Jarvis Securities plc
("Jarvis"
or "the Company"
And with
its subsidiaries the "Group")
Update
The Board of Jarvis provides a further
update on the ongoing review of the skilled person, appointed to
review the systems and controls of the Company's subsidiary, Jarvis
Investment Management Limited ("JIML") pursuant to s166 of the
Financial Services and Market Act 2000 (the Skilled
Person).
As set out in the Company's annual
results announcement of 26th March 2024, the Skilled Person
was preparing the Phase 1c report which covered JIML's approach to
uninvested client cash, interest retention and term deposits. The
finalisation of this report had been delayed from the original
expected completion date of 28th February 2024.
The Directors of Jarvis can advise
that the final report, including its recommendations, has now been
submitted to JIML and to the Financial Conduct Authority. As
a result JIML is currently working through the recommendations and
is creating an additional remediation plan to address the points
arising from the report. This is the third report prepared by a
Skilled Person for the FCA and JIML.
Phase 2, which requires the Skilled
Person to review the remediation work undertaken by JIML on
the matters raised in any of the three s.166 reports, has now
commenced and is expected to be completed by Q4 2024. As part of
this work the Skilled Person will also be required to provide a
Reasonable Assurance Opinion to the FCA (confirming the Skilled
Person is confident as to the completeness of the remediation)
along with any final recommendations.
The voluntary agreed restrictions on
JIML, as announced on 16th September 2022, remain in place.
JIML will continue to work with the Skilled Person and the FCA with
the aim of having these restrictions lifted on its impacted Model B
clients as soon as possible.
Enquiries:
Jarvis Securities plc 01892 510
515
Andrew Grant
Kieran Price
WH Ireland Limited 0207 220
1666
Katy Mitchell / Darshan
Patel
Notes:
Jarvis Securities plc is the holding
company for Jarvis Investment Management Limited (AIM: JIM.L) a
stock broking company and outsourced service provider for bespoke
tailored financial administration. Jarvis was established in 1984
and is a member of the London Stock Exchange; a broker dealer
member of Aquis Stock Exchange, authorised and regulated by the
Financial Conduct Authority and an HM Revenue & Customs
approved ISA manager. As well as normal retail broking Jarvis
provides cost effective and flexible share trading facilities
within ISA and SIPP wrappers.
Jarvis provides outsourced and partnered
financial administration services to a number of third party
organisations. These organisations include advisers, stockbrokers,
banks and fund managers. Jarvis can tailor its administration
processes to the requirements of each organisation and has a strong
reputation for flexibility and cost-effectiveness.