Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • MK62
    • By MK62 3rd Aug 19, 7:05 AM
    • 533Posts
    • 421Thanks
    MK62
    SVS Securities - shut down?
    • #1
    • 3rd Aug 19, 7:05 AM
    SVS Securities - shut down? 3rd Aug 19 at 7:05 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 7:12 AM. Reason: Added links
Page 44
    • johnburman
    • By johnburman 9th Jan 20, 10:26 AM
    • 124 Posts
    • 23 Thanks
    johnburman
    Mis-selling by SVS staff. In ALL cases this should be reported and a claim made for the losses suffered. Compensation will be paid by the FSCS. Initial enquires to SVS (LC) and then is it to the Financial Ombudsman Service?

    Question? If SVS 'entice' you to buy risky penny shares, when your portfolio is in blue chips and you make it clear you are not interested into dealing in small cap, AIM-type stock, and then you give instructions to SVS relying on them to buy...is that min-selling? I think yes, BUT make a claim on the FOS and let them determine it. Don't not make a claim because you feel a fool!
    • johnburman
    • By johnburman 11th Jan 20, 1:09 PM
    • 124 Posts
    • 23 Thanks
    johnburman
    Bar date now passed - now what?

    No comms from LC of course
    • masonic
    • By masonic 11th Jan 20, 1:47 PM
    • 12,755 Posts
    • 10,252 Thanks
    masonic
    Bar date now passed - now what?

    No comms from LC of course
    Originally posted by johnburman
    That marks the deadline for submitting Client Money Claims under Regulation 12A (does not relate to other client assets, only cash), and Custody Assets Claims under either Rule 139 or 140. In the words of the two notices:

    "If you fail to submit your Client Money Claim by the Client Money Bar Date, the Joint Special Administrators will not be able to guarantee that your Client Money Claim will be satisfied in whole or in part, or indeed at all in certain circumstances."
    https://www.leonardcurtis.co.uk/wp-content/uploads/2019/11/Notice-of-Bar-Date-in-respect-of-Client-Money.pdf

    "Please note, in accordance with Regulation 11(5) and Rule 147, if you fail to submit your Custody Assets Claim by the Custody Assets Bar Date, and if SVS has insufficient assets of the type claimed by you, your only remedy will be to submit a proof of debt in writing to the Joint Special Administrators, in accordance with Rule 152, for the value of the Custody Assets not returned to you."
    https://www.leonardcurtis.co.uk/wp-content/uploads/2019/11/Notice-of-Bar-Date-in-respect-of-Custody-Assets.pdf

    The next steps would be for LC to total up the claims and confirm they do not exceed the amount of money/assets being held in the client accounts. If they do not, then they will propose a distribution plan and seek the permission of clients, creditors and the High Court to make a distribution.
    Last edited by masonic; 11-01-2020 at 2:41 PM.
    • Danie5
    • By Danie5 11th Jan 20, 2:17 PM
    • 14 Posts
    • 5 Thanks
    Danie5
    OK. I presume the money part of our assets can now be paid out to us. Will they pay into our bank accounts, or not? The shares I suppose will be transferred to the new broker, but who is he and what is the time scale now?
    • masonic
    • By masonic 11th Jan 20, 2:34 PM
    • 12,755 Posts
    • 10,252 Thanks
    masonic
    OK. I presume the money part of our assets can now be paid out to us. Will they pay into our bank accounts, or not?
    Originally posted by Danie5
    When the administrators prepare the distribution plan, it will contain details of how they intend to make the distributions. They will need to get approval for this plan from the clients and the court. It might involve an electronic funds transfer to a bank account specified by each client, or it might not.

