Jarvis Securities Share Discussion Threads

[saucepan] 27/10/2023 17:05

In querying the progress of the transfer of my SIPP from Jarvis to interactive investor, the person who corresponded with me happened to remark that Jarvis was dealing with a lot of these requests.

That suggests to me that Jarvis is losing market share, which does not surprise me. I could be wrong of course, but thought it was worth passing this anecdote on. (I no longer hold, but monitor JIM from time to time out of curiosity).

Edit: Just for transparency - I mentioned on this thread back in March that I was transferring away from Jarvis, because I was spooked by the FSA investigation. The whole transfer was held up as a result of one holding in my portfolio that was not currently tradeable. That issue has now been finally resolved and I have been trying again in recent weeks to achieve the transfer. At the first attempt, I was intending to transfer the SIPP to AJ Bell. However, I was very disappointed by the way they handled their end of things - which made me try this time with interactive investor - who so far appear to have been on the ball. The transfer now seems to be at the point of completing, despite Jarvis being incredibly slow to progress matters - which has left a final bad taste as far as I am concerned.

[tenapen] 27/10/2023 16:15

....and No, silence is never golden for people who want to know what is happening. Silence is Golden to the manager's who don't have to answer for thier mistakes.

[tenapen] 27/10/2023 16:09

HL and AJB have both issues trading updates last week - Jarvis = Nothing.

JIM 4th quarter divi declaration next again week ..... I wait and see if this slack management can be bothered to add a few comforting words.

[thrugelmir] 27/10/2023 14:22

Sometimes silence is golden. AJB and HL are hardly setting the world alight. Trading environment is tough.

I've been nibbling at sub £1 prices. As almost certainly into oversold territory. Even allowing for a dividend haircut.

[n0rbie] 26/10/2023 22:38

Tempted to average down here but need to see something positive from management!

[tenapen] 08/10/2023 16:17

QCA Compliance
Since September 2018 all AIM companies have been required to comply with a recognised corporate governance code. Jarvis Securities Plc has chosen the Quoted Companies Alliance (“QCA”) Corporate Governance Code published in April 2018 for this purpose. High standards of corporate governance are a priority for the board, and details of how Jarvis Securities Plc addresses key governance principles defined in the QCA code are set out below.

Cont...

--_+

Can't say I've noticed the above link before ?

They certainly haven't been following it ! Or we wouldn't be in such a mess !

[tenapen] 08/10/2023 14:23

I notice that chartists are buying JIM shares thinking c100p will prove to be a floor for the share price. I hope so also, but I'm not sure if charts can measure hopeless management! and my word Jarvis management are hopeless. So we will see if 100p holds and if it doesn't.......

In dark times as this, it good to find something to smile about and I found my smile remembering how the Jarvis management decided they didn't want a c800p share price as no-one would buy the shares at 800p So they had on a 1-4 share spit. They got what they wanted - we now have a cheap share ! at today's price c102p and yet no investor wants it.

Hopeless is has hopeless does JIM

[cwa1] 02/10/2023 17:27

Hopefully JIM have acted quickly and carefully after the first notifications.

Would be nice to get to the bottom of it and find out however

[thrugelmir] 02/10/2023 16:59

In today's news. Taken very seriously.

"Broker ADM Investor Services has been fined £6.47m by the financial services watchdog for failing to have adequate anti-money laundering systems and controls.
The nature of ADMISI's business and client base presented "potentially high levels of money laundering risk" because of its business model, according to the Financial Conduct Authority, as did the geographical location of its customers, the proportion of its business involving high-risk clients and the fact that it had had "politically exposed persons" as clients.

The FCA previously raised concerns with ADMISI in 2014 about its AML systems, including the absence of a formal process to classify customers by risk, and had expected ADMISI to make improvements. However, during a 2016 firm visit, the FCA found significant failings remained.

After the 2016 visit, ADMISI agreed to requirements, including one not to take on business from high-risk customers in order to lessen the threat of the firm being used to launder money or finance crime. By the end of October 2016, ADMISI had introduced AML policies and procedures to address the concerns identified. After further remedial action, the requirements were lifted in January 2018.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: "All financial firms need to have effective anti-money laundering checks in place. ADM Investor Services' failures put it at risk of being used to facilitate financial crime. These failings continued even after the firm had received clear warnings on the need to improve its systems."

