Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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Also, I believe the FCA wrote to all CFO's last year wanting evidence that it was the customer and not the firm who was credited with the interest on cash deposits and not the firm?
May be someone can clarify if this applies to Jarvis being an execution-only broker?
For example, and as a very basic calculation.....
if a client had £50k cash on deposit for one month at say 5% they should be credit with approximately £208.
(£50,000 x 5% = £2,500 per annum or £208 per month).
If Jarvis has kept all of this 5% which contributes to their overall profits, is this fair? Surely, any credit interest on cash deposits, for clients, should be credited to the client...less say 0.5%/1% to Jarvis?
IF the FCA are going to force Jarvis to credit clients with their backdated credit interest, this will not be good?
Apologies if this has been discussed and answered previously - Thoughts please?
I didn’t see a follow up re the cut in dividend. Going forward, is it still at 18+%?
The results are now out and the trusted persons review which should have been handed in by 28 Feb is now delayed 2 months.
Also exiting the SIPP market which I find surprising, all in all I guess they could now be a target for II or someone similar ?
Apart from results being overdue. The review is over due. The dividend was reinstated in feb payed out a couple of days ago? With an offer to reinvest dividends . Doesn’t sound like a company in trouble it’s the markets in general that are in trouble over reacting to every tiny bit of gossip/news item or no news . I would imagine the outcome of the late review would have some bearing on an update date. As previously mentioned jobsworth stringing it out for a ridiculous length of time while god knows what skullduggery is being perpetrated all over the markets completely un hindered by anything approaching the semblance of a regulator
Thunderbird. Can you name one single financial institution that is squeaky clean? Hsba have been pinged on more than one occasion For money laundering. Let’s not even go down the road of what RBS and bank of Scotland got up to. The Halifax jeez! I can see why it’s taken the USA to ask an extradition order on Mr Lynch’s activities in Autonomy. Where were the uk regulators there? The financial regulators in this country are either blind, stupid, lazy or all three, obviously inadequately funded. I believe that nominee accounts are actually ring fenced, legally segregated from creditors in the event of bankruptcy. I have no wish to test this theory, or the one about an £85000 cash guaranteed. Can you imagine what would happen to companies holding several million in cash? It’s a typical insurance scam like the one about peace of mind. That’s about all you get till you put a claim in, then the nightmare begins! There are no people in finance you can trust, speaking as a former trustee.
The FCA are doing their job so lets not pretend that Jarvis are squeaky clean here. I would be most surprised if Jarvis haven't lost a significant number of their Model B clients (which sane brokerage company wouldnt move their business if they can't open new client accounts!) Now late in result publishing results - doesn't take a genius to work out the company is in trouble!
All points well made Oogle. Furthermore, I too would prefer to not receive interest (I do keep some cash with brokers for quick access should I want to trade). It gets taxed at your top rate but the resultant higher dealing costs are not relieved against tax. So more expense to me on a net basis, and the hassle of adding small amounts to my tax return.
So thanks for nothing Skilled Person(s) FCA and Government. It is you who are on the gravy train, not the private investment community who, I understand, are voting to leave is.
Surely in a free and supposedly advanced country a supplier and consumer should be allowed to contract as they wish, provided all is with in the law.
AND these jobsworths sit around declaring pompously that the reason for the falling interest in the UK stock markets is insufficient regulation and control. Have they never considered the effect of excessive overheads, lack of flexibility and avarice (stamp duty should be abolished as promised when the central share register was to go electronic under Thatcher).
Stuartm. Jobsworths. Why pick on Jarvis. Can’t say I have ever had interest paid on cash. That’s why I don’t leave any in the account. They have stopped trades allowed against the value of the portfolio. Again I’ m really not that stupid. Igg don’t pay interest. iWeb (sub of Lloyds) don’t pay interest. The wealth manager I had short chat with didn’t even know they owned iWeb. Barclays don’t pay interest. Pershing securities don’t pay interest. None of them ever have, even when interest rates were much higher. That’s how they achieve lower trading costs. In the old days was like selling a house through an agent with similar fees. If you had a managed account the used to call it share shuffling to make themselves a decent income, never mind if they were loosing you money every time. Never had an issue with Jarvis. Best broker by a country mile. Go chase some real crooks!
@Travelcard
With the SP down 8.3% today perhaps someone knows something ?
I suppose it depends on what the skilled persons uncover and the remedial action they suggest. There is also generally a lot of interaction with the FCA during the process. FCA tend not to respond in a timely manner which will add to the timescale.
@Stuart
I have to agree !
What is so irritating to me is that on their website it gives no date for the final figures but it does say that the next AGM is 18 April, which is a mere 4 weeks away and with Easter in between, why keep shareholders in the dark like this, it is madness to do so, IMHO.
Am I the only one who is being to think that the only skill of the skilled person is to string out the review for as long as possible? Surely an update, including the costs, progress, interim conclusions and the anticipated completion date, is now long overdue.
Pretty obvious that no news here is bad news. Same old Mr Grant clamming up and ignoring his investors!
Yes. From the previous RNS, the report must now be with the FCA or they would have had to tell us. No idea how long the FCA will deliberate before we get some news. They have had it (at least) one week and counting.
It is now March 5 & still no update !
Well because of that just keeping a few and hope for the best. Wherever you put a few bob no sooner you have got it. It can go down - and even when you just keep a few pennies in one it goes up when the others go down! These days shares a headache not like it was years ago when markets were slow and people bought and held for years on end!
@Stuart
Good point, this BoD certainly don't keep investors very well informed, this reflects badly on the whole business, sadly...
On 14 Feb 24 I wrote “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.”
It is now 28 Feb and disappointingly there is no update as yet.