    The shares I suppose will be transferred to the new broker, but who is he and what is the time scale now?
    The process for shares will be the same as for money. They are "aiming to obtain court approval for the distribution plan during the first quarter of 2020", and the transfer would take place some time after that.

    https://www.leonardcurtis.co.uk/wp-content/uploads/2019/11/Consolidated-FAQs-01.11.2019.pdf

    All being well, it could be achieved by the end of the tax year. Once they've compiled a summary of exactly what needs to be transferred, they will be in a position to finalise discussions with potential brokers and pick one to receive the accounts, presuming there is still at least one interested party.
    Last edited by masonic; 11-01-2020 at 2:44 PM.
    • Danie5
    • By Danie5 11th Jan 20, 8:23 PM
    • 14 Posts
    • 5 Thanks
    Danie5
    Will they now deposit our money into our bank accounts or not? I suppose that our shares will now be transferred to the new broker, and who is that? I really hope we can now get rid of this mess.
    • masonic
    • By masonic 11th Jan 20, 8:29 PM
    • 12,755 Posts
    • 10,252 Thanks
    masonic
    Will they now deposit our money into our bank accounts or not?
    Originally posted by Danie5
    As per my previous response, they might decide to do that or they might not. Alternatives would be sending a cheque in the post or transferring the cash to a new broker along with the investments. Once they have worked out these details they will need to inform clients because they will need clients permission to proceed.

    I suppose that our shares will now be transferred to the new broker, and who is that? I really hope we can now get rid of this mess.
    As per my previous post, it wouldn't have been possible to select the broker until after the bar date. Now the bar date has passed... "they will be in a position to finalise discussions with potential brokers and pick one to receive the accounts, presuming there is still at least one interested party."

    The use of the word "now" in your post is probably quite optimistic. There will be at least a few more weeks to wait for this to be over.
    Last edited by masonic; 11-01-2020 at 8:31 PM.
    • johnburman
    • By johnburman 12th Jan 20, 8:53 PM
    • 124 Posts
    • 23 Thanks
    johnburman
    Surely the cash will follow the shares. Both will go to the new broker chosen. Not that we have been told who that is, or what their charges etc. will be.

    I wonder if this will be in the 'Distribution Plan'? This should be prepared and ready to be distributed on monday by LC. Don't suppose it has tho'.
    • masonic
    • By masonic 13th Jan 20, 6:33 AM
    • 12,755 Posts
    • 10,252 Thanks
    masonic
    Surely the cash will follow the shares. Both will go to the new broker chosen. Not that we have been told who that is, or what their charges etc. will be.

    I wonder if this will be in the 'Distribution Plan'? This should be prepared and ready to be distributed on monday by LC. Don't suppose it has tho'.
    Originally posted by johnburman
    As mentioned above, no sensible broker would commit to take on the accounts of SVS clients without receiving details of of those accounts. Said account details couldn't be communicated until after the bar date - last Friday at 5 pm.

    Most likely nobody at LC has been working on the case since the bar date, and it is unlikely representatives of any interested brokers would have been available over the weekend.

    So today would mark the start of preparations for a distribution plan, not the end. A reasonable expectation would be that the broker is selected and the plan finalised and sent out to clients within the next 2-3 weeks - perhaps longer if they need to wait for clients "providing documents or evidence or responding to requests for further information".
    Last edited by masonic; 13-01-2020 at 6:42 AM.
    • LEAR1
    • By LEAR1 13th Jan 20, 12:58 PM
    • 22 Posts
    • 8 Thanks
    LEAR1
    As per my previous response, they might decide to do that or they might not. Alternatives would be sending a cheque in the post or transferring the cash to a new broker along with the investments. Once they have worked out these details they will need to inform clients because they will need clients permission to proceed.
    Originally posted by masonic
    Thanks as ever for your reasoned and insightful comments Masonic.

