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HSV Homeserve Plc

1,198.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Homeserve Plc LSE:HSV London Ordinary Share GB00BYYTFB60 ORD 2 9/13P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1,198.00 1,198.00 1,199.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Homeserve Share Discussion Threads

Showing 476 to 497 of 1025 messages
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DateSubjectAuthorDiscuss
21/2/2012
08:08
Krisitini - apart from a director, who do you think is doing the selling then? Of course instis are fleeing. They may have been aware of the FSA's investigation into HSV but they weren't aware until yesterday that the FSA was going to slap a great big fine on CPP, which led to its suspension. Now they're worried that it will happen to HSV. Do you think the 6% drop in HSV's share price yesterday and opening 2% lower today is a coincidence?
megabear
21/2/2012
08:00
Read over to Homeserve looks very bearish to me
3dwd
21/2/2012
07:57
I concur with that view on institutions too kristini2.

Not looking good for CPP but it is in a different scenario to HSV. There is a bit of a parallel situation between the duplicated fraud insurance cover and the duplicate water pipe cover. However the latter has not been considered to be so serious by the FSA due to the variations within different building insurance policies and therefore customer compensation has not been required. I don't really think that the corresponding knock on effect, in terms of sentiment, will last very long here.

CPP faces race against time after shares suspended
Credit card insurer CPP will hold talks with the City regulator over the next two weeks in a desperate attempt to safeguard its future.

Shares in the company were suspended on Monday after an order by the Financial Services Authority (FSA) that CPP must take steps to compensate customers the regulator believes were mis-sold credit card and identity protection. The order was issued on Friday afternoon and followed a year-long investigation. The FSA is known to harbour concerns that some CPP customers were sold the identity theft products on the premise that they covered the loss of money fraudulently taken out of bank accounts. In fact, what CPP's insurance actually covers is the administrative costs of dealing with identity theft.

The regulator has also expressed concerns about the group's card protection product. This offers customers a one-call service that cancels and re-order cards, replaces keys and even provides emergency cash advances. However, the FSA believes the presence of fraud insurance cover in this policy is misleading because it is something already provided by most card issuers. In a statement on Monday, the FSA reiterated its "serious concerns about the manner in which customers were being sold identity theft and card protection policies by the firm".

In response, CPP said a "past business review" was "appropriate". However, the company's board said the potential cost of compensating customers could hit it heavily - even leading to the collapse of the group, which employs almost 2,000 people in 16 countries. Paul Stobart, chief executive, who joined the group after the investigation was first announced, said CPP had already taken steps to improve its customer service processes. He agreed that steps should be taken to compensate customers, but warned: "If we cannot find a middle ground with the FSA then the future of the business is under threat. If we are given the chance, we will redress those customers affected." The number of customers likely to qualify for compensation will be discussed over the next fortnight.

The news is the latest blow to a company that has seen its shares fall by more than 60pc over the past 12 months. Last week, the credit card insurer said it had lost a contract with Barclaycard, which comes up for renewal at the end of next month. At the time, the company said policy sales to Barclaycard customers were estimated to be less that 1pc of group revenue and that the impact on it profits from the loss of the contract would not be "material". However, Barclaycard had already suspended the sales last year of some of CPP's identity theft products.

The next two weeks are likely to be pivotal for the group and its investors. About 57% of the FTSE 250 group's shares are controlled by its directors, including founder Hamish Macgregor Ogston. A further 17% is owned by Schroders, with other shareholders on the register including Invesco Perpetual.



Shares suspended in CPP as its warns about FSA review

The card and identity protection group CPP has claimed the Financial Services of Authority could put it out of business after the City regulator demanded a massive review of past sales to identify how much mis-selling went on. It ordered the suspension of trading in its shares yesterday. CPP has been accused of heavy-handed selling tactics, particularly when it came to describing the potential risks of identity theft. The regulator said: "The FSA has serious concerns about the manner in which customers were being sold identity theft and card protection policies by the firm. In March 2011 CPP stopped selling identity protection products to new customers and has since also amended its sales scripts for the card protection product. "Now, as part of the FSA's ongoing investigation, it is likely that the firm will be required to carry out a past business review of the direct sales it made for both products and, if appropriate, pay redress. "We are in discussions with the firm about the scope of such an exercise."

CPP has 4.5 million UK customers and does not deny that some of its customers were mis-sold either card protection, which costs around £30 a year, or identity protection at £80 a year. The company first said it was under investigation by the FSA in March 2010. Paul Stobart, the chief executive, said: "The business review which the FSA is calling for is disproportionate. So much so that it threatens the viability of the whole business. That means not just our shareholders but also more than 1,300 who work for us in the UK." He declined to say what percentage of its 4.5 million customers the FSA had asked it to go back and review. CPP received a phone call and then a follow-up letter from Georgina Philippou, the head of retail enforcement at the regulator, on Friday evening. CPP shares were suspended at 103p. Before the FSA investigation was revealed last year they stood at 310p.

