SVS Securities - shut down?

pafpcg

leonde said:

Just got an email that basically says there will be a slight delay (with another update tomorrow morning).

And here's the full text of my email (timed at 18:03):

Dear XXXX,

From prior communications, we appreciate that you are expecting to receive an email with temporary login credentials to begin receiving access to your accounts at ITI. Unfortunately, we have run into some technical difficulties and we expect there to be a slight delay.

Rest assured, your assets and funds are secure. The issue is with our system that is responsible for generating the unique login associated with your account. We have been working on this diligently and will provide you with another update tomorrow morning.We apologise for the inconvenience caused and would like to assure you, that we are committed to having this resolved as soon as we can.

johnburman

What a shambles. They have had months to test this and run pilots. Is this meant to give us comfort that they will be able to onboard us efficiently... I think not. 

ascension92

johnburman said:

What a shambles. They have had months to test this and run pilots. Is this meant to give us comfort that they will be able to onboard us efficiently... I think not. 

What are the words? Hear Hear.
Pathetic, what have LC left us with

ascension92

Why would we want to give sensitive information e.g passport/driving licence to an outfit like this?
All I want is an account number to pass to my new broker & get the hell out.

pafpcg

Danie6 said:

Since the SVS collapse I have discovered that UK stockbrokers have no appetite for South African residents like me. So, in anticipation of trouble ahead I went through the process of applying for an ITI account in good time before my assets get transferred, fearing that I might get caught in in red tape with my ID documents being unacceptable, etc., trapping my assets again at another address. However, there was no problem and I now have an empty account with an account number, and sent ITI a mail yesterday requesting that they load my assets into this account. Then I got a reply within about two hours to say that I will be able to view my portfolio today. So far, however, I just get a message on the account dashboard saying that there is no information at this time. Suppose I'll have to wait till tonight?

Have you got access to your ex-SVS holdings?  

Sheris

ascension92 said:

johnburman said:

What a shambles. They have had months to test this and run pilots. Is this meant to give us comfort that they will be able to onboard us efficiently... I think not. 

What are the words? Hear Hear.
Pathetic, what have LC left us with

From the word go as I have stated before COWBOYS the hole lot, L&C have walked away with millions for a poor service, and this will carry on in the near future    

Danie6

Although I now have an ITI account with an account number I have no access to my SVS holdings. I understand that I must wait for the email with instructions how to migrate the SVS stuff to the account. This should happen tomorrow. We'll wait and see.

meuok

I'd be interested to know:
Why LC narrowed the selection down to chose ITI (if not purely a financial consideration)
How much ITI played to take over the 21,000 accounts
How much was the LC administation fee.
Anyone privy to this information

adeel26

Received email with the login details.

Signed in and found that the cash amount is missing only showing shares in the migrated account. Now going through the process to verify my ID/address details. 

masonic

meuok said:

I'd be interested to know:
Why LC narrowed the selection down to chose ITI (if not purely a financial consideration)
How much ITI played to take over the 21,000 accounts
How much was the LC administation fee.
Anyone privy to this information

If you mean 'paid', then it is unlikely this will be disclosed. What we do know is that there were few brokers interested in taking over the accounts, and ITI essentially won the race by default when others pulled out. I do wonder if any of them have been monitoring this thread. It does seem that it is a bad idea for any broker to be involved in such a transaction because of the reputational damage. Bulk transfers like this are not the norm and so are never going to go without a hitch.

The total administration fees (so far) can be found in the most recent progress report from LC.