SVS Securities - shut down?

Monsieur_Bourse

Eastneuk, I got in an awful mess when trying to generate a selfie, if you look back to my post on page 174 you will see how I finally overcame the problem.

Still no e-mail from ITI for either my wife or to take my account to the next stage. 

shiznit76

Eastneuk said:

Anyone having problems uploading a selfie?

yep. Couldn't do it on laptop, the text message they sent to use they link from that went to webpage error so couldn't do it by that either

Nbs222

Eastneuk said:

Anyone having problems uploading a selfie?

I did it by taking the selfie  on your phone.

copy  the selfie on to computer as a file .

load the  selfie file on to the ITI system   in the same way you load the any other id document

Eastneuk

Managed to get the selfie accepted although I had to go back to my phone, change the contrast on the selfie, reload it onto my pc then upload again to the ITI website.

poolite

bowlhead99 said:

It's in the interests of the creditors of the company to keep the liquidation costs down and it's also in the interests of customers or FSCS who bear the costs of extracting the customer assets when the company has run out of money.

When you say, "return the assets to the clients", presumably you wouldn't expect the liquidator to run an incredibly expensive and time consuming process to attempt to re-materialise every line of stock for every customer onto paper  ....................

My expectations are simple: that Leonard Curtis complete this Special Administration in accordance with the  promises they made when they were appointed on the intervention of the FCA.

 

I quote from their own statement circulated to all SVS clients on 10/10/2020

 “The Joint Special Administrators objectives of the Administration 

To ensure the return of client assets as soon as reasonably practicable;

To ensure the timely engagement with market infrastructure bodies and the Authorities pursuant to regulation 13 of the Investment Bank Special Administration Regulations 2011; and

To either rescue the Investment Bank as a going concern or wind it up in the best interests of creditors.”

LC first action was to confirm that SVS was not possible to save and would be wound up following the completion of the special administration process.

They announced this at the first creditors meeting when they also  advised  that the  FSCS compensation scheme was applicable and that the costs of the return process for the vast majority private clients  would be covered by the scheme as the cost of the administration for each  client would not exceed £85,000.

LC also indicated that their preferred option was a trade sale to a selected broker who would either seamlessly take over and operate the client’s account or process a free transfer of the accounts to a new broker of the clients choice. They also outlined that the FX operation solution was not a problem as they recently completed a similar FX case.

FSCS spoke to the meeting supporting LC proposals and further explained their compensation responsibilities for operation of the asset return and its separation from any mis-selling compensation claims .

The complications of preforming the return process were not discussed nor have LC highlighted any in their various communications to the SVS clients during the process.

 

If you look back through this forum there are not many clients challenging the accuracy of the client account data prior to 24/7/2020 nor have I heard reports of problems from other sources.

In retrospect the process to select a broker did take some time and there appeared to be some reluctance to announce ITI’s appointment .This delay may have been the time that LC required to perform due diligence or negotiate the appointment deal.

Your inference that the task was hindered by the lockdown may have been  relevant but you should remember that clients account details  were sent out for their confirmation  on 18/5/ 2020  with an indication that the nominated  broker(ITI)  receive all the  client assets 21days later. If that was actually followed  all the account  checking was finished and the client transfer was ready to roll sometime before June 8th,following the “ghost” appointment of ITI sometime in February. I wonder where at which locations all the I.T. works took place as this  may have contributed to the present delay and evident confusions in their portal, and if off-shore how secure was my data?

This Administration process may earn LC over  £40 million  with the FSCS   picking up the vast majority of this cost which flows  from the  FCA levy.

My queries are simple : did LC have the experience in handling the large numbers of retail clients accounts and migrating large quantities of data to a broker. Why did the FCA suggest their appointment?

Similarly has ITI got the resources and expertise to handle the KYC detail and the accounts of some 20000 new clients?

 Did LC spend too much time and money concentrating on the income from ITI rather than  their capabilities of achieving the main aim which is  to return the assets  to the clients especially  when the effect of  the law of “ diminishing returns”  is taken into the equation being  exaggerated by   the high time fee charges of LC .

 

By the way I have had no communication from ITI since the apology letter on Friday evening .

 

 

 

 

 

 

 

CameronRiley

I still haven't had an email from them.  I phoned Friday and was told it would arrive late Friday.  Still nothing.  Rang just now and it diverted to an O2 voicemail.  If I was being scammed, this is what it would look like.

Carols101

I had an email late Saturday, have registered this morning. Only trading account showing, no ISA. Having jumped through the ID hoops (accepted despite the fact that ITI have me as a Mr not a Miss - I wasn’t able to correct this so have raised a ticket), my trading account is now impressively showing as zero. I’m prepared to give it a couple of days but it really isn’t good enough. 

My2penneth

CameronRiley said:

I still haven't had an email from them.  I phoned Friday and was told it would arrive late Friday.  Still nothing.  Rang just now and it diverted to an O2 voicemail.  If I was being scammed, this is what it would look like.

CameronRiley said:

I still haven't had an email from them.  I phoned Friday and was told it would arrive late Friday.  Still nothing.  Rang just now and it diverted to an O2 voicemail.  If I was being scammed, this is what it would look like.

Phone through to their dealing lines (don't press option 1) and complain. If enough people do this it might make them sit up and take notice. If they ask why you are contacting the dealing line, I'd say that you are the only ones that I can get through to.

FairDinkum

Since an email onThursday evening saying there may be a slight delay, I have had nothing from ITI so I'm happy for those of you who are some way down the track to recover you property. All I want to do is sell the lot and recover the cash. In a proper system (I might say I thought SVS was really pretty good, gave the necessary information and reports and was very easy to use) we would be able to see our assets and with a few clicks sell and transfer to our bank accounts. I have looked at the Phoenix trading system which some of you have said is the interface to be used and it is quite unsuitable for a retail self-service investment platform.

The chaos of this data transfer as well as the clunky KYC and apparently primitive means of extracting cash certainly warrants a joint response to LC and the FCA. It is ludicrous. How insecure to have to print a form, fill in all your confidential details, bank account, amount to transfer etc. and email to the company for them to action the cash transfer? Is this really how it works or are you making this up?

Already many of us have lost money (and how much more if this goes on) by not being able to sell our investments for nearly a year - ok our choice of SVS turns out to have been a mistake - but at least their system worked!

Thanks to all of you who have flagged up the problem which, if I'm lucky, I may eventually get to experience myself.

pafpcg

shiznit76 said:

Can anyone recommend a good alternative to ITI? Looking for small number of shrae trades each year. Looked at Iweb, but they seem to get poor reviews

Not on this forum they don't!  OK, IWEB has occasional problems but lots of folks here (myself included) are satisfied with what they offer at the price they charge.