SVS Securities - shut down?

shiznit76

pafpcg said:

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.

Cheers, will get my money out of here and over there as soon as i can, take the hit on costs. Not keen on ITT with what i have experienced so far

masonic

poolite said:

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.

The discrepancies that were discussed were discrepancies between the client account data and assets actually held. For example, a significant proportion of the Pets At Home shares that were supposed to be in the nominee account were missing, so all investors in those shares, after confirming their account holdings, were informed they'd have to share that loss. Only those who were subject to losses were informed of those losses. Some did suggest these issues should have been announced to all, but in reality it is not for the administrators to publicise information that could prejudice a criminal investigation, and it would not be wise for individuals to put such information into the public domain either.

gibson81

FairDinkum said:

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.

Sadly, I think the reality is LC had a very limited pool from which to choose from. It was their clear intent to proceed with a mass transfer of all accounts rather than split the general equity trading accounts, which might have been more appealing to a Hargreaves Lansdown, AJ Bell or Interactive Investor. 

masonic

gibson81 said:

FairDinkum said:

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.

Sadly, I think the reality is LC had a very limited pool from which to choose from. It was their clear intent to proceed with a mass transfer of all accounts rather than split the general equity trading accounts, which might have been more appealing to a Hargreaves Lansdown, AJ Bell or Interactive Investor. 

Interestingly the Beaufort Securities administration proceeded differently, and a couple of different nominated brokers were selected for different classes of client, so criticism of LC in that respect could well be valid*. Of course we do not know if any of the specific platforms you mention would have been interested in taking over the XO accounts, but I'm sure there would have been quite a few more names in the hat.

* Potentially also the creditors' committee, since they may have influenced this decision, and are empowered to represent all creditors.

gibson81

masonic said:

gibson81 said:

FairDinkum said:

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.

Sadly, I think the reality is LC had a very limited pool from which to choose from. It was their clear intent to proceed with a mass transfer of all accounts rather than split the general equity trading accounts, which might have been more appealing to a Hargreaves Lansdown, AJ Bell or Interactive Investor. 

Interestingly the Beaufort Securities administration proceeded differently, and a couple of different nominated brokers were selected for different classes of client, so criticism of LC in that respect could well be valid*. Of course we do not know if any of the specific platforms you mention would have been interested in taking over the XO accounts, but I'm sure there would have been quite a few more names in the hat.

* Potentially also the creditors' committee, since they may have influenced this decision, and are empowered to represent all creditors.

There is now a press release on the LC portal stating that the client money and assets were valued at just over £270M at the time of administration. Maybe not of a sufficient size to attract interest from some of the larger brokers. 
Do you know which broker accept the Beaufort Securities retail accounts?

ronkswood

Received from LC at 12.02
We understand that ITI Capital did suffer some technical difficulties in being able to send out the login credential emails to clients, but they have confirmed to us that as at this morning they were down to the last few thousand. On that timescale it is possible that the exercise will be completed today.
If you have not received an email from ITI Capital by close of business Monday with details of your new account and how to complete the onboarding process, please email them on accountmanagement@iticapital.com or call 020 7562 8001.

shiznit76

problem is, they aren't answering their calls or emails. Can guarantee they are being inundated with requests from members who have been put over to them from SVS

cashsaver

Hi Everyone,
For the few who have managed to successfully complete onboarding, how long did it take please? My onboarding request no says 'open', the site is so glitchy and confusing and I keep being timed out and having to wait an hour. Pin numbers do not get texted either.  I have been trying to sort this since Friday morning - can't get hold of anybody who knows apart from the lovely Harry at the trading desk who must be pulling his hair out, but the only thing he can do is send an email to those above him which haven't been acted upon either.
Can't even pull my assets out of there as there is absolutely no customer support.
Feeling this could go on for a substantial amount of time - hopefully not another year!
Good luck everyone.

reg_capitulation

Do you know which broker accept the Beaufort Securities retail accounts?
Share.com took over.  They have just been bought out by Interactive Investor.

pafpcg

I see that ITI have contracted-out their identity checks. to HooYu  That probably explains the rigid ID requirements.