Jarvis Securities Share Discussion Threads

[purple11] 06/11/2023 20:49

i would like to add im a genuine person and am not trying to cause panic or deramp the stock .thanks for your replies.im sure this is just a blip and jarvis will prosper and nows probably the optimun time to be buying the stock whilst the fear is in the air.atb

[rp19] 06/11/2023 20:26

JakNife/Knil - thank you both for your comments, appreciate that.

[jaknife] 06/11/2023 20:17

knil,

You're not wrong.

And I do think that we're getting ahead of ourselves in worrying so much. We've been told that:

"The associated restrictions on Model B clients, has led to the loss of certain Model B clients and the corresponding revenue. In addition the costs associated with the Skilled Person review are higher than anticipated. These factors, combined with reduced trading volumes caused by market conditions, mean that the Company is now trading below current market expectations.

Net cash at the end of July 2023 was £5.2m."

10 August Trading Update:




I can't imagine that £5m has been burnt since July. And I can't imagine an FCA fine of that sort of magnitude.

What I would like to understand is the whole fuss about the Model B clients. I understand that a lot of the Model B clients have gone to James Brearley. Well if they're OK to be accepted by James Brearley then why couldn't Jarvis continue to service them?

I would note that the wording about this week's update is:

"They are limited to what can be said by the company but may be able to add a fews words to this weeks Q4 divi declaration / company announcement." [from post 3235]

I think that that leaves space for a dividend of zero to be declared.

I would like to suggest that this time next year we will all have forgotten about this blip but I'll wait until the RNS before being so bold.

JakNife

[knil] 06/11/2023 19:09

I agree JakNife.
I think any shares held within the likes of an ISA or Trading Aaccount are ring fenced and nothing to do with Jarvis finances.
For example holding £300,000 worth of Shell shares within an ISA would be safe.
Shares that are held by Jarvis are for the investor in question and the only risk is between the owner of the shares and the company in question.
For example, a person holding any share within an account that was to go bust would be at the investors risk and nothing to do with Jarvis, unless, it was Jarvis themselves that went out of business, and under that circumstance would be covered by the Financial Services Compensation Scheme to the maximum of £85,000 per person.
There would also be the lack of access to trading your shares in ISA's and Trading Accounts until
transferred to another provider.
Please correct me if I am wrong.

[jaknife] 06/11/2023 17:10

RP19,

Your shares/investments are in a segregated account completely separate to Jarvis' assets. In the worst case scenario then you would lose control of your portfolio for a short period of time but there would be no loss from your portfolio.

I don't recollect a single instance where a broker has gone under and investors have had to bail out the losses. Even for the worst example - Beaufort Securities:



- Investors recovered all of their shares/cash. What they then claimed for was the bad advice that Beaufort gave them.

JakNife

[rp19] 06/11/2023 16:50

I too use Jarvis X.O. Does the £85k Financial Services Compensation Scheme cover solely cash in your account or is it cash plus the value of your shares? For example, if you had £5k in cash in the account and shares worth £90k, would the full £95k be protected?

[tenapen] 06/11/2023 16:16

Hi Steelwatch,
You being such a respected poster on advfn, I read your post as validating Ex_jim... . I'm just a stupid building worker and always happy to be proved wrong after I've shot from the hip. Even I could take a opinion he was just a chancer posting vague negativities, just to add to the panic here IMHO.

Well done on selling at the top. I read your post and did think about banking a massive profit myself. I didn't because I would only gamble and loose on my favorite blue sky punts. Ho the irony that Jarvis finds itself in the gutter. I long for the days when the respected poster Topvest used to post "great little company this".

Regards

[steelwatch] 06/11/2023 15:58

Well done Ten. You may have noticed I added words of caution to my "thanks" post, so by no means meant to be a validation. For the record, I posted back along, (2.5 years or so ago), I'd sold all for a very nice lump sum and, subsequently bought back in, albeit with a much smaller position than before, now well under water of course, but not particularly meaningful and certainly small enough to let ride come hell or high water.

[1hroy] 06/11/2023 15:39

Reading that comment tenapenAt least theres going to be a divi.Note, all readers

[tenapen] 06/11/2023 12:52

Q; Who was the agency worker that made such an impression ?. he thinks he may have left ..... so we may never find out !

Hahahahaha

[tenapen] 06/11/2023 12:44

If Ex_jim did indeed work for Jim ! I hope it lasted longer than the One day he was on advfn.

So many questions yet it didn't have any solid replies based on fact.

[purple11] 06/11/2023 11:50

thanks for your reply.i was thinking of moving to Interactive Investor too.i will mull it over in the next few days.atb

[saucepan] 06/11/2023 11:28

purple11

For what it is worth, I went through the same dilemma as you when news first broke that JIM was under some kind of financial investigation. In my case, with a Jarvis SIPP valued a little higher than the FCSS security level.

The risk at or below that level is one of inconvenience rather than loss. You have clearly experienced this to your displeasure. As I trade quite actively, I didn't want to be in a position of having assets temporarily frozen.

