All my stocks are held with Svs securities who have gone into administration.. This on the back of Beaufort going under last year.
Can anyone advise what action is needed by myself to recover shares. Have Beaufort clients recoverdbtheir stocks/cash yet.
Any info appreciated.
I am in the same position. There is an article in the Daily Mail online covering the SVS in administration. The best we can hope for is that another broker takes over the SVS XO clients. Fingers crossed.
Just found out a few moments ago, in shock had cash at the @@@@ worth close to 2k and shares in two companies where I paid about 30k now worth 34k.
I was trying to log in and found the bad news
Will I get my shares back?
The money is safe as FCSC or whatever, but what about the shares?
Ian.B, have you made direct contact with Leonard Curtis? This is an extraction from their website:
"For client and all non-press enquiries, a mailbox (email@example.com) and telephone number (01282 610635) have been set up for those affected by the Special Administration of SVS Securities PLC we would encourage you to direct any further queries to this address. Updates will be also be provided on the Joint Special Administrators dedicated website: www.leonardcurtis.co.uk/SVS."
Very grim reading, money may be tied up well after 2020.
What do you think?
All to do with carbon credits
Thanks ERV 1 will look into that when I get chance, ive no real cash to recover just all my shares.
My shares with this ex broker. Do you know what would happen let's say for example I paid one thousand pounds for shares, when svs went under the share price was 1100 pounds but when I get access to my shares again they are trading at 500 pounds. Would the FCsC make up the difference?
Received letters from Leonard Curtis yesterday addressed to all clients. At least they have my details and confirmation of being a client. Waiting game now but in the meantime markets are dropping and any stop losses will not be actioned, I assume.
Been doing my research.
As we are aware cash is safe, but you won't get it for a while.
The shares held is the BS so-called nominee accounts, not sure who makes up the difference.
From what I have been reading about SVS and from memory I think
it was the German government chasing them, this BS ex-company
will not be touched by any other broker IMO
We are looking at 6/8 months from what I understand having spoken to someone I know in the city that
is familiar with situations like this.
I had at one time over a 100k with SVS, than God I sold out some time agon and now have tied up about 11k.
6k in cash and worryingly 5k in shares which are going down by the day.
The mother f government should compensate those that got duped and let the administrators sort out the mess as ike I
said, no one will want this svs thing.
The above figures are for my separate account and not the joint accoutn we hold but still well under 85k
I'm in the grim situation as many below - mine is pretty much all of my LTH stocks like 3.5 m in Sareum etc. I want the stocks and ability to sell those. :(
Would anyone know the eventual outcome of these administrations? The shares are held in nominee accounts and should be ring fenced from the brokers assets. Will clients get back the shares held and if so, in what format or are they sold in bulk and the proceeds distributed?
Re shares and so-called ring-fenced. If they are, I guess you will get them all back but i doubt it if they are ring-fenced.
FSCS covers up to 85k in cash and 50k in shares from what i understand.
The other broker that went belly up lat year took ten months to settle.
I have asked the administrators who would make up the diffence as the sahres i hold are tanking and i want out and they have not come back.
My undertanding is even is the shares are not ring fence, you will get up to 50k in cash and this could be the orginal price and could work in your favour or against EG, shares crashed so you win, shares rose so you lose the rise, but please check yourself.
i will post a link to the FSCS that expalins it better than i do or it could be FCA but will post it in a few mintutes
btw, alert yesterday for LC admin, letter being sent out to ex svs holder is to be avoided as it is not what it purports to be.
re fraud warning new letter 22 Aug 2019
Re FSCS, in plain English i find it very helpful other than it does not say who makes up the shortfall if lets for exmaple say i bought a share at one quid it was then worth 2 quid, do i get the 1 quid back or two? Then there is t opposite of that when share price is down
BTW, it would be good to let me know if you are reading here and in the same boat as me.
I also read that tha LC may be wanting to sell part of svs which is different to what i heard when svs went under with our money
This is the official FCA statement : https://www.fca.org.uk/news/news-stories/svs-securities-plc-enters-administration
As far as I know, the shares are ring fenced in the broker's separate nominee name and separate from the firm's assets. It's likely the shares will be released through the administrative process and , assuming that the shares are registered through each company's share registrar, albeit in nominee name, they will still be valid. What you get for them will depend on the price applying at the time they have been transferred / released but meantime they are in lock up.
I came across SVS a couple of months ago and saw what a load of rubbish they were investing in and persuaded my pal to get out asap, which he did thankfully.
My FCA link was removed but you'll find the story on the FCA website under the news section dated around 5th August
Had a phone call this morning from some solicitors, didn't catch the name, seeing if I was interested in a representative getting in touch about any claim I might have. I should have asked how they got my name and phone number. Is anyone aware of any solicitors representing a group claim?
Semiret : Apparently there's a scam going on from a company calling themselves RMJ Solicitors who no longer exist. Thre's a thread on Moneysaving expert's website that explains further. Tread very carefully - the reconciliation of the shares and eventual transfer will take months but there is no point joining a supposed class action against SVS as they won't have any money at the end of this. There is a potential claim against any adviser who had recommended them (God knows why) and if that adviser has gone bust, a claim can be put in against the FSCS. There is also a scam letter out claiming to be from the administrators so don't get sucked in by anything that it says or any phone call you get claiming to get your money out early. It's just not going to happen.
anyone have access to the FT?
In the same boat and got update from LC yesterday having contacted them . It was all very complexed and on the dedicated .
In the media today a bit easier to follow and looks like other co's wanting to buy.
My shares are stuck in there massive holding of Saga wanted to sell a few times but cant