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Well done Barchild,
My below post wasn't the best English, I type off of a small phone screen and LSE doesn't have a edit button for me to fix. An extract from the 2nd FCA reply from a supervisor.
"On the firm’s Register page you’ll find contact information for their principal place of business and their complaints contact. I strongly recommend you contact the firm using the details I’ll give you today and ask to be put through to the department / contact you have been dealing with. By doing this, you can ensure that you’re contacting the genuine firm. For your convenience, I've provided their contact details below.
Contact name: Pip Owles
Phone: 01892510515
Email: invest@jarvisim.co.uk
Address: 78 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS
Website: www.jarvisim.co.uk "
Have a good weekend, everyone.
@tenapen
I have just sent one, I agree with you this is a ludicrous amount of time to take for what is a small business
Hi stuartrm - everyone,
A few weeks ago I sent an email to the FCA - even for me it was very blunt. I raised lots of points but the main one being the skilled person report that was due to be handed in by the 28th Feb, three months later we are still waiting. I asked if there was a reason or just a ploy to extract more money from this two bit broker - Jarvis. All credit to the FCA as 5 working days later I received an email reply explaining the roll of the FCA across the board. For details of the case they forwarded on my email. At the end of play on the following day an FCA supervisor . Obviously no details were given to me as an ongoing investigation, but they had read my points and replied. A few links were given for me to research further. They also suggested I contact Pip at Jarvis link provided, for any updates, so I did. Explained I'm in the building trade and unless you are proactive and chase them you won't get them back if there is a problem. Question,; are Jarvis chasing the FCA to get this resolved or is the company happy with how things are . Five working days later I am still waiting for any sort of reply ! ....... even a .......... U tenapen
So get proactive Everyone and start complaining.
This is part of the RNS of 16 Sept 22.
"The Board of Jarvis announces:
1. the appointment of regulatory consultants, Ocreus Ltd, to review the systems and controls of its subsidiary, Jarvis Investment Management Limited ("JIML"), pursuant to s166 Financial Services and Markets Act 2000 ("FSMA") ("Skilled Person"). It is anticipated that this process will take 3 to 6 months and further updates will be provided in due course, as necessary, once the Skilled Person has reported."
Note the anticipated timescale of 3 to 6 months. 21 months have now passed so, while some might regard me as being impatient, I think the BOD owes us a detailed explanation of what is going on.
Https://www.bankofengland.co.uk/contact/complaints-against-the-regulators
Regards
Hi Malafuster,
Don't just wait, get proactive and send in a complaint about the delay to the release of the report. Three and a half months late already. Jarvis isn't Barclays with the many different strands to the company, it is but a two bit broker ! that has messed up.
Invisible Person,more like. This is taking forever. Slower than watching paint dry.
Can't agree that Starmer is "intelligent & principled" - he's a wobbler, and I don't trust him. I look at all three leaders of Tory, Labour & Lib Dem and wonder how we have ended up with such lacklustre 'leaders'... When will any of them stand up for British businesses and stop the constant loss of brilliant companies to foreign ownership? They worry that LSE is losing its position but don't see the damage of this constant erosion of ownership. US preaches free enterprise, but wouldn't let it happen there. We are in tricky times in so many areas. God help us all!!
Two thoughts, some takeover action in the sector with HL. I would have thought they wouldn't even consider an offer below £15. The financial services sector looks undervalued to me. A bit ironic as I heard a rumour HL wanted to takeover JIM, maybe that source had their wires crossed. Secondly the early election should help volumes across the sector as people trade the event and the subsequent volatility. I have no concerns about a Labour government, Starmer is intelligent and principled, he will be a safe pair of hands. Reeves comes over very well in her interviews, especially the one on LK (Sunday Mornings).
Topped up here for 61p , looking for buys as cash on acc from a few sales .
1st buy none ISA
Close Brothers Group was a good buy mid February , and better if I had not sold.
Would not of been better to buy into a rise then a drop as posted below mid February , in hindsight.
Passed notes .
15/2/24 up 34% to 70p
Bought in ( Wi ) after Primary bid 8/4/21 Open offer at 250p
1/7/21 @250p then 5/7/21 @249.89
Oh I am definitely collecting the dividends here. Just don't want to have too much in any one company. Was just trying to plan ahead what to do with next months pay. Might look into another sector. Perhaps housebuilding.
If your looking for a company in the finance sector, that pays a dividend and there is more upside than downside ! ...... You may as well stick it out with Jarvis.
A; The skilled person / FCA report has to be released at some point.
B; A big name CEO could give confidence.
C; At the AGM, Jarvis asked for permission to buy back shares.
A golden cross or possibilities! Just a matter of waiting it out with fingers crossed.