Whilst I thought the risk of Jarvis failure was small, there is no doubt it increased somewhat in consequence of news of the investigation, and seemed an unnecessary risk to be exposed to. I therefore decided to switch over to Interactive Investor. AJ Bell are competitive, too. I don't think there is substantial financial difference as far as fees are concerned and II certainly has a far better platform.

I have held Jarvis shares for decent periods of time in the past. I only made a technical decision to get out when 300p failed. At the time, I thought the share price had run up too much, too quickly, and was only expecting a retrace. However, it has proved a waterfall decline ever since and I never felt comfortable with a technical setup to get back in. (One of my better trades, I have to say, which is probably why I remember it so well!)

Additionally: I always took some comfort, as far as my SIPP was concerned, that my investments were in the hands of a profitable Company going from strength to strength. It was simply part of a belt and braces approach. Personally, I don't think that extra comfort blanket of security is still there. The dreadful share price action may well intimate that something even more serious than we are aware of is amiss. That is often the case, with private investors being the last to know.

Good luck whatever you decide.

[melton john] 06/11/2023 10:58

In the past where I've felt something hasn't been handled well, I've emailed AG and had a response from a client services member to resolve things to my satisfaction. I think that everyone in every situation should make sure that their complaint reaches the decision maker who can make sure that corrective action is taken.

I'm confident that if there is a problem which has a material affect on the business, something new or an increase in the scale of something known, the board have an obligation to RNS it in a timely manner. I don't expect you'll get a personal reply tenapen, companies are limited in what can be said to individuals but it might bring about an announcement. I've been with JIM for over 20 years and from a small beginning and the compounding effect of reinvested divis now have a substantial amount but I'm seeing it through and holding in spite of the negative gossip. There have been no changes in major holdings for what that's worth.

[bigwadds] 06/11/2023 10:33

All accounts are covered up to £85k in the Financial Services Compensation Scheme (FSCS). It was set up to cover people's savings in the event that a bank/financial institution were to go bust. The FSCS protects 100% of the first £85,000 you have saved, per UK-regulated financial institution (not per account).

[n0rbie] 06/11/2023 10:17

Surprised to see people on here quickly believe that someone who suddenly appears with the name “Ex JIM Employee” is who they say they are, at a time when the share price is falling.

[saucepan] 06/11/2023 09:39

It will be interesting to see whether you are ignored tenapen - that had been my experience on occasions in the past when contacting the Company as a shareholder. It was one of the things that began souring my view of Jarvis.

The fall continues this morning, I see. There might become a point when the fall is overdone. Perhaps that is the case already, but I am not myself tempted to try to catch a falling knife. I'd need a convincing RNS update or evidence of a chart base forming to reconsider.

It is instructive to be able to watch things unfold from the sidelines, but I am sorry for shareholders who are feeling the pain.

[tenapen] 06/11/2023 07:09

For the record I've send Jarvis securities an email regarding what Ex_Jim has posted on this bb I will post any replay.

[tenapen] 06/11/2023 05:47

LOL - steelwatch


What facts did Ex post to make you want to thank him.?

go on I'm interested

[steelwatch] 05/11/2023 19:54

Thanks for your candour Ex_J. As always on these boards, we have to be cautious about what is written as none of us know each other well enough to trust implicitly.

[tenapen] 05/11/2023 17:40

The Board of Jarvis provides a further update to the announcement on 31 March 2023 on the Skilled Person review as announced in its update on 16 September 2022.

The Skilled Person reviewed the systems and controls of the Company's subsidiary, Jarvis Investment Management Limited ("JIML"), pursuant to s166 Financial Services and Markets Act 2000 ("FSMA") ("Skilled Person"). The Skilled Person conducted the review and testing, as part of the second stage of its work originally agreed with the FCA.

The Skilled Persons has completed its review of JIML's system and controls and provided its report, including its recommendations, to JIML and the FCA on 24 May 2023. As a result, JIML has adopted a remediation plan which it expects to have substantially completed over the next two to three months. The Company expects the Skilled Person will review and report on the remedial steps implemented by JIML in Q4 2023.

The voluntarily agreed restrictions, as set out in a previous update, remain in place. JIML will continue to work with the Skilled Person and FCA with the aim of having the restrictions lifted on its impacted Model B clients as soon as possible.

The Board will provide a further update in due course.'

--++++

I believe your a scaremonger Ex_jim

If there had been anything to put the company at risk, the FCA would NOT have allowed Jarvis to pay the 3rd quarter dividend.
We await any fine ! With £5 million in the bank as of the last results I would think any fine will be covered.

But

If you did work for Jarvis ! and left in October and we're part of the management rather than the cleaner. You should take your own responsibility for any poor work rather than joining Advfn Today and post negative vagarys IMHO

Also,

The sacked FD Jolyon f#cked up and put Jarvis where it is today. There is No one else to blame but the man himself.