Mr Stobart did not deny that mis-selling had taken place in the past. He said: "We are deeply apologetic to those customers who were mis-sold and will compensate them. We have also acknowledged that a past business review is appropriate, but the scale the FSA has asked for is not appropriate. It would be hugely costly and at the same time the longer this goes on the more difficult it is for our business partners."

masurenguy
20/2/2012
17:31
instis won't be sellers because of the cpp, they will have been aware of the fsa related risks since the november rns, all imo
kristini2
20/2/2012
16:51
Good idea to keep watching for now. Chart looks dire and whether it rightly has any read across or not, that CPP news will definitely spook the instis.
megabear
20/2/2012
16:45
Possibly long at some future point.
masurenguy
20/2/2012
16:42
Ahh well. You'll be alright then. What you watching for? To short or go long?
megabear
20/2/2012
16:38
No I don't agree. In my view selling such a small proportion of her overall shareholding has no particular significance. It wouldn't matter to me whether she sold the lot either since this stock is only on my watchlist and I have no long or short position here.
masurenguy
20/2/2012
16:21
Bit weird repeating my message directly beneath it.

Do you not agree though it would have sent a more positive message if she'd bought instead of sold? Or are you just glad she didn't flog the lot?

megabear
20/2/2012
16:05
Megabear - 488: Maybe she tried to sell more but couldn't find any buyers? Maybe she's still looking for buyers? Probably not having much luck today.

What on earth are you talking about ! HSV is a liquid main market stock. The trading volume today is already 1.2m (5 x her residual shareholding) and the market doesn't close for another 30 minutes. She would have no problem whatsoever in disposing of 225,000 shares if she wished to do so.

masurenguy
20/2/2012
15:54
Maybe she tried to sell more but couldn't find any buyers? Maybe she's still looking for buyers? Probably not having much luck today. Have to admit though, it would've inspired more confidence if she'd bought 28,000 at 237p instead of selling. Does look as though it's taking on some water.
megabear
20/2/2012
14:52
Another possible explanation for the weakness today may be the item in yesterday's Sunday Telegraph which said, in summary, that:

"HomeServe is apparently grooming chief operating officer Martin Bennett to replace CEO Richard Harpin. The move, suggested in internal documents, comes after the company lost 55% of its value last year following a mis-selling scandal."

This may be loose journalism and could be a mis-interpretation of the internal documents as there are a number of separate companies within the group and bearing in mind that there have been equally important changes in executive responsibilities within the past few months. However, if it has some validity, as Harpin is the original founder and driving force behind the group, it seems a strange move (if true) so soon after the recent problems. Could this be driven by the FSA?

grahamburn
20/2/2012
10:27
looking at the cpp chart, the problems started 12 months ago!

homeserve off 8 p, could this (CPP susp) be the catalyst for hsv sell off??

i remain short at £140pp- lost money on shorting this so far!

kristini2
20/2/2012
09:23
Though the spike down might just be connected to the CPP news (ie Homeserve have been "in discussion/communication" with the FSA since the problems were announced), the problems at CPP are of a different magnitude. So far, all the statements and comments by the company in analyst briefings seem to imply that the discussions are constructive and that the FSA are happy with the actions and programmes being put in place. However, that's not to say that the FSA might just spring a nasty surprise out of the blue!
grahamburn
20/2/2012
09:08
thanks,
would not fancy holding a short position in a suspended share, do not trust spreadbetting cos. have head some try to close you out at the suspension price?

O/T- the Fsa really do not seem to care about people's jobs, we really are overregulated in Europe and we have without dobut reached a point where the fsa are caasing consumer detriment as a result of their agenda

Lord Turner 's recent comments that there is 'no evidence that the regulation is assisting the economy' sums it up

the fsa are a bunch if civil servants and like those in the public sector they are on the gravy train in uk plc

kristini2
20/2/2012
09:01
CPPGroup plc - suspension of shares
20 February 2012

CPPGroup plc ("CPP" or "the Group") announces that it has applied to the UKLA for a suspension of listing of its shares with immediate effect. Until such time as the suspension is lifted, trading in CPP's ordinary shares on the Official List of the London Stock Exchange will also be suspended. The Group's application follows communications from the FSA over the weekend concerning its investigation into certain issues surrounding the sale of the Group's Card Protection and Identity Protection products in the UK. The FSA has requested CPP to undertake a review of certain past business sales and to make certain changes to its renewals process. The request comes as a result of the FSA's findings into CPP's sales practices.

masurenguy
20/2/2012
08:48
Seen the announcement from CPP Group?
superstardj
20/2/2012
08:38
falling like s stone in the last 3/4 minutes!
kristini2
15/2/2012
17:09
I'm three sheets to the wind first mate. Don't tell old Birdseye
volsung
14/2/2012
17:21
Steady as she goes Cap'n. 'Twill be no little time ere we sight Blighty again. Where's the rum??
volsung
13/2/2012
12:06
Well I think it is a nice share so there!
volsung
10/2/2012
17:42
Fact is guys shorters buying
back were responsible for gains
today.

You will see my earlier post from
IG Index re- to sellers sentiment at 78%


mechanical trader - 10 Feb'12 - 09:12 - 463 of 474 edit


Interesting to see IG Index client
numbers short 78%.....................


How long before tap is turned off.?.

mechanical trader
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