Oh dear, would have been better to make the switch out of VOD today instead. I suppose its impossible to get it right all the time.
Does anyone know of any other companies in the finance sector that have similar qualities to JIM. I looked at CMCX but it seems I missed that opportunity. Has almost trebled from its low.
I have sometime to do research today as my boss has a day off and it's a slow day at the office.
Thanks to anyone that can help me. There are so many companies to look at I almost don't know where to start.
A few assumptions there, they are accepting new customers/corporate clients, I phoned up and asked. Also if you review previous JIM results it's obvious even to the untrained eye that the profits are not just made up from interest. The rate may go down over the next 6 months, but it won't go back to zero ever again imo, free money is a silly concept and just desperation from the central banks. Obviously the inverse correlation between higher rates and lower investment in risk assets will benefit JIM, as money is less attracted to cash/bonds and more attracted to stocks as the rate drops (boosting trade volumes, top and bottom lines). If only I could find a company that pays out 12%+ in the 5 dividend payments over the next 53 weeks that provides access to risk assets.
I sold my VOD for a small profit and added, the future prospects are better here, the yield is better and going to be at least double next years VOD yield. Also no debt so if the rates only come down 2 or 3 times no matter.
Enjoy the sunshine everyone, it won't last for long, like this bear raid. Lots of love A.I. Capone
Loss of corporate clients (exact number unknown but if they haven't been allowed to take on new business ) then a substantial amount one would think so where's the growth coming from? Reputational damage continues the longer the investigation continues. Interest rates (which contributes to the only profitable part of the business as its cash on deposit) is shortly going to come down. I would like to see some openers and honesty to we shareholders. I would love to buy more and average down but on little to no information from the MD then not willing to risk yet more money.
Covered 2x
All good points AICapone.
However, for me, this Skilled Person update is dragging on too long? Surely for the size of company JIM is, this should have been concluded (by the FCA) by now.
I'm sitting on the fence until the uncertainty and the final report/findings are published.
Best wishes all.
Three reasons JIM is too cheap:
1) The last two dividends add up to 3.25p multiply that by 2 and it yields 6.5p. That is still over 10%. Might come in higher maybe a little lower, still a good return.
2) Buy when others are fearful, this is trading at a level where you would think the company isn't making profit, it is.
3) All bad things must come to an end, eventually the FCA will have to complete their report and this should be a catalyst to the share price rising once the uncertainty is removed.
I only didn't buy more because I wasn't sure if they were going to do this dividend, but they have. Now people are paying 63p and I paid less than 61p. So I was right. Might go up more today yet. I value this share at 75-85p at the current dividend yield. All buys today so far so I think others also agree this is too cheap. Wish I had bought twice or even four times as many. I bought some VOD and BT yesterday so now I can't.
How can you say too cheap when the Skilled Person report outcome has yet to be resolved after a year and a half?
Bought £500 worth this morning, it's just a small position but I think I might be able to make a couple of hundred quid by the weekend. I don't really trade small cap stocks, didn't even know this company existed last year. 61p just looks too cheap, but I've not really got the conviction to commit thousands of pounds. Probably regret being a coward tomorrow. GLA - A.I. Capone
Nice one, thanks for the advice. I will continue to monitor the three companies I have on my watchlist for next week. JIM could go a lot higher if the investigation is less bad than anticipated and/or the dividend is maintained or raised. VOD I like the buybacks and dividend for the upcoming year, but not the debt. BT has a issues as well, but in the long run it must be worth more than the current MCAP and the dividend is quite good also. I only have enough cash to add two positions from these three, but can add some riskier shares to my portfolio as I am well up on my other trades at the moment and they are all more reputable FTSE 100 companies. I can't see BATS or HSBC doubling anytime soon though, nor any of the others. That is why I am interested here and in the other two, slight inclination toward JIM and BT atm, might do a half position in each and then make the strongest horse the full position when more certainty has appeared. I have the weekend to think about it. Thanks for your help.
I don't think I would start investing here until the final result of the 'Skilled Person' investigation is complete.
There is little or no information from the company and we are not really sure whether the next dividend will be declared or not.
I would say there are probably much better (and safer) options out there for a stake in Financial Services.
Bit disappointing no one can make a case for investing in this company, I have decided to wait until the next dividend is declared. I would rather pay a few pence more and be sure the company is back on track. I have the 9th of May for the next dividend declaration, is that correct? Many thanks to anyone that can be bothered to reply.
I'm fairly new to share trading. I want to build a portfolio with different sectors to spread my risk. I have copper mining, gold/silver mining, banking, supermarket, insurance, and tobacco already. Now I am looking for something in the financial services sector. This one seems to offer a nice dividend and looks to be near the bottom of it's trading range. Does anyone have any thoughts about if this will be a good company to buy into?