The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I hear what you are saying Patxd but there are a number of interest bearing accounts available with other brokerages where the client benefits as opposed to the shareholders. Ultimately the FCA , as part of their investigation , will decide whether the Consumer Duty guidelines they introduced across the industry last year have been implemented by the management team and whether they are being adhered to - as stated on the FCA website 'The Duty will include requirements for firms to end rip-off charges and fees.'
Truth of the matter the % on client balances paid out in dividends
How many banks pay % on current accounts? Many park cash they are not investing in one year to be available another year. I am sure there are other brokers that do not pay % on cash. I think if the FSCA thought there was any wrong doing would have said so long ago. Hopefully in February when the phase 1 ends any phase 2 will have little left to do!
I hear what you are saying Patxd but lets not forget the Company is far from squeaky hence the failure to have the FCA restrictions lifted after such a long time. There has been little to no update to reassure us shareholders and a new investigation is being launched regarding uninvested cash. If the FCA state that interest should be paid to account holders then I suspect this will have a material effect on the profits. I hope as part of the investigation they also take a look at the FX rates as well as these are nothing short of a **** take!
CASS 7A 1.1.2. Annex 6 Sub-Pool disclosure document
My reliable information is that assets are fully ring fenced by the FCA Rules in their CSS handbook that the company has to comply with.
Without seeing a copy of the insurance policy its difficult to know exactly what is and isn't covered.
Slight uplift for a change today - any positive news anyone knowsabout?
But Jarvis clearly state in their prospectuses that there are insurances in place to guarantee the holdings
What I believe the T & Cs are saying is that if there is a discrepancy in the reconciliations and the number of shares on the underlying company share register are not the same as those pertained to be held by the clients of Jarvis then any shortfall will be shared by the clients.
Thunderbird2 -I think you are not correct re the shares bought by Jarvis and held on our behalf. If Jarvis goes belly up, I believe another brokerage will normally be found to continue to hold on our behalf i.e we will become their new clients--
at least I hope so!! Of course, the new broker's terms may well be more expensive than Jarvis!
Cash is protected by Financial Services Compensation Scheme up to the value of £85,000 per investor NOT per account so if you have 2 or more accounts make sure you don't have more cash than this. The company T & Cs also state the ' If our Nominee defaults and, for example, is not holding enough investments to satisfy its obligations to all its investors, the
investments will be shared out among them approximately in proportion to their holdings.'
In other words our stock is in a pooled nominee and if there is a shortfall we won't get it all back. Given what's going on there and the obvious lack of controls I seriously think its time to start moving stuff out!
That suppose includes X-O but think by the fCA rules all shares must be in shielded accounts - hoping so
Thanks for the reply RocketVI, and others, as shares are held by separate nominee company and cash covered by FCA comp scheme; then all should be OK. But see your approach as prudent and as you have erred on the side of caution think this is wise in this instance. So my cash that is not earmarked at present will be transferred.
This...
I've got 2 accounts with X-O as well....am wondering how safe that is?
I think they have to comply with FSC rules and shareholder holdings have to be in secure place. This is the kind of reassurance that should be coming from them in Company announcements not just seemingly dumb indifference as it appears
Taken My cash out Today as a precaution. Shares would be safe though. Not expecting this Company to collapse but price will fall a bit more so waiting for next RNS before buying into. LTH shafted again on what was seen as a stable Company not so long ago. Can see it being taken private or possible takeover if price is right.
DaveT1. Re your question about current market expectations, I found this site which may help. https://www.marketscreener.com/quote/stock/JARVIS-SECURITIES-PLC-4004704/revisions/
Possess no shares in this organisation but do follow it since I have two accounts with
Jarvis X-O. Concerned the way this is going are my accounts and my cash safe?
Got to have the money for a buyback. Any free cash is normally paid out in divis in accordance with the articles of association. As per yesterdays statement, more than £1.3 has been spent so far rectifying the probs and I reckon its significantly more - JHC (who supply the system) development costs would not come cheap! Mr Grant needs to come clean and give greater transparency of what exactly is/isnt going on, how many Model B clients have already been lost etc etc. The next AGM will be interesting as I already have a list of questions I would like the answers to.
Whatever -shareholders need to be compensated for the failure to be transparent
Something very unsatisfactory about the way the company is behaving towards its shareholders simply not communicating. Not wishing to add insult to injury but this is not good enough! There ought to be transparency and shareholders advised.
If Jarvis "can't" pay a dividend they should do a share buyback instead.
Very disappointing this. It's going on forever. I have an account with them, and looking at this it seems I'm going to have to go through the nause of moving it elsewhere.
Eps 11.8p
I hope the Non Exec who bought 30000 shares a year ago is as happy as the rest of us poor investors!