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BREAKING Winnileaks special: The Jarvis blow up Letter sent to model B clients who have sinned

By Tom Winnifrith | Tuesday 20 September 2022

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

A good portion of the business of Jarvis Securities (JIM) is providing the back office and custiodial functions for small brokers which don't have the scale to do this for themselves. Clients include the disgraced Pello. It seems that a number of such firms have been onboarding the sort of clients who engage in certain practices which the FCA might frown on. And thus the FCA has forced Jarvis to halt all Firm B clients from taking on new clients while a hugely expensive external consultant establishes what has been going on and what remedial action needs to be taken. Thanks to Winnileaks, the letter Jarvis sent is below.

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