SVS Securities - shut down?

rugby7170

Can't even get in now to see if I can really get in !! I enter the sec number and it then says "the maximum number of attempts to sign in etc.... Try again in an hour". Looks like the maximum number is 0. What bunch of clowns ! 

Halty2

rugby7170 said:

Can't even get in now to see if I can really get in !! I enter the sec number and it then says "the maximum number of attempts to sign in etc.... Try again in an hour". Looks like the maximum number is 0. What bunch of clowns ! 

That happened to me after I was timed out and tried to get back in from the same page, I had to relaunch the page to get back in. I agree, bunch of clowns!

FairDinkum

This gets dafter every day. Just received an email at 10:58 telling me I wont be able to login between 11 and 12 for a planned server upgrade. If it was planned they could have provided more than 2 minutes notice. Anyway, it's irrelevant to me as I still have had no invitation to access their system and start the laborious process of retrieving my assets. Shambles.

flustered

Another email from ITI Capital today (Wednesday 29 July):

Following on from our email yesterday we have a planned Server upgrade today at 11:00 AM GMT. During which time you will be unable to access our platform and onboarding services.

We anticipate that this upgrade will take 1 hour and should be ready by 12:00 PM GMT.

We appreciate your patience during this period and hope to return your services as soon as possible to provide you with a better trading experience.

Kind regards,
ITI Capital
+44 (0) 20 7562 8001 | info@iticapital.com 

kronos67

58 director resignations and 6 name changes in the last 26 years. The bosses have been in the job for less than a year. With full knowledge of this, LC have given them our money. Now they appear to be operating out of Russia, and not answering the phone.
as an amateur in all this, could somebody more experienced let me know when we might begin to suspect fraud?

johnburman

kronos 67 comment says it all....but look back and this was obvious.  ITI appear to be a small compnau in London; why did anyone expect them to cope with oboarding 20k clients in 24 hrs (and yes they have had several months preparation period for it).  Anyone knwo what the FCA is doing about it?

And

I see the statement says:

We can confirm that ITI commenced its client on-boarding process on 24 July 2020. We understand, however, that a number of clients have been experiencing technical issues with logging into the client registration system. 

  NOTE: "a number" of clients not a "small number".
And
i'n not sure how one would show losses, but what about asking for compensation?  We have been their clients since June, and have not had access to our funds or assets.  Breach of contract and (likely) negligence on their part.  in any event since 23 July.  Is somebody is paying loan interest which they wanted to discharge from selling assets and they can't ...well that is a valid claim for damages etc. is it not?

My2penneth

I think we are going to have to "suck it up" and await ITI Crapital and then transfer away. If anyone wasn't already thinking of leaving I bet they are now! 

One could quite legitimately claim...

"When I was asked about moving to another broker when going through the onboarding process I was unsure....but now I am not after seeing how badly they have handled this and I want to transfer for free as agreed within the 6 months period"

pafpcg

bowlhead99 said:

.......
Looking on the bright side - if they had started the process some months earlier, some customers would have got their assets back just in time to sell them at the bottom of a covid-induced panic in mid March, while the ongoing delay has allowed the market to recover somewhat before normal access was restored [ducks and runs]

Gosh, Bowlhead, I never took you for an optimist!  Aren't you assuming that the market will remain high until ex-SVS client are actually able to start transactions?  That could be weeks, maybe months away!  What if ITI collapses when it becomes clear that their systems cannot complete "on boarding" or FCA step-in again and LC get to rerun Special Administration? What will the market be doing in 2021?

johnburman

pafpcg this is the most distressing thing i have read sice my [poor] A level results!

What if ITI collapses when it becomes clear that their systems cannot complete "on boarding" or FCA step-in again and LC get to rerun Special Administration?
if it is this bad...I do not know what I shall do. 
BUT if they can't onboard us properly, how are they going to transfer us out properly?

pafpcg

kronos67 said:

58 director resignations and 6 name changes in the last 26 years. The bosses have been in the job for less than a year. With full knowledge of this, LC have given them our money. Now they appear to be operating out of Russia, and not answering the phone.
as an amateur in all this, could somebody more experienced let me know when we might begin to suspect fraud?

 Never suggest something is malicious when it could be simple incompetence!

But it has to be curious that a small outfit, London-based but with offices in Moscow, Kazakhstan & Cyprus, wants to expand its business threefold and is prepared to buy the clients from a failed business.  Where's the money coming from?

What else piques my interest is what will the major platforms (H-L, HSDL, II, AJBell, Jarvis etc) be thinking now?  They probably reacted smugly "well, we're glad we didn't pay good money for these SVS clients when we'll soon be getting them as refugees for free!"  Until the realisation that within a few days, they'll be getting requests from those SVS clients asking to transfer their holdings from ITI with the prospect of having to liaise with ITI to extract client holdings from a system which is failing to cope....