SVS Securities - shut down?

BSS

I've still not received my log-in details either!

[Deleted User]

shiznit76 said:

Did you select the "create phoenix account" in your login/dashboard area or do you download the platform first?

After the first bit of on-boarding on Saturday I logged into my nascent account and clicked on "create phoenix account", but it evidently won't allow me to do that until they've completed their background checks and finalised my account. But, like other people who've been waiting for a year and are keen to move on as fast as possible, ten days ago I downloaded the phoenix trader account by going to their general website https://iticapital.com/trading-platforms and then have been trying to learn exactly how it works over the past few days, which was "ummm, interesting!" (ee posts above). Then I discovered this afternoon that by changing the version that is down-loaded to "Stable" rather than the defaulted "Latest", the thing is much easier and very straight-forward. My guess is that when we're allowed to click on "create phoenix account" it'll download the platform in our account for us, and give us the easier version by default. I doubt that it will be necessary for us to especially download the platform separately, off our own bat. If for some reason it gives you or we receive the complex version designed for professional traders, then it's good to know that it can be changed to the much easier "stable" version for non-professionals. (I wonder if in Russian the word "stable" means can also be translated as "basic" or "simple"...)

energymatt

Hi all
First time posting here. My wife and I both had ISAs with SVS securities with reasonably significant sums in them. My faith in this entire process has now evaporated. Been similarly frustrated by the timescales of the last 11 months to everyone else on here. I had naively expected a smooth transfer to ITI and expected to be up and running by last Friday. That is clearly not the case.
My experience 
- Email to set-up account for me came through on Friday
- Went through the elongated account set-up process - webcam selfie, driver's licence, utility bill etc
- I can now see the cash and the shares that were in my ISAs
- Wife had her email though on Saturday, but am not starting her process until the challenges with mine are resolved
However
- The account appears to show twice however, and neither of these are labelled as an ISA
- Status on both shows as 'on-boarding submitted'
- The cash is shown in £, but the value of the shares is in $ (?!)
- For those that have an account showing as an ISA, where does it show this? Did you have to do something in particular to show the ISA status of the accounts?
Transfer
- I have more recent ISAs with Hargreaves Lansdown
- I have contacted them with enquiry about moving the SVS / ITI ISAs over to them
- They have come back and said its possible, but not through the normal process as the existing provider does not accept electronic transfers. It appears I need to download a form complete it and post it back to HL. The entire process will take 2-6 weeks. So will probably be doing that and looks like will be able to trade in the old ISAs in September (if I am lucky)..?

My2penneth

@energymatt
The problems you are reporting are currently being experienced by the majority.

Transferring to iWeb meant downloading a form. I mentioned earlier that I was on the point of posting it but thought better just in case after on-boarding has finished ITI chang ethe account numbers from "SC" +  old SVS account number to some other number.

(2-6 weeks...might depend on how many people are transferring out of ITI and if they can cope..which on the face of it looks very unlikely)

[Deleted User]

If it's of any interest to other curious people, I just googled Hoo-Yu to find out more about the people we've given all our private information to, including passport and bank statements in my case, and this is a taster of what came up:

"HooYu can quickly and safely verify people from all over the world using digital footprints, ID document authentication and facial biometrics. It’s not only safer, it also speeds up the application process meaning your account is opened faster.
"Is this safe?

"Yes. HooYu use a TLS encrypted connection to keep your data secure. They delete all copies of your documents and any social profile data as soon as the identity check is done."

(I wonder if they do, because it must be very tempting in their line of business to keep detailed records of as many people as possible for any future checks).
They apparently pride themselves on being able to do the onboarding process so smoothly and fast that fewer potential customers will abandon the process of getting an account with the Company they're onboarding. (Perhaps not in this case!) . They are able to search through loads of different avenues to confirm who you say you are, by checking your digital footprint, criminal background or money laundering history, past court cases, insolvency, property ownership, hidden addresses, PEP (basically people in positions that might be giving them corruption temptations or be open to blackmail) and so forth, you name it they do it. NatWest & BetFred amongst other well known names use them. It was a surprise to me that my face would be put into a facial biometrics data-base, but I guess it might be there already with my UK passport photo. Such is the modern world. But at least the onboarding verification process might be reasonably quick.

Sheris

Silly_Donkey said:

If it's of any interest to other curious people, I just googled Hoo-Yu to find out more about the people we've given all our private information to, including passport and bank statements in my case, and this is a taster of what came up:

"HooYu can quickly and safely verify people from all over the world using digital footprints, ID document authentication and facial biometrics. It’s not only safer, it also speeds up the application process meaning your account is opened faster.
"Is this safe?

"Yes. HooYu use a TLS encrypted connection to keep your data secure. They delete all copies of your documents and any social profile data as soon as the identity check is done."

(I wonder if they do, because it must be very tempting in their line of business to keep detailed records of as many people as possible for any future checks).
They apparently pride themselves on being able to do the onboarding process so smoothly and fast that fewer potential customers will abandon the process of getting an account with the Company they're onboarding. (Perhaps not in this case!) . They are able to search through loads of different avenues to confirm who you say you are, by checking your digital footprint, criminal background or money laundering history, past court cases, insolvency, property ownership, hidden addresses, PEP (basically people in positions that might be giving them corruption temptations or be open to blackmail) and so forth, you name it they do it. NatWest & BetFred amongst other well known names use them. It was a surprise to me that my face would be put into a facial biometrics data-base, but I guess it might be there already with my UK passport photo. Such is the modern world. But at least the onboarding verification process might be reasonably quick.

They will not be given my personal details, I had serious thoughts on this process of ITI wanting to much detail, my data protection has already been breached with L&C  

kencom

My2penneth said:

I started "on-boarding" on Thursday - this is the current status
. If I select "continue on boarding" I get an error msg.

My wife’s account is showing exactly the same, have you had any joy today resolving it?

shiznit76

My2penneth said:

@energymatt
The problems you are reporting are currently being experienced by the majority.

Transferring to iWeb meant downloading a form. I mentioned earlier that I was on the point of posting it but thought better just in case after on-boarding has finished ITI chang ethe account numbers from "SC" +  old SVS account number to some other number.

(2-6 weeks...might depend on how many people are transferring out of ITI and if they can cope..which on the face of it looks very unlikely)

can you transfer out even if start the onbaording process?

My2penneth

kencom said:

My2penneth said:

I started "on-boarding" on Thursday - this is the current status
. If I select "continue on boarding" I get an error msg.

My wife’s account is showing exactly the same, have you had any joy today resolving it?

No, it's unchanged.  I tried to phone ITI ...but can't get through.  

ronkswood

Still not received log in details. Fed up with waiting.
Started transfer to new brokers using SC + SVS account number. 
See what happens!