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#HE1 You can only make large trades over the phone and any trader knows what that means.
Lovely to see a very strong morning for JIM and LIB....can they both bag very soon....in for a great afternoon....beautiful morning just the beginning
Despite these challenges, Jarvis continues to trade in line with current market expectation.
The above is taken from November's 4th quarter 'zero' dividend RNS
Jarvis is still a cash cow of a share, but with no indication from the board on how much longer the investigation with take and how much more money it will cost Jarvis / shareholders I wasn't convinced they would give a dividend this time. Happy they have.
Just looking on the bright side….?
On the other hand, you need profits in order to pay a dividend, and a dividend has just been announced.
My view is that qquite a few punters will hhave bought for the dividend, which is very high at the current depressed sp.
Probably more been uncovered so no good news to report. With Models Bs unable to open new accounts which is the life blood of their business we will probably discover in due course that the majority have transferred their business to a new settlement agent - and no doubt free of charge as well. Result = far less commission income, decrease in interest on cash on deposit, both of which will put a big dent in the bottom line!!
Nice surprise but still astonished at the zero communication with shareholders (or PI's at least)
RNS on 13 Nov 2023 said "The Phase 1C report is due to be delivered to the FCA, by no later than 28 February 2024. Further updates will be provided as appropriate." So I guess we will get notification that the submission has occurred, or that it has not and hopefully why the date was missed, at about the end of this month.
When do we expect news?
That doesn’t provide much hope for those of us who are not of the faith!
I should have said: ‘like waiting for the Messiah - only slower’
Yes, it's draining waiting.
We need to find a listed ' skilled person' company !.
Looks like easy money and a better cash cow than Jarvis.
Waiting for the skilled person to report is like waiting for the Messiah. How long, lord, how long?
This seems to be steadily increasing again now… should we expect an upturn at the end of feb?
The FCA are giving till end of February for brokers to comply. So this means as I see it that Jarvis have not been out of line so cannot see any need for a phase 2 investigation. Admittedly %on idle balances has been important for them in paying dividends on shares.
No surprise - The UK financial watchdog noted that the amount of interest earned by some investment platforms and self-invested personal pensions operators has increased in line with rising interest rates.
It found that the majority of 42 firms surveyed retain some of the interest earned on these cash balances, which ‘may not reasonably reflect the cost to firms of managing the cash’.Many also charge a fee to customers for the cash they hold, known as ‘double dipping’, the FCA said. The FCA said it is concerned that these practices may not be providing fair value to customers and ‘may not be understood by consumers or properly disclosed’.
Bearing in mind Jarvis have failed to pay any interest on any client money for years they will no doubt fall foul of this. With a significant amount of the profit coming from interest they this will surely be a game changer. Add to the mix that the Model B clients have been abandoning ship then can't see how they can remain trading.
Unfortunately, yes. Unfortunately in the sense that there are often large movements in share prices in one direction or the other just before a market announcement is made. Call me an old cynic if you like but I am pretty certain that the movements are based on leaks and not just dumb luck! Thankfully in the case of Jarvis, on this occasion, one might expect the news that appears as if it will be announced imminently will be favourable. I am tempted to add "about time".
With the shares up 14% today is it reasonable to assume that someone might know something ??
All the big banks have being robbing client blind for years. When are they ever investigated.? Not only did they not pay interest on accounts, we had to bail them out when they became even more incompetent than usual
They have spent all this time under investigation and what exactly have they come up with? FA!
Nasty business the finance world . Wouldnt be surprised if it turns out some big bank or another broker has an axe to grind.
Me too. I've always found them to be brilliant in answering any queries & dealing with anything I needed. That's why I decided to buy shares in them some years ago. I know you're told not to do that but it's my MO and I'll stick with it... I haven't sold and I don't understand why the SP has fallen so much. Hope I'm right and this has just been an over-reaction.
If the worst did happen, pretty sure they would get bought out and keep the same format. Really is very good. If I can operate and navigate, anyone can.Hope it doesnt come to that though
Having just read up a bit on brokers, one article suggests that this is a sector problem far from confined to Jarvis. I held shares in JIM, IGG, and CMCX. I sold them all because it seemed obvious there would be a sector wide problem with volumes and spread betting falling off a cliff. Hope to god we dont get shipped off to Barclays or even worse Lloyds! Igg was good , just didnt like the site much. Pain to navigate. Iweb utter tozzers. When I filed a complaint to the ombudsman I rang up Lloyds PB to complain. They had never heard of them . I had to point out to them that they were the parent company.
Been with Jarvis for years. Best broker by a country mile. User friendly site. Always someone at the end of a phone if needed. Always prompt reply to emails. I don’t leave cash around there long enough to worry about interest rates. They have stopped trading against value of portfolio which is sensible. Don’t know what the fuss is about . Far worse and less scrupulous brokers around than them.
Paying % on idle client balances is neither a charge or a fee.