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  • FIRST POST
    • MK62
    • By MK62 3rd Aug 19, 6:05 AM
    • 474Posts
    • 348Thanks
    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 24
    • johnburman
    • By johnburman 12th Sep 19, 6:52 PM
    • 82 Posts
    • 19 Thanks
    johnburman
    Is it too much for LC to organise themselves so that when they say they will post on the website they actually do so! Please please give me some indication that LC are competent. So far I have seen no evidence of this.
    • masonic
    • By masonic 12th Sep 19, 7:42 PM
    • 12,338 Posts
    • 9,941 Thanks
    masonic
    It seems someone working in their office is rather naive if they thought they could get their document signed off by someone senior at LC and the FCA within the space of a single day, and in time for it to be posted on the website.
    • bnet
    • By bnet 12th Sep 19, 8:12 PM
    • 4 Posts
    • 0 Thanks
    bnet
    If they don't upload the document during the next 3 hours, can we complain to the authorities with clear evidence (a mail in this case stating that a communication was to upload on 12th Sep.) ?
    • bowlhead99
    • By bowlhead99 12th Sep 19, 9:07 PM
    • 9,347 Posts
    • 17,004 Thanks
    bowlhead99
    If they don't upload the document during the next 3 hours, can we complain to the authorities with clear evidence (a mail in this case stating that a communication was to upload on 12th Sep.) ?
    Originally posted by bnet
    What 'authorities' would be interested in a story about an administrator who provided a voluntary update slightly later than planned?

    Send them whatever 'evidence' you like. You are not Hercule Poirot cleverly revealing a murderer. It's a story about an administrator who was receiving some common questions and getting bored of giving stock answers, so decided to release an update or FAQ to save themselves the hassle of repetitive phone conversations or email chains. They said they would give an update and let you know of that by email, without having an obligation to do so.

    And then it took a while for them to actually give the update. What are the 'authorities' going to do with your 'evidence' that someone said they would do something that they didn't need to do, and then did it a bit later than they said?

    They will either ignore you, or tell you to stop wasting their time and eff off.
    • olderbutnowiser
    • By olderbutnowiser 13th Sep 19, 2:31 PM
    • 12 Posts
    • 6 Thanks
    olderbutnowiser
    Client Update 12/9/19
    Don't think we learnt too much that was new apart from the fact that SVS had a disproportionate number of Chinese FX clients! Hope they don't clog up the process too much for us XO clients.


    My take is that there doesn't seem too much to worry about apart from the delay. I wonder though if they will find a single alternative platform acceptable to the majority. Clearly it would be the quickest way back to our portfolios if that can be done.
    Last edited by olderbutnowiser; 13-09-2019 at 3:12 PM. Reason: Correcting date
    • manorhouse
    • By manorhouse 13th Sep 19, 8:13 PM
    • 34 Posts
    • 1 Thanks
    manorhouse
    Jqw
    Did anyone else get talked into investing in JQW,
    Chinese AIM share , which just delisted .
    They couldn't help with any information , but it was siting there unable to trade , what will happen to these types of shares ?
    • Beckett332
    • By Beckett332 14th Sep 19, 10:09 AM
    • 1 Posts
    • 0 Thanks
    Beckett332
    Interesting Article
    Google "Administrators of collapsed wealth manager secure clients assets" and go to moneymarketing.co.uk
    As a new user I'm not allowed to post links.

    "Administrators of wealth manager firm SVS Securities Plc which collapsed following the FCA investigation in August, have secured the client monies and custody assets.
    They also reported a “significant interest” from firms, interested in having the clients’ assets transferred to them. Over 100 FCA-regulated firms showed interest in transfer."

    Haven't seen this confirmed anywhere else yet.
    • ascension92
    • By ascension92 14th Sep 19, 11:31 AM
    • 9 Posts
    • 0 Thanks
    ascension92
    Orders/Trades
    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
    Received my letter from LSE regarding my trade of 1 Aug seems the possible T+2 was enough, the trade is in default, waiting now for further letters.
    Apparently there a number of default trades, posting this for anyone in similar position to look out for a letter. going on holiday now so unable to post for a while (bad timing)
    • manorhouse
    • By manorhouse 14th Sep 19, 12:14 PM
    • 34 Posts
    • 1 Thanks
    manorhouse
    Backett 332
    This is the reassurance many have been waiting for so i hope it is true.
    As i said before the Beaufort ex broker informed me clients there were allowed to chose (again i do not know how true that is ? )
    I hope the administrators put a clause in any sale of a free transfer out for those like myself who prefer own choice on who to do business with .
    • manorhouse
    • By manorhouse 14th Sep 19, 12:19 PM
    • 34 Posts
    • 1 Thanks
    manorhouse
    Just noticed reply's on this board are one hour behind .
    • bowlhead99
    • By bowlhead99 14th Sep 19, 12:21 PM
    • 9,347 Posts
    • 17,004 Thanks
    bowlhead99
    Just noticed reply's on this board are one hour behind .
    Originally posted by manorhouse
    Behind what?
    • manorhouse
    • By manorhouse 16th Sep 19, 11:54 AM
    • 34 Posts
    • 1 Thanks
    manorhouse
    bowlhead99
    I was not going to bother answering that but just noticed you have 5 stars around your name.
    UK time of course.
    I am assuming this is a UK based site ?
    • bowlhead99
    • By bowlhead99 16th Sep 19, 12:57 PM
    • 9,347 Posts
    • 17,004 Thanks
    bowlhead99
    I was not going to bother answering that but just noticed you have 5 stars around your name.
    UK time of course.
    I am assuming this is a UK based site ?
    Originally posted by manorhouse
    Don't worry, just because I'm a frequent and helpful poster who's generally right about everything, you don't need to give me special treatment

    Yes it is a UK based site, and posts are displayed in real time when they are received *without* an hour's delay for review or censorship along the way.

