SVS Securities - shut down?
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Thank you again. Appreciate your help I should have said that I am DIY (no advice from SVS of Financial Advisor) and hold in SVSXO. Total around £25k in individual shares, Vodafone, Tesco etc.
Hopefully you are right and will find out more tomorrow. Noted Alexland, think you are right. I was reading an old post which stated £50k.0 -
I don't claim to know much about SVSXO but I understand they were reasonably respectable so it just goes to show how careful and selective you should be when choosing who gets your business.0
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There is no need for there to have been any advice. While the advice route is one way to FSCS compensation (when you receive unsuitable advice and you suffer investment losses as a result), you can also claim when a firm goes belly up holding your investments if it cannot return those investments or repay you their current market price. Either way, this is an inconvenience, but your capital is safe.
Thanks for clearing up. I must have misread dunstonh and your own post in the thread below in my panic around individual shares. I'll sleep easier now.
https://forums.moneysavingexpert.com/showthread.php?t=5933769&highlight=beaufort0 -
I don't claim to know much about SVSXO but I understand they were reasonably respectable so it just goes to show how careful and selective you should be when choosing who gets your business.
I'm not sure what steps could have been taken to avoid being caught up in this, other than sticking to the biggest 3 or 4 providers.0 -
Thanks for clearing up. I must have misread dunstonh and your own post in the thread below in my panic around individual shares. I'll sleep easier now.
https://forums.moneysavingexpert.com/showthread.php?t=5933769&highlight=beaufort
"If a firm fails holding client money or assets in connection with a type of regulated activity that FSCS can cover, we can compensate if there is a shortfall in your client money/assets."
https://www.fscs.org.uk/what-we-cover/investments/0 -
I'm not sure what steps could have been taken to avoid being caught up in this, other than sticking to the biggest 3 or 4 providers.
Hopefully they will have been respectable enough to have correctly segregated client assets so nobody suffers actual loss regardless of account valuation.
Still it does make you think - at a time when I am in the process of consolidating my two SIPPs together as I concluded that maybe I take the risk of failure in reputable platforms too seriously...
Alex0 -
Hopefully they will have been respectable enough to have correctly segregated client assets so nobody suffers actual loss regardless of account valuation.
Still it does make you think - at a time when I am in the process of consolidating my two SIPPs together as I concluded that maybe I take the risk of failure in reputable platforms too seriously...
Here's hoping for an announcement tomorrow that the FCA has stepped in and appointed administrators, who will execute the firm's wind-down plan.0 -
I have a stocks and shares ISA with Jarvis Investment Management (XO online). Current value is about £89,000. I understand that Jarvis is a similar firm to the one under discussion on this thread, It's very difficult to spread investments around various platforms to keep the value under £85,000. I know that investments are supposed to be ring-fenced but am concerned about the risk of internal mismanagement at the platform.0
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Deleted_User wrote: »I have a stocks and shares ISA with Jarvis Investment Management (XO online). Current value is about £89,000. I understand that Jarvis is a similar firm to the one under discussion on this thread, It's very difficult to spread investments around various platforms to keep the value under £85,000. I know that investments are supposed to be ring-fenced but am concerned about the risk of internal mismanagement at the platform.0
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Deleted_User wrote: »I have a stocks and shares ISA with Jarvis Investment Management (XO online). Current value is about £89,000. I understand that Jarvis is a similar firm to the one under discussion on this thread, It's very difficult to spread investments around various platforms to keep the value under £85,000. I know that investments are supposed to be ring-fenced but am concerned about the risk of internal mismanagement at the platform.
Don't panic until the details become clearer. Jarvis is a long established , well respected outfit, that has been trading since 1984. The half year accounts to 30th June suggest that the company is financially sound. This provide an opportunity to acquire yet more corporate business.0
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