REG - Jarvis Securities - Company Update

Jarvis SecuritiesAnnouncement

16/09/2022 14:45

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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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