There is a statement from FCA now up.
Identified serious concerns , in the way it invested clients money .
Administrates are in .
Be more worried if i had not read the Masonic posts.
Time will tell.
There is a statement from FCA now up.
Link to a statement with the FCA news
I hope you do not suffer a loss here, must be a very worrying time.
As you say, time will tell.
I wasn’t over worried Friday as my understanding was all ringfenced.
Although a right nusance .
But suggestions that it might not be and such made me doubt.
So glad to find the other site which confirmed my original understanding.
Be interesting for others as well as its obvisly not clear.
Yea, I know mate.
Up to a few years ago, you could run a Crest account through Fidelity ( I think they were effectively badging something from Charles Stanley ? ) for a reasonable amount. I looked at it semi-seriously, but roughly 80% of my meagre wad ( including the odd fund ) sits in ISAs and a SIPP, so it didn’t make sense.
Funnily enough the dealing costs for them aren’t massively different to what I was first being charged in pre-internet days, so it shows how much has changed.
If I had a seven figure sum in my portfolio, with a fair % outside ISA/SIPPs, then I’d certainly consider it. The cost wouldn’t make that much difference, so you might just lost the convenience of dealing online, and would have to speak to a real person on the phone !
Hi @Ripley94, I skimmed through the posts on the MSE site and I can see there is the odd nugget of additional information there drswn from previous failures. I can only once again wish you the best of luck and hope it doesn’t take too long getting the situation resolved.
But the whole thing only strongly reinforces my point about checking out any broker than you use/plan to use and making sure that they are a large and profitable company and FSCS registered. Trying to save a few quid on trading costs by going with some small broker AND putting more than the FSCS protected funds limit with them is just bonkers IMHO. Customer service isn’t the issue, safety of your assets should be your primary concern. Doesn’t matter how good their reviews are IMHO they may be truly excellent, small equals risky so don’t do it. If that’s what you are doing right now then I would think seriously about whether that’s sensible, especially if you have more money there than the FSCS protection limit.
Anyway that’s my rant for today. If I was on twitter I guess I could tweet it like Donald Trump - though I somehow doubt it would have the same effect. Watch out playing those first person shooter type video games, next thing you know you’ll be shooting real people !. Wasnt it Eddie Izzard that said “It’s people that kill people, but the guns certainly help…”. Will the Americans ever learn that ?.
ATB and take care out there
Hi @Eadwig, Well looks like the FTSE and US indices are going for at least a 10% correction, if not more. It’s at times like these I draw comfort from my dividend focussed strategy as I am confident that ALL of my investments will continue to pay their dividends when they are due and I shall be reinvesting them at the reduced prices / higher yields caused by these events and looking to benefit from Einstein’s 8th wonder of the world – compound interest such that when the market recovers I shall be better off.
But I really don’t understand how someone who invests primarily in growth stocks like yourself gets on. You have kept back 33% in cash (well done) and will be able to deploy that to good effect I’m sure. But the other 66% of your portfolio is still invested presumably and is going to have taken a 10%+ hit (surely costing you more than what you might make from your 33% held in cash ?). And with little or no dividends those growth stocks are going to give you nothing but red to look at for some while to come surely ?.
So I don’t get it and never have TBH. Clearly you have a strategy in place though, care to give a summary of how you plan to come out of this correction at a profit ?. Traders I can understand how it works for them, they will have few if any longs and be shorting till the market recovers – but you DO have longs as I understand it. So how will you play it ?.
My growth stock holdings are currently between 100% and 700% up. So while the daily may be red the overall total is very much in the green.
The far bigger worry are my funds bought for diversification around the world, but it looks like we are might be about to enter a global recession. I recently backed out of Japan and may have to sell others if they begin to look too poorly and realise the profits on them - typically showing between 33%-66%.
Biotech funds may have to go also, but I think today will be key for all. If USA closes well down again then we probably are looking at a full correction if not a global recession. I base this on the Copper price (long since taken as a bell-wether for the global economy). It is currently $2.56/lb and has long term support at $2.50/lb, if it breaks below that it could fall back to multi-year lows around $2.00/lb last seen in 2016 at the very end of the ‘super-cycle’.
This, of course, can be shorted using an ETF, which I have used before, and there are ways to make money shorting indices and commodity prices - oil too is on the slide in anticipation of falling demand in a global slowdown.
I have added to my GLEN position which pays dividends in US dollars and will continue to make its commodity trading profits out of which it pays most of its dividends even during a commodity slowdown.
I think now we have had all had the various views now and we will see.
We all have a lot to learn really as basically Masonic is saying nothing to worry about.
You and others saying there might be.
In the first case the 85 k does not seem to come into it.
There is risk for me, but only the gain of learning something for everyone else.
I was unaware only the top ten investers lost at Beaufort I’d imagine they would be million pound accounts.
I am hoping the wrong doing here is not as bad.
Was there talk of finding a buyer for Beafort ?
