Jarvis Investment Management Limited (in Special Administration)

A Special Administration is an insolvency process for investment firms that hold Client Money and Custody Assets. Its objectives are to return Client Assets to clients as soon as reasonably practicable, engage with market infrastructure bodies and Authorities, and either rescue the business or wind it up in the best interests of creditors.

Philip Hemming and Adam Stephens of S&W Partners LLP were appointed as the joint special administrators (the “JSAs”). They act as agents of the Company and without personal liability. All Jarvis IM staff who were employed at the date of special administration have been retained to assist the JSAs with the return of Client Assets.

Jarvis IM is an FCA-authorised investment firm. It provided retail execution-only stockbroking, Individual Savings Accounts ("ISAs") and Self-Invested Personal Pension ("SIPP"), together with custody, administration and settlement services for both individual investors and other financial services firms. The company exited the SIPP market in April 2024.

The Company’s business serviced two distinct client-bases, as follows:

• Direct Clients: individuals (retail customers) who used Jarvis IM’s online or telephone execution-only stockbroking services. Jarvis IM did not provide investment advice to its Direct Clients.

• Corporate Clients: stockbrokers, investment advisors and wealth managers (Model B professional clients) (“Corporate Clients”) that used Jarvis IM custody, administration and execution services for their own customers. Although these customers dealt primarily with the relevant Corporate Client, they were also clients of Jarvis IM for custody and execution purposes.

If you have not previously heard of Jarvis IM or its associated brands, you may be receiving correspondence as you were, at some point, a customer of a Corporate Client to which the Company was providing the Model-B outsourced services.

In September 2022, the FCA and the Company voluntarily agreed restrictions in respect of the Company which limited certain activities, with the aim of protecting customers. Jarvis IM later sold most of its Direct Client book to Interactive Investor Services Limited in 2025 and began an orderly wind-down of its remaining operations. That wind-down did not complete. Following recent unforeseen events, the Company’s Board concluded that the Company would soon be unable to meet its financial obligations. The Company explored a sale of the business but was unable to find a suitable purchaser.

The special administration is governed by the Investment Bank Special Administration Regulations 2011 (the “Regulations”), the Investment Bank Special Administration (England and Wales) Rules 2011 (the “Rules”) and other applicable insolvency legislation and regulatory requirements.

The JSAs are performing their duties in line with this framework and must also comply with the FCA’s Client Asset sourcebook (“CASS”). The Company remains authorised and regulated by the FCA (FRN 116413).

The JSAs are licensed to act as insolvency practitioners by the ICAEW and are bound by the Insolvency Code of Ethics.

The JSAs presently consider that the quickest and most cost-effective way for Client Assets to be returned to clients is by way of a transfer to a single broker regulated by the FCA. Once such a transfer is complete, clients will be able to access their portfolio and continue trading.

The JSAs are in advanced discussions with a preferred FCA-regulated broker. They hope to complete due diligence and agree transfer terms within eight weeks of their appointment.

The JSAs must write to clients and creditors within eight weeks of their appointment, being 9 December 2026, with details of their strategy for the special administration (the “Proposals”). They must also hold an initial meeting of clients and creditors within ten weeks of their appointment, being no later than 9 December 2026.

Further updates will be published on this dedicated webpage

Updates will continue to be available on this webpage.

If you are an active Client we will provide regular updates regarding the process to transfer your Client Assets by email (where we have it) or, alternatively, by post.

General enquiries can be sent to jarvisim@swgroup.com. You can also write to Jarvis IM Ltd (in special administration), c/o S&W Restructuring, 45 Gresham Street, London, EC2V 7BG, or call 020 3400 7999.

Jarvis IM provided services under several brands and trading names including x-o.co.uk, ShareDeal Active, London South East Trading, SharePrices Trading, Dial-n-Deal, Sellmysharecertificates.com and Signature.

