SVS Securities - shut down?

My2penneth

If it takes 6 months to transfer then that is an unreasonable length of time. I would have long since reported them to the FCA.

p.s. Still no invite for my wife's accounts. 

My2penneth

shiznit76 said:

I've signed up with Iweb but was holding off transferring until the onboarding had been completed

I've found iWeb to be pretty good. Their quarterly reports are.....detailed.  I also reckon a fiver is reasonable to buy / sell and it is backed by a bank that the Government won't allow to fail! 

olderbutnowiser

Regarding the transfer requests. I have one account where the On-Boarding has been submitted (it's been this way since Saturday but at least I have the SCxxxxx number) and a second account that is nowhere to be seen yet.

Some of you seem to have already submitted transfer requests, others are waiting for the full on-boarding and doubtless there are many like me who have no idea what to do!  Just wondering if submitting the transfer requests now are likely to speed things up or just clog up the works. Any thoughts?

coyrls

My thought is that you won't be able to transfer until you have an active validated account with ITI.  I may be wrong but I would expect ITI to reject requests to transfer accounts that have not been activated.

My2penneth

ITI Reviews ....you can review ITI here.

https://www.google.com/search?q=iti+capital&oq=iti&aqs=chrome.0.69i59l2j69i57j0j69i60.1880j0j8&client=tablet-android-samsung-nf-rev1&sourceid=chrome-mobile&ie=UTF-8#lkt=LocalPoiReviews&trex=m_t:lcl_akp,rc_f:nav,rc_ludocids:8453499568271552233,rc_q:ITI%20Capital,ru_q:ITI%20Capital,trex_id:D2z3Se

rugby7170

Just got in and under the phoenix line I get "pending" ! I'll try again later

Ravima

Still nothing received. Email sent to ITI not responded to, so another one now sent to ITI and LC.  

johnburman

Olderbutnotwiser says:

johnburman said:

BUT if they can't onboard us properly, how are they going to transfer us out properly?

Who knows but at least we will have our own broker batting for us when they get around to it! However I am not expecting to have access before October. Anything sooner and I'd be delighted.
And we can complain to the FCA for the dealy too!
AND
This is fact:
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.

And a regualtory fine too.

See this from the FCA website:
On the 24 February 2014 the Financial Conduct Authority (the "FCA") imposed on Forex Capital Markets Limited and FXCM Securities Limited (together "FXCM Ltd") a financial penalty of £4,000,000 in respect of Breaches of Principle 6 and Principle 11 of the FCA's Principles for Businesses.

FXCM Limited settled at an early stage of the Authority's investigation and therefore qualified for a 20% (Stage 2) discount under the Authority's executive settlement procedures. Were it not for the discount, the Authority would have imposed a fine of £5,000,000.
Principle 6 breach
Between 1 August 2006 and 17 December 2010, FXCM Ltd treated its customers unfairly as it failed to pass on favourable price movements to its customers and instead the FXCM group retained the benefit, reducing the customers' ability to profit from trading in rolling spot forex trades.
Principle 11 breach
Between July 2010 and August 2011, FXCM Ltd failed to be sufficiently open and co-operative and disclose to the Authority information of which it would reasonably expect notice, namely:
1. the fact that in July 2010 US authorities had begun to investigate FXCM Group company in relation FXCM LLC's (US sister company) order execution policies; and
2. the subsequent decision by the FXCM Group company to settle with the US authorities and pay redress to its US customers who had suffered detriment due to asymmetric pricing.
A copy of the Final Notice, which sets out the reason for the action, is displayed on the FCA's web site and can be accessed using the following link:
http://www.fca.org.uk/your-fca/documents/final-notices/2014/forex-capital-markets-limited.

bowlhead99

johnburman said:

This is fact:
The bosses have been in the job for less than a year. With full knowledge of this, LC have given them our money.

And a regualtory fine too.

FXCM Limited settled at an early stage of the Authority's investigation and therefore qualified for a 20% (Stage 2) discount under the Authority's executive settlement procedures. Were it not for the discount, the Authority would have imposed a fine of £5,000,000.
Principle 6 breach
Between 1 August 2006 and 17 December 2010, FXCM Ltd treated its customers unfairly .

So in summary, you don't like the fact that the company misbehaved a decade ago, but also, you don't like the fact that the senior management has been significantly changed, so that the people who were running it a decade are no longer the ones running it ?

johnburman

There have been several changes of management. But to answer your point no I don't like either. And how do we know who did the wrongdoing and whether they are still there and more to the point has the company culture changed.