Others I use are small.
Not sure how you messure against each other.
Lots of smaller ones ( Turner Pope, Cornhill ) have tie up with Jarvis.
Not sure how safe they are there listed.
Big enough for you to use?
Did we ever establish if SVS were listed some said they were, I was not sure .
Maybe like Arsenal with just a hand full of shareholders?
If anyone is so sure of a 10% correction why not sell everything ( Maybe just keeping ones that go ex div in next month or so )
Please don’t take this as me suggesting there will not be a fall.
I know nothing.
I might add my most recently bought growth stock was Tencent Holdings bought last September and was only 14% up and fell back to just +4% when I sold it about an hour ago.
That was in part because it doesn’t have much profit on it, but I’m also worried about the $HK (Trade wars shouldn’t hurt it too much, although it will be dragged down by the general market). I even took the proceeds in GBP, which raised my profit to 8.5% in 10 months.
I shall be buying back in when the time is ripe, and hopefully at a much better entry point than my last one which turned out to be badly timed.
This is why I’m now 33% in cash - and that is after buying, cheap, companies paying going ex-div within the next month! That isn’t 100% cash, of course, and if I had moved to 100% cash a week ago when my all time highs were hit, I’d still be about 2.5% ahead of where I am now. Not really enough to make selling everything worthwhile … yet!
About a third of my portfolio is in funds which are often expensive to enter so selling out of those is quite a decision.
Well done Eadwig.
100 to 700 % up mine mostly down.
Do you post trades as I do, if so I’ll give up and just copy you if you don’t mind.
( Can only think that would be positive for your buys )
At what stage do you take profits.
My best ever selection ( its second if not )
( But have a load of them ) in it is g w p… Became g w p h.
That in the first years a 50 % loss.
All posted at time.
But even that’s not 700 % up.
That is over a period of time, e.g. FB position built @$22 average in 2013 . Yes posted live on the old boards.
I’ve already taken back all my original investment plus profits in all my growth stocks except Tencent Holdings (temporarily sold as described above) and some portions of Alphabet. It depends on my expectations for the stock and rate of growth, but I always take some profits on the way up.
I just re-opened with a tranche in RBW, by the way, just in case they get the same boost as last time the China-USA trade war hotted up. Paid 3.3p and looking for 6.6p within the month if things go very bad for global trade.
I didn’t post that up - but I did last time early enough for people to make 60% within a week. I do post trades generally, but not always, especially in those obscure companies that no one is reading about on here anyway.
I was thinking that my Indian funds are probably best placed about now, but just heard a piece on the BBC, the first I’ve heard of it, that the two nuclear powers Pakistan and India are moving onto a war footing over a changed status for Kashmir.
Just what the global markets need to hear right now.!
Wish I could copy and paste but as for the 2.5% or whatever the % this is where the attraction to cheaper trading comes in.
Outside aim all have the 0.5 % .
But a big difference between 2 % and £2 .
Massive risk ? We will all see.
I of course hope not .
I had forgot we chatted on that board you will see I sold the two mistakes I made for 3.6 last week.
( as you know I thought that buying three times when I only wanted one was down to a cheaper platform, but you indicated it could happened anywhere giving explanation )
Your recall you said sometimes it works in you favour ( another thing you got right lol )
Looks like we might go for the same ones which gives me some hope that I’m not completely mad.
not all. there are a few like GLEN where stamp duty doesn’t apply.
Just checked I did post on trade at time on RBW.
Within a Minit . Lol
You didn’t like that one
Just thought that was only 3 times £2.
Would of of been more annoyed at 3 Times £20 .
Maybe I won’t bother complaining to them lol.
So the ex-Beaufort trader didn’t tell you?
Just yesterday you were telling us that he said none of his clients were impacted!
Ask him if he likes Picasso next time you see him.
PWC chose them based on a set of assets that they owned… as I understood it. Originally, PWC were going to stiff several hundred of Beaufort clients until it was reviewed and altered.
Hi Again @Ripley94, Just a quick post as I have to go and do the gardening, two specific points regarding the content of your post though:-
The fact that small brokers have a tie-up with Jarvis is NOT a benefit IMV. It is a hidden problem, as this will likely mean that all would be counted as one institution in respect of FSCS protection. Which is definitely not to the customers advantage IMHO.
In terms of your question “Big enough for you to use?”. Answer NO not by a very long way indeed. I want a company with Billions in market cap and many hundreds of employees, not a tiny AIM company.
As for selling everything during a correction (from a later post of yours) - well that just generates significant costs selling and buying back in together with the risk that you will time the market wrong and have to buy back at a higher level. But it all depends upon your overall strategy really, I am a dividend investor primarily - if I sell everything I lose all of my dividends !. FTSE is down by close to 7% with this correction so far, I am down about 3.3% as of this morning, but still up 7.6% YTD - so hardly a disaster as yet. I shall just keep re-investing the dividends and expect to be still further ahead come the recovery.