SVS Securities - shut down?

kencom

I think I’m going to bite the bullet and transfer both of our holdings out (if I ever get access)

kencom

I presume, since you can do free transfers out within 3 months, you can onboard and then move to another broker without any fees.

am I correct?

ronkswood

Free transfers out for 6 months
                           -----------------------------------------------------------------------------------
Once the transfer to ITI has completed, clients will be able to instruct to move some, or all, of their Client Assets and/or Client Money to another custodian, in accordance with ITI’s client terms of business. If clients elect to instruct ITI in this way within six months of the Settlement Date (as defined in the Sale and Purchase Agreement, which is anticipated to be 23 July 2020), clients will not be required to pay exit fees to ITI. 

My2penneth

kencom said:

I presume, since you can do free transfers out within 3 months, you can onboard and then move to another broker without any fees.

am I correct?

Its 6 months free transfer out, 3 months same charges as SVS.

CameronRiley

Tomorrow I shall try spamming  the CEO's email,  His name is Leonardo Carvalho and he's only been with ITI since May.  If anyone else wants to join in, here's his email addresses and phone number.


Cam

johnburman

I will come clean, I am an ex-SVS client with a dislike of ITI despite being a client (or half a client since i am presently being on-boarded) for 1 day.

Anyway I saw this from them and it is odd reading:

As COVID-19 (the coronavirus) continues to impact the global community, we want to assure you that during these volatile market conditions your assets and cash held with ITI Capital continue to be protected under CASS rules. As a firm, ITI remains well capitalised. In addition, we are doing what we can to continue providing you with the service you require from us.

Why are they telling us that our assets are safe and they are well capitalised? Are they about to go - or worried that they might go - bust?  Surely not. But why talk about assets and capital when talking about Covid?

kencom

Probably trying to hold on to clients

bnet

Nothing here. Is this serious?
Should we claim/inform to the FSCS?

hubcap

bnet said:

Nothing here. Is this serious?
Should we claim/inform to the FSCS?

It is unbelievable considering these are large amounts of money, and its already taken a year.
Can you imaging the FSCS getting more involved.... we would just have to give up until next year and have everything moved to another provider. 
Could be just me but these issues are all related to a complete lack of testing of the process, and any sort of due care and attention. At every stage things don't work right.
I like to satirize the situation in my head to help make sense of it.
Its endemic of a bunch of people sat at home in bed, trying to tick boxes in some crazy 'Monday.com' task manager and sending slack message back and forth between Netflix episodes and hour long trips to the kitchen to make a coffee.
Task allocated to James, copy spreadsheet of assets from svs into our portal - tick. time for 10 teams meetings to discuss over 10 weeks. In the process not formatting mobile numbers properly.
Task of sending sms verification messages and emails allocated to Jane. - 5 teems meetings later, Jane has asked some one from I.T., should the system be able to send SMS messages / shall we dry run the email sending ? - tick - not tested.
Task allocated to Jim - remind people that the virus has not got their money. - Tick
Task allocated to Bob test the customer journey end to end.(poor bob is home schooling so isn't able to perform this task). Tick - not tested.
SVS  / ITI move complete. Good job team.

omg, time for bed - sorry

rugby7170

This really is an absolute shambles.
No telephone service
Very complicated to set up
What if you're not computer savvy ?
Who knew about the Phoenix account thing ? 
Is this the only way you can trade ?