You may also be receiving these communications because you were a customer of a Corporate Client that used Jarvis IM's Model-B outsourced services. In those circumstances, you were also a client of Jarvis IM for certain services, even though the Corporate Client may have been your main point of contact and may have provided investment advice or discretionary management services.

There is a possibility that, because of Jarvis IM's special administration, you will be contacted by claims management companies suggesting that they may be able to expedite the return of Client Money and/or Custody Assets.

Be cautious of unsolicited calls, emails or letters asking for personal information or requesting that you transfer money. Do not pay a third party to secure or release your Client Assets.

The only official communication channels are jarvisim@swgroup.com, the helpline 020 3400 7999 and the dedicated webpage.

If you are approached by a claims management company, remember that it may charge a fee and cannot guarantee a faster or higher recovery. You do not need to use a claims management company to make a claim to the Financial Services Compensation Scheme (“FSCS”).

Client Assets are money and investments that the Company held on behalf of its clients.

The Company was required to keep Client Assets separate from its own assets in accordance with CASS. This is designed to help protect Client Assets if the Company fails.

The JSAs currently understand that there is no shortfall in Client Assets as at 14 October 2026. However, they must complete their reconciliation process before this can be confirmed.

A “Primary Pooling Event” occurred under CASS when the Company entered special administration . This means that all Client Money held by the Company at that date is treated as pooled and held as a single Client Money Pool (“CMP”).

The JSAs are currently reconciling the CMP and Client Custody Assets to establish each client’s entitlement and to confirm the amount of Client Money and Custody Assets available for return.

No, not at this time.

While the JSAs undertake a reconciliation of Client Assets and explore the possibility of transferring clients and transferable Client Assets to another FCA-regulated broker, you will not be able to access, withdraw, sell or transfer your Client Assets.

The client portal at www.jarvisim.co.uk is also unavailable.

The JSAs consider that the quickest and most cost-effective way to return Client Assets is to transfer all clients and their transferable Client Assets to a single FCA-regulated broker.

If such a transfer is completed, you should be able to access your portfolio and continue trading through that broker. Returning Client Assets separately to each client would be more complex and would likely take longer.

You will not be required to pay a transfer fee in connection with any transfer to the preferred broker.

The JSAs must reconcile clients’ positions and holdings of Client Assets, complete due diligence on the preferred broker, and agree a suitable transfer method.

The JSAs anticipate that this process will take a number of months but are working to complete it as soon as practicable.

The JSAs cannot disclose the identity of the preferred broker while discussions remain confidential.

Once a broker has been selected, the JSAs will notify clients and publish details on this webpage. Further information and next steps will also be included in the Proposals.

The JSAs are not currently able to provide an exact timescale for the time required to complete the reconciliation process and arranging the transfer of clients and transferable Client Assets to another FCA-regulated broker.

The JSAs are working to complete the process as soon as possible so as to minimise disruption to clients.

Yes, you will receive a portfolio valuation and statement (confirming the position as at the date of special administration) in due course. This will confirm both the value of your claim and its classification (either Client Money or Custody Assets). Information will also be provided should you wish to dispute your statement.

The JSAs hope that most clients will receive all of their Client Assets without deduction. However, if the reconciliation identifies a shortfall, the Company may be required, where possible, to use its own assets to make up the shortfall. Any remaining shortfall will be dealt with under the applicable rules.

The amount ultimately returned to clients may also be affected by FSCS eligibility and compensation limits and by the costs of returning Client Assets, including operational costs and professional fees.

FSCS is the compensation scheme for customers of failed UK authorised financial services firms.

For eligible clients, FSCS may cover Client Money and Custody Asset shortfalls (including the costs associated with distributing Client Assets back to clients), and any other eligible claims against the firm, up to a total of £85,000 per client.

