stevio
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Post by stevio on Aug 7, 2019 11:30:07 GMT
With previous Beaufort Securities and now SVS failing, is anyone re-evaluating their platforms?
If so, is there anything anybody would like to share about their platform for or against it's level of stability?
What factors are worth considering and where would you find that information?
How does SVS and Beaufort Securities size compare to other more well known and not quite so well known platforms (Eg. H&L, Interactive Investor, iWeb, X-O, Interactive Brokers)?
Would Brexit likely have an effect on any of the platforms or are they internationally based that it wouldn't be an issue?
Should you keep all investments with one platform below the FSCS £85k limit or if you have more, should you consider splitting between platforms in £85k chunks?
What would the likely outcome be if your platform was to fail?
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aj
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Post by aj on Aug 7, 2019 14:52:59 GMT
I hold my equities across 3 accounts:
LISA with AJ Bell
ISA with iWeb
Regular Margin Account with InteractiveBrokers
The only one above the FSCS limit is InteractiveBrokers who I consider pretty safe as they are a long established name (40+Years) with solid financials. (Profitable, listed, dividend paying). I would consider my other platforms to be similarly reliable.
The broker failures you have mentioned seem to be tiny players; personally I would stick to the larger companies as I see these to have both lower platform risk, and broader offerings.
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Post by mattygroves on Aug 12, 2019 11:58:47 GMT
Not sure what the relevance of the £85,000 limit is as that only applies to cash deposits with eligible institutions and brokers don’t qualify. the limit for brokers was (and I think still is) £50,000 and it only applies in a limited number of circumstances.
i really can’t be bothered with the hassle and significant extra cost splitting across brokers would bring.i doubt I could actually find enough to be able to do it properly anyway.
i’ve got a Small SIPP, trading account and ISA with interactive investor which is fixed fee rather than value based and allows for the level of trading I need at no additional cost. They have been around for a while and have a sizeable customer base. The fixed fee has been their business model for as long as I can remember so they obviously make it work. I moved to them when HL upped their fees a few years ago and aside from transfer problems initially have been happy.
Hubbie has got a large SIPP, ISA and our joint portfolio with Cazenove Capital Management under a full discretionary service. They are part of Schroders and again are established and provide a reduced fee for a larger portfolio. We’ve been trough at least 2 changes of ownership with them with no problems.
The split between 2 brokers is purely because I like to self manage my ISA otherwise they would all be together.
I treat all investments as illiquid so wouldn’t be too fazed if they failed and I couldn’t access the investments for a while. That’s what a cash reserve (held in protected accounts) is for along with smoothing income in the event of a major crash. Belts might have to be tightened but we could live off cash for at least a year if we were careful.
Not enough of a risk imo to warrant the hassle and cost of splitting things.
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opal
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Post by opal on Aug 14, 2019 15:53:24 GMT
Actually, I believe individual and small business customers of SVS are eligible for FSCS protection. The below is taken from the FSCS's SVS page: www.fscs.org.uk/failed-firms/svs/"The Special Administrators will carry out an assessment of the client money and assets held by the firm to confirm the current position. Following the assessment, the Special Administrators will work to return as much client money and assets to customers as possible, as quickly as possible. Should the Special Administrators find that the firm does not hold enough client money or assets, then FSCS will cover asset and client money shortfalls, including the costs associated with their distribution back to clients, for eligible customers up to our compensation limit of £85,000." |
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stevio
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Post by stevio on Oct 15, 2019 21:14:14 GMT
Not sure what the relevance of the £85,000 limit is as that only applies to cash deposits with eligible institutions and brokers don’t qualify. the limit for brokers was (and I think still is) £50,000 and it only applies in a limited number of circumstances. FSCS was increased to £85k for shares also
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stevio
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Post by stevio on Oct 15, 2019 21:15:25 GMT
To be honest, of my platforms, X-O is the one I am concerned about
Although it is run by Jarvis
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voss
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Post by voss on May 30, 2020 8:20:51 GMT
I use Jarvis Share Deal Active but it has an odd thing: the portfolio valuation has crazy figures if they do not happen to get live prices for a fund. Can't get a coherent explanation by phone for this - anyone else find this a pain?
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Post by arbi on Jun 1, 2020 6:47:42 GMT
I am very happy with Interactivebrokers.
I find e-toro very slow and their Customer Services is that awful, very close to denial of service.
Saxobank is slow again, but has many available markets.
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