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Puny volume - but rising.
I've given up posting on LSE, but.....
People soon forget the good times. I've been in Jarvis for five year and now use them as my main broker. In that time we have had cash back out of the company coffers, special dividends.
At the moment I'm £3000 down.
I've had £4350 profit from a bit of trading.
I've had £1150 Dividends.
Probably won't be buying any more, even at these prices, but won't be taking those losses either.
I must admit, I'm also considering cutting losses here, unless someone can convince me otherwise that some good news is coming up?
Ever get the feeling there's a large seller out there? Every time a few purchases lifts the price a large sale comes along. I would say the market makers are supporting the price. Thoughts?
I don't think we will ever make any money investing in JIM? It seems to be run solely by and for the purpose of Mr Gr#@t and his family. If JIM is still being advised how to run their operation, within the rules of the FCA, and have lost model B firms because of apparent poor controls then Mr Gr#@t is the one responsible for all this?
You are better off investing elsewhere IMHO.
DYOR
Disappointed with this company for now.
Think it’s very much a question of what’s not being said. I suspect the years of corner cutting are finally coming home to roost! JHC who supply the system are neither quick nor cheap when it comes to making changes either. It won’t be long before investment account holders as well as the Model B clients also start demanding some interest on the cash that’s being held on their accounts.
Dave
I agree, there is a consistency in their brief & not terribly illuminating updates, which is less than encouraging, it is a surprise to me that they are guiding us lower as you would think the interest rate hikes would have taken up the slack in less activity.
As to the rise in costs re the investigation of the trusted person, this is a surprise that we weren't guided on this earlier than now.
All in all a disappointment today.
I wonder what the current market expectations are? How far below them are we? How much unexpected overspend on the review - and why? The information JIM puts out for PI's is worse than useless.
You would need to actually work for JIM to have any clue as to what the script is but they keep on trotting out the quarterly dividends so I'm holding.
To save anyone looking it up, the dividend last year was 3p so the drop to 2.25p this year is not encouraging.
I thought these looked encouraging, certainly no shockers in there that I picked up, trading volumes low, as we guessed, but made up for by higher interest rates.
Stuart
Given the time this is taking my best guess is that the 3rd parties who use Jarvis platform & clearing etc under their own name are causing this issue. If, for instance, one or two of these 3rd parties were a little sloppy with selecting their own customers this would flow back to Jarvis hence the need to look right through their systems & into 3rd parties.
If this was a JIM only issue my guess it would have been cleared up some time ago as from my experience they KYC, but it is much more difficult to if the customer has been approved by a 3rd party.
Just my take on this but it seems logical.
The RNS today has given an update on the skilled person review. My reading is that it basically says Javis has work to do, which will be done with the skilled person and the FSA. Jarvis hope to finish that work by the end of the year. The RNS does not, however, provide details of what is needed and what the mpact of the work will be, so we (the shareholders) remain pretty much in the dark. This siggests that the shares will remain decalmed for another 6 months or so.
An RNS at the end of March read as follows
“31 Mar 2023 07:00
RNS Number : 8389U
Jarvis Securities plc
31 March 2023
31 March 2023
Jarvis Securities plc
("Jarvis" or "the Company")
Company Update
The Board of Jarvis provides an update on the Skilled Person review as announced in its update on 16 September 2022.
The Skilled Person continues with its review of the systems and controls of the Company's subsidiary, Jarvis Investment Management Limited, and its associated recommendation work, pursuant to s166 Financial Services and Markets Act 200 ("FSMA") ("Skilled Person"). The Skilled Person is currently conducting the review and testing, as part of the second stage of its work originally agreed with the FCA.
The voluntarily agreed restrictions, as set out in the previous update, remain in place. JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted on its impacted Model B clients as soon as possible.
The Board will provide a further update in due course and within the next three months.”
If the RNS is correct, an update is due today or tomorrow.
3 Massive investors now that divi instated
Puny volume. The Skilled Person should be renamed the snail like person. This review is taking forever.
Well the payment and re-investment of the divi is certainly the reason to thank for the swift recovery this morning.
Hopefully steady as she goes from here...
Anyone have an idea why they are so weak today ? I've dribbled a few more in today at just sub 144p.
I see no announcements and with interest rates where they are can see every reason why the tame income from their clients cash balances will increase their revenues.
DYOR, all just my opinion
Get feeling this one gets ‘manipulated’ You have to try and guess I think what is actually the position. But also say for long term investors it’s difficult to decide exactly whether full transparency from companies is helpful or not in timing trades !
Trek
Appreciated...
Good sign that! Hopefully you guys get soak testing results soon and then compliance.
Good luck 🤞
Usual caveats
Trek
Good sign and appreciated.
Positive news a divi of 3.5p has been declared xd next week and pays in June.
The same divi this time last year was only 3p and that was before the fca investigation, so they must be confident that all is well.
Gents
The time being taken does seem peculiar but it is not at all impossible that the Skilled Person has now been told to test, by the FCA, whatever it was that he needed to, in order to prove that the work has been done properly.
If that is the case then a quarter, or 3 months, would seem a sensible time to test that all is is now working properly.
The longer this takes, with no sanctions applied to the main platform, does indicate to me that the issue is/was a technicality otherwise I am sure ordinary customers, not piggy backers using the facilities JIM offers (B users), would have noticed some differences in how things work when day to day business is conducted.
Perhaps I am being too optimistic but my gut is that if it was a serious transgression we would have known by now.
Having just completed a transfer to my isa of Jim shares, these pairs of trades look awfully like how my sell and buy back was reported.