    Depending on where you are in the world and what settings you have on your computer or phone desktop/ operating system or browser, you may see the dates and time differently from the underlying time recorded on the servers. Within your user control panel on your MSE forum account (https://forums.moneysavingexpert.com/usercp.php) you can go into 'Date & Time Options' and make it display whatever you prefer.

    For example, I have set my time zone to (GMT) Western Europe (London, Lisbon etc) and for daylight savings time I've selected 'Automatically detect DST settings'. Together with my own desktop, phone and browser settings, everything appears 'normal' for me.
    • Reaper
    • By Reaper 16th Sep 19, 2:54 PM
    • 6,681 Posts
    • 5,035 Thanks
    Reaper
    Here is what Financial Advisor (run by FT) says...
    Originally posted by johnburman
    It's a useful article so thanks, but just a reminder the forum rules only allow short excerpts...
    We ask forum users not to copy long text from other publications/websites as it may breach their copyright. If you want to let people know about something you saw or read elsewhere please use short quotes and state where you got them from, preferably by giving a link to the article.
    See "What are the rules on copyright" on this page
    • johnburman
    • By johnburman 16th Sep 19, 3:57 PM
    • 82 Posts
    • 19 Thanks
    johnburman
    An extract only was copied so no copyright issues I would have thought
    • eskbanker
    • By eskbanker 16th Sep 19, 4:31 PM
    • 11,344 Posts
    • 14,037 Thanks
    eskbanker
    The piece referred to is at https://www.ftadviser.com/your-industry/2019/09/13/failed-wealth-manager-circled-by-100-firms/ - as far as I can see it's copy/pasted in full above, other than some minor boilerplate top-and-tailing!
    • bowlhead99
    • By bowlhead99 16th Sep 19, 4:35 PM
    • 9,347 Posts
    • 17,004 Thanks
    bowlhead99
    An extract only was copied so no copyright issues I would have thought
    Originally posted by johnburman
    Yes, only an extract, merely the first fifteen of the fifteen paragraphs that make up the entire story (!) The bits you didn't "extract" for our interest here were just:

    - adverts that support the content being made available;
    - the signoff from the author;
    - the text "what do you think about the issues raised by this story? Email us on xxxx @ft.com to let us know"

    There are quite valid reasons for the forum having etiquette, and the idea is that you don't just lift massive chunks of articles from websites to share on other sites. If the site isn't paywalled, link it, while if it is paywalled but you've read the article and think we'd fund it useful, please share with us your synopsis...
  • archived user
    Yes, only an extract, merely the first fifteen of the fifteen paragraphs that make up the entire story (!) The bits you didn't "extract" for our interest here were just:

    - adverts that support the content being made available;
    - the signoff from the author;
    - the text "what do you think about the issues raised by this story? Email us on xxxx @ft.com to let us know"

    There are quite valid reasons for the forum having etiquette, and the idea is that you don't just lift massive chunks of articles from websites to share on other sites. If the site isn't paywalled, link it, while if it is paywalled but you've read the article and think we'd fund it useful, please share with us your synopsis...
    Originally posted by bowlhead99
    Also, missed the copyright notice:
    © The Financial Times Ltd 2019 "FT", "Financial Times", "Money Management", "FTAdviser" and "Financial Adviser" are trademarks of The Financial Times Limited and their associated companies. No part of this publication may be reproduced or used in any form without prior permission in writing from the editor.
    • gadgetmind
    • By gadgetmind 16th Sep 19, 5:25 PM
    • 10,951 Posts
    • 8,951 Thanks
    gadgetmind
    reply's
    Originally posted by manorhouse
    Um, "replies"?
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
    • londoninvestor
    • By londoninvestor 16th Sep 19, 5:35 PM
    • 1,334 Posts
    • 1,172 Thanks
    londoninvestor
    Within your user control panel on your MSE forum account (https://forums.moneysavingexpert.com/usercp.php) you can go into 'Date & Time Options' and make it display whatever you prefer.

    For example, I have set my time zone to (GMT) Western Europe (London, Lisbon etc) and for daylight savings time I've selected 'Automatically detect DST settings'. Together with my own desktop, phone and browser settings, everything appears 'normal' for me.
    Originally posted by bowlhead99
    Exactly. When I'm logged out, I see times in UTC, which in the summertime is one hour behind UK time. When I'm logged in, I see times correctly in my timezone of choice (i.e. London/Lisbon/etc etc time, including daylight saving),
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