SVS Securities - shut down?

Thrugelmir

My2penneth said:

 I just wonder how they will cope when a lot of UK residents migrate away from them?

How will other providers cope with an influx of applications in a very short space of time. Most likely badly.  There are capacity limits. Irrespective of how much technology is involved. 

johnburman

ITI have simply screwed up !  is the view of My2penneth.  I'm afraid from what I have seen he is 100% right!  No doubt I will receive my email for the remaining 3 accounts in due course.  But one thing.  The on-boarding process is so horribly complex, with poor unclear explanations, it is clear that ITI does not understand the needs and requirements of the XO clients.  Simple, cheap, transparent and clear it ain't 

Sheris

johnburman said:

ITI have simply screwed up !  is the view of My2penneth.  I'm afraid from what I have seen he is 100% right!  No doubt I will receive my email for the remaining 3 accounts in due course.  But one thing.  The on-boarding process is so horribly complex, with poor unclear explanations, it is clear that ITI does not understand the needs and requirements of the XO clients.  Simple, cheap, transparent and clear it ain't 

This is a complete disaster, what the hell is going on, log in loads of numbers and no names of shares.
Opened a account with Iweb only a few days ago, no more than 3 mins, no problems, only required basic details and NI number,
Same as EQI, L&C have alot to answer for.     

johnburman

Thrulgmir you are right but ITI have had essentially 4 months to prepare for this. Their poor comms and overcomplicated  on boarding shows they are not taking the active XO client seriously. But why did not lc and the FCA do some checks on them to see if they could deliver? 

masonic

They could have staggered the client registration over a longer period of time to prevent them being swamped with customers having issues, and to learn how best to guide clients through the process. This could have been done independently of assets being transferred, so that the 'onboarding' was complete by the time the accounts had been transferred. Assuming they had the resources to do both at the same time, of course.

This just goes to show electronic identity verification is a technology well worth the investment, which is what allows most financial companies to verify customers without having them produce ID documents.

My2penneth

20 000 SVS clients.  For what purpose do they need the passport and bank statement?  To verify each and every one?   
Let's assume they spend 3 minutes on checking each application.
(3/60) is the number of hours to check 1 application.  
20,000 new clients x (3/60) would take 1000 hours of " verification time".
Assume an 8 hour day, that is one person working for 125 days ? ( M-F).
How many people do they have free to verify these applications? 

Thrugelmir

johnburman said:

Thrulgmir you are right but ITI have had essentially 4 months to prepare for this. Their poor comms and overcomplicated  on boarding shows they are not taking the active XO client seriously. But why did not lc and the FCA do some checks on them to see if they could deliver? 

I'm sure you can answer your questions with a little thought, research and application. Does not require me to spell it out for you. 

meuok

I'm at this moment opening the ITI account but have received this message: "You cannot perform this action as your main account application is being Reviewed, you may contact ITI customer support. Alternatively, you may check your main account's approval status from Support Center (the first icon from top right corner".
Is this the norm?

shiznit76

meuok said:

I'm at this moment opening the ITI account but have received this message: "You cannot perform this action as your main account application is being Reviewed, you may contact ITI customer support. Alternatively, you may check your main account's approval status from Support Center (the first icon from top right corner".
Is this the norm?

Anything is the "norm" it would seem here. The new IT platform is very, very poor

manted

Anyone able to progress from On-Boarding submitted status ?
Also, anyone able to resolve their holdings showing up in Dollars $?