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Excuse my wordmanship TMT. Made me chuckle when I read ur post. They can have her for free some days. From her being 12 to 20 years of age I would gave paid someone to take her. ;-)
Just be clarify Strudel’s great advice regarding brokers.
No matter how much the value of your shares are, they will be safe with your broker even if they went bust. So even 100million GGP valued at over £11million would be safe. The main issue is no acccess.
It is the cash that is at risk, anything over £85k is at risk.
I am not sure if you get locked out for a period of time & then a company is bought out (as could happen with GGP) whether that cash would be at risk, my initial thought is it would be safe because it would be executed after the cease in trading for that broker.
It is something I would check out, especially for you lucky lot with millions of GGP ‘golden nugget’ shares.
@Bellers "Daughters too."
To each his own. But though very high on GGP, am holding onto my daughters for now. ;)
Though if GH were to come calling for one of them I might relent!
Totally agree. EUA have a new NOMAD. Would prefer that cash sat in GGP though....... Anyway, have a good day. Hopefully a great Greatlander week.
If eua unlock all mine is going in ggp. Daughters too.
Totally agree. EUA have a new NOMAD. Would prefer that cash sat in GGP though....... Anyway, have a good day. Hopefully a great Greatlander week.
@YORKIE
EUA - it would be embarrassing if they can't find a Nomad. Why would a Nomad not want to be associated with them? I guess you have to answer that question yourself and then decide if you want to remain a shareholder.
GRL - admin error leading to being unregistered in Jersey. If their routine paperwork is that bad in an office environnent how inept are their field operations?
Sadly with suspensions, whilst you are musing on the possible answers to these questions, the world moves on and you are left with an untradable share holding not listed on any stock market.
I'm locked in EUA and GRL at the moment, but only for a few £k to each.
Sound advice Strudel
So folks, imagine no access to any of your own share holdings or cash for nearly 12 months. No access to dividend income, no top-slicing, no juggling for capital gains, that ten bagger is going to come and go (yes, that happened to me but to be fair I would've probably sold at the three-bagger stage - and no I'm talking about another share not GGP), no withdrawals for funding that "nice thing" whether it is a car, holiday, paying off the credit card or sticking a wodge into your pension.
You periodically read on BBs about people who are seemingly investing / gambling for a short term buck with their house deposit or wedding money - things you really can't afford to lose.
Imagine being unable to do any of that for the best part of 12 months. That's why I say spread the risk. Use accounts with different brokers. This is not just advice for those who may be in danger of hitting the £85,000 compensation limit, this is something everyone should at least consider.
PS. The vast majority of SVS customers shares and money was found all present and correct in accounts separated from SVS' business assets. The cost of checking this for the circa 13,000 individuals who used SVS was I think £12,000 each. That is paid for directly by the FSCS so a fairly painless process there.
You have to wait until the administrators go through it all and assign to a new broker. SVS will have taken 12 months!
Kenco hi,
Thanks fot that but how does one get at them if the go tops up ?
All the shares are safe because you actually own them, not the broker.
Cash in the account is only covered up to £85k though
Out of interest what happens to your shares if held in one broker and they collappsed?
A timely reminder of broker risk, and consequences of broker failure.
If you had any kind of account with SVS you are impacted. If you were execution only it was up to you what to buy. Some may well have bought SVE or anything else for that matter - on another BB, just for the broker getting closed, someone had four of their holdings go bust during the lockout..... unable to trade.
Luckily, having seen (but not being impacted by) the Beaufort debacle (another bust broker), I decided to split my ISAs. trading account and SIPP between multiple different brokers - about half a dozen in total. So SVS being closed meant I couldn't trade with a chunk of my portfolio - rather than being locked out of all of it.
Eggs and baskets folks.... think carefully. Spread the risk or deal with the consequences.
And yes, trying to remember all those logins is a nightmare.... but probably good for the little grey cells.
Thx for the translation!
I guess those buying SVE this year are not affected by that palarva?
You'll be needing some Scottish subtitles....
"Fankle" = mess / muddle
SVS - broker - had an advisory and execution only part - the advisory bit were chancers, so the FCA shut them down - by shutting the entire company.
Anyone trading via SVS have therefore been locked out of trading (and accessing any cash they held) since mid 2019. We should be getting transferred to a new broker and able to trade again by mid-July, once all the holdings and cash has been accounted for and agreed with each investor.
Just curious what you mean by “SVS fankle”?