The JSAs are already working closely with FSCS to determine the position of eligible claimants and will provide further updates soon. In previous special administrations, the JSAs have worked directly with FSCS to agree eligible clients and the amount of compensation to be paid without clients having to submit a claim to FSCS themselves. Accordingly, you do not have to submit a claim to FSCS at this time. The JSAs are liaising with FSCS on your behalf.

In the meantime, FSCS has set up a dedicated webpage for Jarvis IM and further information may be found at www.fscs.org.uk/making-a-claim/failed-firms/jarvis-investment-management. General guidance may be found on the FSCS website www.fscs.org.uk and we urge anyone considering a claim to seek independent advice.

The JSAs are unable to release any Client Assets until the reconciliation process has been completed and a process for the transfer or distribution of Client Assets has been agreed. This may require the Court to approve a Distribution Plan.

If the current situation is causing you immediate financial hardship and you wish to make a hardship claim, please contact the JSAs, by phone, email or post using the contact details provided and explain your circumstances.

In some circumstances, eligible clients may be able to receive a hardship payment from FSCS before their Client Money is returned. To receive such a payment, an eligible claimant will be required to transfer their rights to that Client Money to FSCS.

Dividends, interest, coupons and other returns accruing after the Company entered special administration will be held in a separate post-pooling money account. These receipts are called Corporate Action Income.

The JSAs will identify the clients entitled to Corporate Action Income and will provide further information in due course about how and when those amounts will be returned.

If you are invested through a SIPP or other pension scheme, the JSAs will contact your SIPP provider or the trustees of your pension about your portfolio, any FSCS claim and the return of Client Assets. Any process will be designed to keep investments within the relevant pension wrapper.

For ISA investments, the process will be designed to preserve the tax-efficient ISA wrapper, and the JSAs will liaise with HMRC as required.

The JSAs intend to transfer all clients and transferable Client Assets to the preferred broker as soon as possible. No individual returns of Client Assets will be made before that transfer takes place.

In circumstances in which it is possible only to transfer some but not all Client Assets to the preferred broker, clients will have the option to request a free reverse transfer from the preferred broker within a specified period after the transfer. Further details of the process and any applicable deadlines will be provided in due course.

In these circumstances, a reverse transfer would return your Client Assets to Jarvis IM. As Jarvis IM is in special administration, you would not be able to trade through Jarvis IM and access to your portfolio may be delayed. You would also need to identify and arrange a transfer to an alternative broker without assistance from the JSAs.

Before Jarvis IM entered into special administration, it operated two redress schemes for certain customers from 25 June 2026 to address past failings relating to two aspects of its services:

1. higher transaction fees charged to clients who were introduced to Jarvis IM by either London South East Trading (“LSE”) or SharePrices Trading (the “LSE Redress”); or

2. unclear and potentially misleading language in historic versions of Jarvis IM's terms of business for retail clients when describing the rate and circumstances in which interest would be paid on uninvested cash balances held with Jarvis (the “Terms of Business Redress”).

Together, these are referred to as the “Redress Schemes.”

Under the Redress Schemes, Jarvis IM offered eligible clients a goodwill payment.

If you were eligible for a payment, you should have received a letter and/or email from Jarvis IM before it entered special administration explaining: (i) why you were eligible for redress; and (ii) the amount of redress offered to you.

Prior to the special administration, the Redress Schemes were due to operate until 23 December 2026.

Following the commencement of the special administration, the Redress Schemes have closed because Jarvis IM is no longer able to make redress payments outside the insolvency process.

If you were eligible for redress and had not yet received payment, you may now have a claim in the special administration. Please see the FAQ "Am I a Redress Creditor?" for further information.

If Jarvis IM previously contacted you about one of the Redress Schemes and you had not yet submitted a claim through the redress portal before the Company entered special administration, you may have a claim as an unsecured creditor of the Company (a “Redress Creditor”).

Any such claim is expected to be treated as an unsecured claim in the special administration.

To receive any payment in respect of your claim, you will need to submit a proof of debt form to the JSAs. Whether any payment can be made will depend on the value of the Company's assets and the total amount of claims against the Company.

