Member Info for Thunderbird2

Poor, penny pinching management and an FCA investigation are not the keys to a fundamentally sound business. Increasing costs, declining revenue, corporate clients leaving in droves and no plans for growth (and interest rates predicted to come down this year) lead me to believe this is a company in crisis with a complete lack of direction.

Barchid you are completely wrong with regards to cash withdrawal fees as it depends on the account you have.

Sharedeal active charge is £18 incl vat per withdrawal NOT per 1/4!

On an X-O account its free.

Some of their older ISAs may do something different including charge a % management fee rather than a fixed price (or non at all with X-O).

The problem here is that too many clients are being charge different rates for the same or very similar service, all based around the same underlying JHC platform, as used by the likes of AJ Bell.

Why on earth would II or anyone else with existing infrastructure want to buy them? They only need the client base which they could probably get anyway with an attractive offer. Interesting Grant says makes reference to interest on uninvested cash which has seen a significant upturn - well it doesn't take a genius to work out interest rates should be coming down this year which will affect the bottom line accordingly ! As for closing SIPP business - I wonder if he will try and charge the clients an exit fee as I for one will be putting in my complaint to the FCA if he does!

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!

Good spot - I missed that. Fingers crossed it helps get the share price moving in the right direction.

Pretty obvious that no news here is bad news. Same old Mr Grant clamming up and ignoring his investors!

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!!

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.

Is this sell off overdone or what - can't see anything in the RNS that indicates things are that bad - quite the reverse. Thoughts?

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.'

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!

Without seeing a copy of the insurance policy its difficult to know exactly what is and isn't covered.

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.

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!

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.

I hope the Non Exec who bought 30000 shares a year ago is as happy as the rest of us poor investors!

Suspect the FD who resigned last week did so out of frustration. Years of under-investment and corner cutting have finally come home to roost. Lets not forget the news in todays announcement is after a positive spin has been applied - when stripped to the bare bones I daresay the outlook is pretty dire. It is of course in the best interest of th FCA to keep the company trading..... for now!

There is no Business Development Director - don't think there's been one for a couple of years.

There is no other side of the Group - Jarvis Securities is just the name of the parent company. It doesn't do anything at all so nothing for a finance person to do. More a case of Mr Grant wanting to surround himself with a yes man which is why they have got in this mess.

So wrong that there's no update - the last announcement back in July told us nothing either. Small firm mentality with a smaller minded, secretive and, by the looks of it, incompetent management team. About time Mr Grant realised there are investors out there supporting the company rather than looking our for himself and his family!