Jarvis Securities plc Company Update (8102Z)
16 Septiembre 2022 - 8:39AM
UK Regulatory
TIDMJIM
RNS Number : 8102Z
Jarvis Securities plc
16 September 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in
the United Kingdom pursuant to the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service (RIS), this inside information is now
considered to be in the public domain.
Jarvis Securities plc
("Jarvis" or "the Company")
Update
The Board of Jarvis announces:
1. the appointment of regulatory consultants, Ocreus Ltd, to
review the systems and controls of its subsidiary, Jarvis
Investment Management Limited ("JIML"), pursuant to s166 Financial
Services and Markets Act 2000 ("FSMA") ("Skilled Person"). It is
anticipated that this process will take 3 to 6 months and further
updates will be provided in due course, as necessary, once the
Skilled Person has reported.
2. JIML has voluntarily agreed restrictions in accordance with
Section 55L(5)(a) FSMA, including:
o That, for the time being, it will not without the Financial
Conduct Authority's (the "FCA") consent, accept new clients from
certain of its existing Model B corporate clients until the Skilled
Person provides sufficient assurance about the relevant systems and
controls. JIML will liaise with the Model B corporate clients
affected but this should not impact existing clients.
o An asset restriction meaning dividends will only be paid to
Jarvis with the FCA's approval. These voluntary restrictions do not
prevent JIML providing services to current clients and paying its
ordinary expenses and commissions; nor do they directly restrict
any payment of dividends by the Company.
The outcome of the Skilled Person's review is not yet known but,
in the meantime, the restrictions should have a limited impact on
JIML's forecasted revenue and profitability as anticipated new
business from Model B clients is not reflected or built into the
published forecast. The additional professional fees and associated
costs, and the asset restriction, however mean dividends payable to
the Company (and therefore dividends payable by the Company) may be
reduced and/or delayed pending FCA approval. JIML will continue to
work with the Skilled Person and FCA with the aim of having the
restrictions lifted as soon as possible.
Enquiries :
Jarvis Securities plc 01892 510 515
Andrew Grant
Jolyon Head
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.
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END
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September 16, 2022 09:39 ET (13:39 GMT)
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