SVS Securities - shut down?

[Deleted User]

• meuok said:

  On the subject of moving from ITI, can anyone suggest a broker that's sympathetic to people who wish to deal and have a foreign address (in my case Thailand), this being the reason that I ended up at SVS in the first place.

  Also, I have an unsettled sale trade from SVS, made the day before administration. The administrators have told me that I must 'facilitate the sttlement' with ITI.  Does anyone know what that means (I've asked the JSA, but they seem a touch coy in relying), and will I get funded at the contractual price of the current price?

  Any advice e appreciated...
  

  Hi, just seen your post of today (23rd July), but am a newcomer to messaging here and struggling to get this to work, thank I must have originally sent it to your inbox rather than posting it.
• I also had an unsettled trade with SVS which like you I had placed a few days before they went bust, but payment of which hadn't apparently gone through before the FCA froze SVS's accounts. Because the middleman "market-mover" had already made the purchase on my behalf, but hadn't been paid, under the London Stock Exchange rules I was legally obliged to pay him directly. Luckily for me it hadn't been a big purchase and I had just enough money in my bank account to be able to settle it. (I suspect that they would have made some sort of allowance or easier payment system if it had been a bigger trade and I didn't have the available funds, but I don't know for sure).  I was notified by both the LSE and Leonard Curtis in late October last year about the unsettled trade and I'm surprised that you weren't told back then also. Don't worry, you won't be paying double for the same shares - the payment would not have been actually deducted from your SVS account, even if your statement from SVS at the time implied that it had deducted your balance after you made the trade last July. When Leonard Curtis let you know what your portfolio consisted of, you should have seen that you had exactly that much extra cash in your account for that unsettled trade. I had to contact the market-mover directly, and as I had conveniently just opened a new trading account with another trading platform, they handled the transaction for me. It took them 4 weeks to get round to doing it though, but your post implies that you can do it instead by paying ITI directly, much faster.  I doubt that you will get any access to the rest of your SVS portfolio until you settle this trade, but I don't know if I'm correct in thinking that. You'll soon find out.
  Sorry, but I can't advise on a good replacement broker for you in Thailand. Perhaps best to contact a well-established solid trading platform like Hargreaves Lansdown in the UK to see if they'll accept a resident based in Thailand, or something like Saxo-Trading which also has offices through-out Europe (but probably best if you contact Saxo Trading's London office if you are wanting to deal in mostly in UK £ pounds and LSE traded shares, as any European branch of Saxo-Trader will probably want you to sign up in euros. Interactive brokers might be another possibility. Do established Asian oriented banks like HSBC or Standard Charted have trading departments? I just googled a question on almost the same topic (I'm European resident) and it came up with at least 6 brokers that would work for me...). I imagine that similar to me you'll probably have to opt for a more expensive platform than SVS, but after our experience of the last year, the extra cost is much easier to swallow... Good luck! 
• I forgot to add that you will have to pay exactly the same amount as what was supposed to be paid back in July last year when you made the trade. It will make no difference if the shares you didn't pay for back then have either gone up or down in value since then, it's just a frozen unpaid bill which needs sorting out. (Mine had devalued enormously, but such is life).

My2penneth

This morning I contacted LC about another matter (payment of ETf dividends).  LC replied pretty quickly (as per usual). The email ended with the following ! 

"You should expect to receive an email from ITI Capital Limited within the next 48 hours containing details of how to access your transferred accounts through them."

 

manted

Thanks @My2penneth
However, from an ITI perspective, no comms today so far is unacceptable. When they boldly claim on their website of 22-23 July and cant meet the deadline, it doesnt give anyone a lot of confidence.
Don't they say - under promise and over deliver !

My2penneth

Colour me impatient but I decided to phone ITI. 
They say if you don't get your instructions today, then you will be in tomorrows batch.... 
(yep, I know!)

Danie6

I also made an enquiry and ITI let me know quite quickly that they are sending the emails in batches today and tomorrow. So, maybe we can view the stuff by tomorrow?

Carols101

Seems like everyone on this thread is in “tomorrow’s batch”, rolls eyes...

johnburman

ITI are showing us how not to treat new clients. They should have planned for all the new clients. They have had many months to do so. They're more expensive than SVS and thus far giving a poor service. 

FairDinkum

leonde said:

Just got an email that basically says there will be a slight delay.

I think we all worked that out!

Thrugelmir

leonde said:

Just got an email that basically says there will be a slight delay.

Perhaps rolling out in batches to spread the load for customer services to handle. 

My2penneth

I wonder just how long it will take for us to get our assets OUT of ITI ? 

It's becoming increasingly obvious that they are not up to the task. They have 30,000 clients they claim....is that after 21k came from SVS ?