[tenapen] 28/9/2023 17:21

There will be a conversation between Jarvis and Pathlight associates on every aspect of the investigation, including when Pathlight see an end or at least an indication to an end of the investigation. Jarvis could easily have released an RNS on the first year giving shareholders / the markets, some indication.

Formally Ocreus group

[evaluate] 28/9/2023 09:01

How can this thing roll on for more than 12 months?

How complicated can it be?

Looks like the adviser is stringing it out to me.

[tenapen] 27/9/2023 18:50

No new broker forecast that I have seen.

No word of apology from Jarvis for the shambles the company has become. As the investigation goes into a second year, a far cry from their original 3-6 months, we hear nothing. If / when this investigation is concluded heads had better roll and if they don't I hope any institutions holding JIM take action.

[cfro] 27/9/2023 11:04

Is there any updated broker forecasts out yet, i've not seen any myself..

Just wondering what full-year eps numbers might come in at, possibly 10p, but hard to tell how much costs have risen and to what extent business has deteriorated in the second half.

Anyone hazard a guess..

[thrugelmir] 12/9/2023 21:23

Was a large trade first thing this morning of 38,182 shares @ 117p.

[cwa1] 12/9/2023 12:49

People re-investing their dividend today possibly having a modestly positive impact?

[tenapen] 27/8/2023 06:02

Unlike you with your £500 to trade I have c37k, but rest assured as soon as I can, I'll be out of this.

[thrugelmir] 26/8/2023 21:17

Hopefully you sell out and move your interest elsewhere

[topvest] 10/8/2023 16:56

Fair points Thrugelmir - you have probably traded much better than me! I've just become a tad concerned by all this regulatory review stuff that they have been dealing at the "dodgdy end" of the market. Unlike Share they have never named any of their customers. Hopefully, it will reward shareholders further at some point with a takeover offer, maybe by Interactive Investor (which is where Share ended up!). Best of luck.

[thrugelmir] 10/8/2023 16:03

With X-O you can trade internationally listed stocks. Isn't just restricted to UK markets.
The free trading websites will ultimately have to monetise their offering. Burning investors cash while building market share is accepted practice. Next step in a declining volume driven market will be more challenging. Not the US model of payment for order flow to fall back on.
The market value of the business is of no particular interest to me. As long as it spins off excessive cash and pays a decent dividend that's fine. The fact it's small mkt cap means there's far less interest. Over the past decade I've actively traded the stock on the basis of it's price. (Always held some stock). As it's never been immune to the wider economic weather.

[topvest] 10/8/2023 14:50

Actual updated forecast numbers not actually too bad before exceptional items. As ever, communications are a tad blunt and make things sound even worse. The concern, maybe, is that the review and remediation testing is still ongoing and probably isn’t going that well. This is what has changed other than continued weak trading volumes.
Without Model B it’s probably ex-growth as what new customers would chose this platform over others like Interactive Investor which allows overseas trading as well? It looks and feels a £50m business rather than a £100m business to me. The CEO is around retirement age, so maybe he will steady the ship and then sell the business?
Basically new investors don’t really hunt in the UK as much …they buy overseas. I’m Uk only, excluding investment trusts, but feel like I’m ploughing my own furrow most of the time! I suspect most young investors don’t want a uk only platform. They want to be able to do everything.

[thrugelmir] 10/8/2023 13:33

Nothing like conspiracy theorists polluting social media with misinformation. Easy to spot.

[tenapen] 10/8/2023 13:08

I'm usually wrong ..... but on this occasion..... not.

Management not to be trusted.

[thrugelmir] 10/8/2023 13:07

Probably less a question of toxicity and more the question of cost to retain them as clients. The old brutal 80/20 business rule. 20% of your clients or products generate 80% of the revenue. While the loss of Model B clients is detrimental to the bottom line. The increased (regulatory?) cost of retaining them is disportionate. Continue to focus the business on what you do best.

As for the family why sell a cash cow either? In a world of less choice. A small independent broker provides a welcome alternative. Big isn't always beautiful. Brings with it a myriad of issues such as poor customer service levels.

Jarvis itself can continue to carve out niche opportunities which the big boys are happy to pass by.