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  • FIRST POST
    • MK62
    • By MK62 3rd Aug 19, 6:05 AM
    • 476Posts
    • 349Thanks
    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 26
    • masonic
    • By masonic 18th Sep 19, 7:50 PM
    • 12,356 Posts
    • 9,952 Thanks
    masonic
    Posted at 8.32 PM UK time....showing as 7.31 PM.
    Originally posted by manorhouse
    Showing as 8:31 for me. There is a problem with the time zone settings on your forum profile or your computer/device.
    • bowlhead99
    • By bowlhead99 18th Sep 19, 8:00 PM
    • 9,389 Posts
    • 17,066 Thanks
    bowlhead99
    and once they have finished their assessment and get into the distribution process, they are entitled to take their costs of dealing with and distributing the client assets and pool of cash, out of the client assets and pool of cash.
    We know with Beaufort they just paid the the administrates directly and negotiated a discount by doing so why do you think they will not do the same here ?
    Originally posted by manorhouse
    Do you know the company has enough money to pay the administrators directly? The administrators put the rules in the FAQ, to help customers understand what could occur.
    Posted at 8.32 PM UK time....showing as 7.31 PM.
    Showing as 8.31 PM for me.

    I don't control your computer or phone's region settings or timezone, or your web browser, or what you have set in the settings menu within your forum account control panel, but I did post a link to the control panel in a previous post, in response to your earlier question about it. Post #473 in response to your post #472.
    • englishmas
    • By englishmas 19th Sep 19, 7:22 AM
    • 32 Posts
    • 5 Thanks
    englishmas
    Thanks for your suggestion, I will write to the FOS investigator again.
    • manorhouse
    • By manorhouse 19th Sep 19, 8:13 PM
    • 34 Posts
    • 1 Thanks
    manorhouse
    Showing as 8:31 for me. There is a problem with the time zone settings on your forum profile or your computer/device.
    On a public computer settings fine.. maybe the forum profile your post masonic shows on my screen as 7.50 pm did you post @ 8.50 pm

    Do you know the company has enough money to pay the administrators directly? The administrators put the rules in the FAQ, to help customers understand what could occur.

    Beaufort had no money to pay anyone , its known the FSCS paid the bill .
    • manorhouse
    • By manorhouse 19th Sep 19, 8:43 PM
    • 34 Posts
    • 1 Thanks
    manorhouse
    I have a couple of corporate actions going on i notice Charles Taylor & QFI.
    First an offer so might be ok .
    Second an OO. ques i can not take part ?
    • masonic
    • By masonic 20th Sep 19, 5:56 AM
    • 12,356 Posts
    • 9,952 Thanks
    masonic
    maybe the forum profile your post masonic shows on my screen as 7.50 pm did you post @ 8.50 pm
    Originally posted by manorhouse
    Yes, I posted at 8:50 pm. These are the settings you need:


    If you have further problems, start a thread in Techie stuff so this thread can be kept to discussion in relation to SVS.
    • manorhouse
    • By manorhouse 20th Sep 19, 12:30 PM
    • 34 Posts
    • 1 Thanks
    manorhouse
    Yes thanks for confirming masonic.
    i was just pointing it out as others will see same, it does not bother me enough to change it.
    • leonde
    • By leonde 24th Sep 19, 4:51 PM
    • 8 Posts
    • 0 Thanks
    leonde
    I received an email from the administrators about 20 minutes ago - they intend to upload the Joint Special Administrators’ Report and Statement of Proposals to their website tomorrow.
    • englishmas
    • By englishmas 24th Sep 19, 5:01 PM
    • 32 Posts
    • 5 Thanks
    englishmas
    Yes I have also received the same e mail, the attached letter also says that there will be clients -creditors meeting on the 10th October
    • manorhouse
    • By manorhouse 24th Sep 19, 8:21 PM
    • 34 Posts
    • 1 Thanks
    manorhouse
    Thomas Cook
    Did anyone hold Thomas Cook shares with them.
    Wonder if you could claim for not being able to dump last week .
    Or since August .
    • My2penneth
    • By My2penneth 24th Sep 19, 8:55 PM
    • 71 Posts
    • 37 Thanks
    My2penneth
    Long wait
    https://citywire.co.uk/wealth-manager/news/over-100-predators-circle-failed-wealth-firms-assets/a1268361

    Looks like we wont see our assets until Q1 2020

    "However, it said that ‘further processes’ would need to be effected before such a transfer or a separate pay out could take place, including a formal bar date and distribution plan.

    That would require court approval, which they aim to obtain in the first quarter of 2020."
    • leonde
    • By leonde 24th Sep 19, 9:35 PM
    • 8 Posts
    • 0 Thanks
    leonde
    Thanks for that My2penneth
    Annoying how the administrators are seemingly more eager to inform the press of their intentions than the clients of the failed company.
    • wallric
    • By wallric 25th Sep 19, 6:33 AM
    • 3 Posts
    • 0 Thanks
    wallric
    This info is also in the email....

    The Joint Special Administrators will be distributing client statements by email later this week. The statements will be sent from the email address noreply@svssecurities.com. A notice will be placed on the dedicated website (detailed above) advising clients that statements have been issued from this email address.
    • manted
    • By manted 25th Sep 19, 8:33 AM
    • 17 Posts
    • 8 Thanks
    manted
    Different Email Address ?
    Did you guys receive the notification from Michael Healy or svs@leonardcurtis.co.uk ?
    • Sailskipete
    • By Sailskipete 25th Sep 19, 9:06 AM
    • 2 Posts
    • 1 Thanks
    Sailskipete
    Email came from SVS@leonardcurtis.co.uk
    The one I received ended up in my junk folder.
    • wallric
    • By wallric 25th Sep 19, 3:54 PM
    • 3 Posts
    • 0 Thanks
    wallric
    Mine came from Michael Healy@leonardcurtis
    • leonde
    • By leonde 25th Sep 19, 4:14 PM
    • 8 Posts
    • 0 Thanks
    leonde
    Two forms up on the website now.

    edit: also the Joint Special Administrators’ Report & Statement of Proposals pdf now.
    Last edited by leonde; 25-09-2019 at 4:32 PM.
    • My2penneth
    • By My2penneth 25th Sep 19, 4:47 PM
    • 71 Posts
    • 37 Thanks
    My2penneth
    Excellent
    No material discrepancies between clients assets.

    See section titled
    Custody Assets ( page 9)

    Looks like it'll be November before one can go online and check your shares though.

    Looks like shares will be transferred to another broker..11 now in the frame (?)..update on 10 October .

    Dividends received being banked separately for the moment,.


    Costs .....£540 per hour
    Last edited by My2penneth; 25-09-2019 at 5:09 PM.
    • Alexland
    • By Alexland 25th Sep 19, 9:05 PM
    • 5,765 Posts
    • 5,032 Thanks
    Alexland
    Yes that looks like good news for most SVS customers except those holding those illiquid bonds and potentially unsettled trades. It also looks likely the FSCS will centrally pickup shortfalls caused by costs without clients needing to submit individual claims.
    • Jools2001
    • By Jools2001 26th Sep 19, 12:06 AM
    • 4 Posts
    • 2 Thanks
    Jools2001
    Im worried that they may sell our shares to pay for the fees,
    although hopefully they will get paid by fscs direct?
    Reason im worried,if they DO sell a particular holding of mine,
    which after many years is finally rising,a penny increase
    is about 10k gain,back towards the 20k im down on it currently!

    Just hope they dont go down this route,
    as id rather pay them fees directly and claim it back
    rather than risk potential loss of recoup money from a rising share!

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