impacted by the SVS closure. Has anyone else been receiving calls from Wealth Management firms over the past few weeks?
    Lots of people have been receiving calls from firms purporting to be legitimate companies. Unless you find their contact details from a reputable source and call them back (preferably on a different phone or after >15 minutes of ending the cold call), then you won't know whether the person who called you was really from the company they claimed. If you are not in the market for the services you are offered, then it might be easiest just to assume any calls are a scam. I wouldn't do business with anyone who cold called me even if I was looking.
  • samuzza
    samuzza Posts: 14 Forumite
    edited 5 September 2019 at 5:27AM
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    Today my partner sent £500 to their SVS online account, then tried to log on and found out the news.

    Together, we've got about 110k invested in Vanguard ETFs.
    My partner also had about £1,000 in cash in their account - not including the £500 they sent today.

    Does the FSCS compensation scheme cover non-residents with standard sharedealing accounts - that is non-ISA?

    Any advice or words of comfort?

    Also, what to do about the £500 they tried to send today - it's gone from their account already?

    Cheers in advance
  • LEAR1
    LEAR1 Posts: 60 Forumite
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    samuzza wrote: »
    Does the FSCS compensation scheme cover non-residents with standard sharedealing accounts - that is non-ISA?
    Cheers in advance

    Simply put, yes.

    My wife and I are also non-resident. I checked this point awhile back and posted previously that residency is not a determining category for FSCS compensation eligibility. Encouragingly, this conclusion is not just based on theory of how the rules would be applied, but the actual practice based on a discussion I had with an individual who is sitting on the Beaufort Creditors and Clients committee who confirmed that certain Australian clients had received compensation.

    Whether the shares / eligible investments are held in an ISA account or a standard trading account has absolutely no bearing on compensation eligibility as far as I'm aware.
  • LEAR1
    LEAR1 Posts: 60 Forumite
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    samuzza wrote: »
    Also, what to do about the £500 they tried to send today - it's gone from their account already?

    Cheers in advance

    Not sure about this, but someone else was in a similar predicament and posted about it on the thread awhile back - though they had sent the money on the actual day SVS formally went into administration (if my memory is correct).

    In your instance, I would have thought the SA would return the funds to your partner independently, as they clearly won't have formed part of the overall client assets at the time administration proceedings commenced, but no doubt that might take some time given the magnitude of the overall work involved in unraveling all of this.

    Masonic is very well informed and might have a different take / thoughts.
  • johnburman
    johnburman Posts: 727 Forumite
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    Agree with Lear1.

    But how did you get the £500 to SVS if the website was down? In my case i transferred a small sum from my XO trading account to my bank on the Thursday before the Friday when it was closed. The XO online transaction took place but the £ never reached my bank! So it is still with SVS. But like you, how was this disparity allowed to take place? I woudl ask your bank why has the transaction not been reversed - and where exactly (in which account) is the £ now?
  • masonic
    masonic Posts: 23,278 Forumite
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    samuzza wrote: »
    Today my partner sent £500 to their SVS online account, then tried to log on and found out the news.
    <snip>
    Also, what to do about the £500 they tried to send today - it's gone from their account already?
    If your partner is non-resident then how was the payment sent? From a UK current account? Direct from a non-UK bank account (SEPA / SWIFT)? Via Transferwise? Something else?

    Although it is obviously too late for your partner, it is good practice when sending money to an existing payee to double check nothing has changed since the last time. Companies don't only go bust, they also change their bank details, and sometimes require additional information to be included with the payment to enable it to be correctly matched to your account.

    Your partner's payment will either be on its way to the destination account, or has already arrived. It is unlikely (but not impossible) that the receiving account has been shut down. As this is a Special Administration, the administrators are obliged to keep anything involved in the smooth functioning of the UK's financial infrastructure up and running, which may include any bank accounts used to process payments to/from the London Stock Exchange. But if the account has been shut down, then the payment might be re-credited to your bank account after a few days, depending on the method of transfer used.
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