    One observation / question on the above - if they decide to distribute cash by way of cheque, surely we'd lose the benefit of the ISA wrapper? I'm hoping therefore that they don't do that, and the cash follows the shares to the new broker, even if that means lack of access to our cash for a little bit longer...
    • johnburman
    • By johnburman 13th Jan 20, 1:07 PM
    • 124 Posts
    • 23 Thanks
    johnburman
    That's why the money will follow the shares and will not be split away from them
    • masonic
    • By masonic 13th Jan 20, 5:48 PM
    • 12,755 Posts
    • 10,252 Thanks
    masonic
    One observation / question on the above - if they decide to distribute cash by way of cheque, surely we'd lose the benefit of the ISA wrapper? I'm hoping therefore that they don't do that, and the cash follows the shares to the new broker, even if that means lack of access to our cash for a little bit longer...
    Originally posted by LEAR1
    As johnburman says, the easiest solution for ISA accounts is to transfer the whole ISA. However, if there were to be some substantial delay the administrators could at their discretion and with HMRC's permission issue cheques along with an ISA reinstatement certificate. This would likely need to be done on a case by case basis and wouldn't be open to those with cash exceeding their previous tax year ISA subscriptions (though they could accept a cheque deemed a withdrawal from the ISA). It is the sort of thing that could make sense in cases where clients were put into financial hardship by the wait so far. Though I doubt many have meaningful amounts of cash on account.
    Last edited by masonic; 13-01-2020 at 5:53 PM.
    • Twonko
    • By Twonko 14th Jan 20, 9:56 AM
    • 19 Posts
    • 0 Thanks
    Twonko
    As usual
    Communication from LC is useless, so I will be ringing them today to bother them for info, having been away for a few weeks. It would be easier for them to keep people updated on their website rather than field calls from p1ssed off customers. I wonder why they don't?
    Last edited by Twonko; 14-01-2020 at 9:59 AM.
    • Thrugelmir
    • By Thrugelmir 14th Jan 20, 9:59 AM
    • 66,353 Posts
    • 58,410 Thanks
    Thrugelmir
    I wonder why they don't?
    Originally posted by Twonko
    Better things to do with their very expensive time. Than provide updates that will simply raise yet more questions.
    “Risk comes from not knowing what you are doing. – Warren Buffett”
    • johnburman
    • By johnburman 14th Jan 20, 10:41 AM
    • 124 Posts
    • 23 Thanks
    johnburman
    No sorry don't agree. Regular FAQ updates on the website would cost very little and reassure many. The question is why they don't do it?
    • masonic
    • By masonic 14th Jan 20, 12:16 PM
    • 12,755 Posts
    • 10,252 Thanks
    masonic
    No sorry don't agree. Regular FAQ updates on the website would cost very little and reassure many. The question is why they don't do it?
    Originally posted by johnburman
    Perhaps because they don't have answers.

    What information would you like to know, which isn't commercially sensitive at this time and is not covered in the existing FAQs?

    Naturally anything relating to discussions with potential new brokers would have to be kept confidential until such discussions had concluded. Distribution plans cannot be made until the same discussions have concluded.
    • johnburman
    • By johnburman 14th Jan 20, 12:19 PM
    • 124 Posts
    • 23 Thanks
    johnburman
    The discussions with the chosen broker should be concluded by now. If not why not? I would hope for a signed contract conditional upon inter alia the Court giving consent.
    • masonic
    • By masonic 14th Jan 20, 12:26 PM
    • 12,755 Posts
    • 10,252 Thanks
    masonic
    The discussions with the chosen broker should be concluded by now. If not why not? I would hope for a signed contract conditional upon inter alia the Court giving consent.
    Originally posted by johnburman
    How could they be concluded. The bar date for claims was last Friday. If there are any interested brokers, they aren't going to commit to anything without knowing what will be transferred to them. I agree there would need to be an agreement prior to the Court giving consent, but prior to the agreement there must be a reconciliation of client claims and some negotiations. I would expect interested parties to be given access to information relating to the transfer and time to inspect this before offers needed to be made.
    • snipkin
    • By snipkin 15th Jan 20, 11:45 AM
    • 10 Posts
    • 6 Thanks
    snipkin
    New documents on Leonard Curtis SVS page
    Two new documents on Leonard Curtis SVS page - but they do not add anything much to what we already know. Apart from another bar date notification they also state:

    "The Administrators' first progress report will be circulated to clients and posted on the dedicated website (leonardcurtis.co.uk/svs/) towards the end of February 2020"

    Very slow progress...
    • pafpcg
    • By pafpcg 15th Jan 20, 11:56 AM
    • 477 Posts
    • 428 Thanks
    pafpcg
    Maximise income!
    It would be easier for them to keep people updated on their website rather than field calls from p1ssed off customers. I wonder why they don't?
    Originally posted by Twonko
    The cynic in me replies: the more chargeable work they can legitimately claim, the more profit they'll make!
    Last edited by pafpcg; 15-01-2020 at 11:58 AM. Reason: typo
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

10Posts Today

5,070Users online

Martin's Twitter