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  • 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 45
    • rnf11
    • By rnf11 15th Jan 20, 12:08 PM
    • 3 Posts
    • 1 Thanks
    rnf11
    On reviewing the LC postings, I see no reference to "any further bar dates".....


    The special administration process is obviously proceeding as previously set out and in accordance with the milestones stated. Only the pace of the progress might be questioned, although I do not believe anyone here has a true handle on the actual extent of all the matters that need to be dealt with.


    Anyone in dispute with this would be best off forwarding their concerns to the appropriate authority.
    • pafpcg
    • By pafpcg 15th Jan 20, 12:13 PM
    • 477 Posts
    • 428 Thanks
    pafpcg
    Distribution Plan: 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...
    Originally posted by snipkin
    The other key information is this quote about a "Distribution Plan":
    In order to make the proposed transfer of custody assets and client money to a regulated broker, the Administrators are preparing and will in due course circulate to clients a Distribution Plan and accompanying Explanatory Statement setting out, among other things, how the Administrators propose to transfer custody assets, the costs of the transfer, to whom they will be transferred and how the Administrators are working with the FSCS to seek to meet those costs for eligible clients. The Distribution Plan must be approved by the Creditors' Committee and then by the Court before it comes into effect.
    Note that there is no timescale quoted for this plan.
    • pafpcg
    • By pafpcg 15th Jan 20, 12:31 PM
    • 477 Posts
    • 428 Thanks
    pafpcg
    Client money
    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?
    Originally posted by Danie5
    LC have reiterated that the Distribution Plan will include details of what happens to money in SVS clients' accounts. I read the latest document as: "client money will be transferred with client assets to a regulated broker".

    So, to answer your three questions:

    - No, LC will not be transferring client money to our bank accounts.
    - Yes, holdings in our SVS accounts will be transferred to a new broker.
    - We don't yet know who the new broker will be.

    And to anticipate your next question: "When?", we don't know, other than it'll be revealed in the Distribution Plan "in due course"!
    • ascension92
    • By ascension92 15th Jan 20, 5:37 PM
    • 19 Posts
    • 4 Thanks
    ascension92
    It appears there is/maybe a 3rd document dated 15/01/2020,which is only being sent to those who have not yet submitted a claim, though I cannot see how if it is on their update page, which is where I found it.
    It said I had not yet submitted my claim and had until 6 Feb to submit it (possible new bar date?) I had submitted my claim shortly after the portal opened last year so was somewhat concerned to read that I had not submitted the claim. LC have confirmed the my claim was received and before the bar date, but there was an amount of panic until their confirmation. Others may want to watch out for this.
    Could also delay any final outcome.
    • My2penneth
    • By My2penneth 20th Jan 20, 3:27 PM
    • 83 Posts
    • 43 Thanks
    My2penneth
    Prompt Service
    Last minute tax return problem - I needed to check for foreign income and thus needed a consolidated tax return for 2018/2019. I phoned up LC and they emailed me the data within a matter of minutes.

    Well done LC for a VERY prompt reply.

    (It also provides "evidence" of the dividends that should be eventually winging their way into the new account on the next platform.)
    • johnburman
    • By johnburman 20th Jan 20, 4:25 PM
    • 124 Posts
    • 23 Thanks
    johnburman
    Bloody hell My2penneth and well done LC [I'd never think I would be saying that]. I asked for a statement on 31 December 2019; they took a few days to produce them. All shares were there; dividends too BUT for 2 shares the prices quoted were wrong.

    I complianed and got new corrected statements quickly and and explanation only to-day.
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