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.