REG - Jarvis Securities - Company Update

Jarvis SecuritiesAnnouncement

04/07/2023 15:00

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RNS Number : 9505E  Jarvis Securities plc  04 July 2023

04 July 2023

Jarvis Securities plc

 

("Jarvis" or "the Company")

 

Company Update

 

The Board of Jarvis provides a further update to the announcement on 31 March
2023 on the Skilled Person review as announced in its update on 16 September
2022.

 

The Skilled Person reviewed the systems and controls of the Company's
subsidiary, Jarvis Investment Management Limited ("JIML"), pursuant to s166
Financial Services and Markets Act 2000 ("FSMA") ("Skilled Person"). The
Skilled Person conducted the review and testing, as part of the second stage
of its work originally agreed with the FCA.

 

The Skilled Persons has completed its review of JIML's system and controls and
provided its report, including its recommendations, to JIML and the FCA on 24
May 2023.  As a result, JIML has adopted a remediation plan which it expects
to have substantially completed over the next two to three months. The Company
expects the Skilled Person will review and report on the remedial steps
implemented by JIML in Q4 2023.

 

The voluntarily agreed restrictions, as set out in a previous update, remain
in place. JIML will continue to work with the Skilled Person and FCA with the
aim of having the restrictions lifted on its impacted Model B clients as soon
as possible.

 

The Board will provide a further update in due course.

 

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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