At this stage of the special administration, the JSAs are not yet able to say whether unsecured creditors are likely to receive a payment, or, if so, how much.

The JSAs will shortly be writing to all known Redress Creditors and are also liaising with the Financial Services Compensation Scheme (“FSCS”) to determine whether any unpaid redress payments may qualify for compensation under the FSCS scheme.

The portal previously used for the Redress Schemes is no longer available because the Company is insolvent and can no longer pay redress liabilities. If you are a Redress Creditor, please complete the proof of debt form which can be downloaded from this webpage and return it, together with any supporting documents, by:

• Email: jarvisim.redress@swgroup.com; or

• Post: Jarvis IM Ltd (in special administration), c/o S&W Restructuring, 45 Gresham Street, London, EC2V 7BG.

The amount offered to you under the redress programme has been communicated to you in letters and/or emails sent by Jarvis before the special administration. Following the commencement of the special administration, the JSAs are also preparing written communications to affected customers which will also confirm the amount of redress to claim.

If you cannot locate these communications or are unsure about the amount of your claim, please contact us using the details provided below.

The JSAs are liaising with FSCS to determine whether unpaid redress claims may qualify for FSCS compensation. The JSAs will provide updates on FSCS’s position in due course. No redress payments can be made by the Company at this time because of its insolvency.

The terms and amount of the redress offer are not negotiable and have been calculated in line with a methodology developed by Jarvis IM, as a fair and reasonable approach to paying redress to the Redress Creditors.

If you wish to claim the redress amount offered to you, you must submit a proof of debt in the special administration. Please see the FAQ “What should I do if I am a Redress Creditor?”

If you do not wish to pursue a claim in respect of the redress amount that was offered to you, you do not have to submit a proof of debt.

The redress amount offered to eligible customers was made up of two elements. The first element is intended to compensate you for the loss that gave rise to the redress. The second element is interest, calculated at the Bank of England base rate plus 1% to reflect the fact that the money was not available to you at the relevant time.

Depending on your individual tax status, the interest element may need to be declared to HMRC. The JSAs cannot provide tax advice. If any payment is ultimately made in respect of your claim, you should seek independent tax advice if you are unsure of its tax treatment.

The FAQs will be regularly reviewed to ensure we provide current and relevant information to the Redress Creditors. Alternatively, if you would like to contact a member of our redress customer service team you can contact them by:

• Telephone: 020 3400 7999

• Email: jarvisim.redress@swgroup.com

• Post: Jarvis IM Ltd (in special administration), c/o S&W Restructuring, 45 Gresham Street, London, EC2V 7BG.

Clients are customers that held investments with the Company and whose Client Assets should be held separately from the Company’s own assets.

Creditors are parties who are owed money by the Company and would ordinarily be paid from the Company’s own assets. In this case, creditors include clients who may be owed amounts under the redress scheme (see Redress Scheme FAQs) and the Company’s trade and expense creditors, such as suppliers and HMRC (“Trade Creditors”).

The JSAs will be writing to all known Redress Creditors and Trade Creditors as soon as reasonably practicable with further information about the claims process.

The JSAs may require some suppliers to continue providing services and will contact critical suppliers during the early weeks of the special administration.

Suppliers who have an outstanding invoice as at the date of the JSAs’ appointment should send it to jarvisim@swgroup.com in the first instance.

If you wish to submit a claim in the special administration as a Trade Creditor, please complete and return a Proof of Debt form by either email or post. A Proof of Debt form is available to download on this webpage.

Any Trade Creditors who may have had sums owed to them at the date of special administration may rank as unsecured creditors of the Company (not clients) and their claim sits against any assets realised by the Company.

Subject to the level of asset realisations and the associated costs, a dividend may be paid to unsecured creditors in due course. At this early stage, we are unable to comment whether there will be a dividend to unsecured creditors.