SVS Securities - shut down?

manorhouse

I find the xo/Jarvis platform awkward, you can not see order history , they show prices two d points different to all the other brokers i am sure its to confuse . 
I use Degiro i do not like the customer services and they have some very high hidden charges.
I have just spoken to Fineco i will be moving/ using them  over time i might transfer the non isa ( SVS )
Customer service seems as good as HL , Jarvis , Bell.
They claim covered for 100 euro ( inter bank cover )

johnburman

I looked at Fineco.  I have no comment abotu them but they ignored  - yes completely ignored) 2 emails from me on the protection they give to clients.  They are non-Uk based, which may be good or bad but it does mean you ill be dealing with a foreign Regualtor if things go wrong.  I have no experience of this, other than when ICESAVE went bust and the Icelandic regualtor washed their hands of it.  

Thrugelmir

manorhouse said:

I find the xo/Jarvis platform awkward, you can not see order history , they show prices two d points different to all the other brokers i am sure its to confuse . 

What are you expecting to see in terms of order history? 

What's your query with regards to prices? 

Used the site for many years. Never had any issues. No bells or whistles but very much targeted as a retail consumer offering for trading quoted securities. If you want a professional offering Jarvis Investment Managers (the parent) offers a full blown stock broking service more akin to ITI. 

johnburman

Has anyone at all got access to their ex-SVS ITI Capital account to deal, add £ and withdraw £? 

manorhouse

I am surprised to hear about emails .
only rang them on each occasion answerd within a few rings .
others could check that out .

My only experience none UK with degiro I am not concerned they might fail .
appears a better set up then Itt I get feeling much bigger outfit .

bowlhead99

manorhouse said:

I find the xo/Jarvis platform awkward, you can not see order history , they show prices two d points different to all the other brokers i am sure its to confuse . 

Their interface is basic, they are cheap and cheerful. You can see your transaction history of all the buy or sell trades that executed (from the portfolio section) and you can see your currently active orders (from the Trading section), but I don't think there is an option to see the history of orders that you set up in the past but which didn't complete  and are no longer active orders. Not a feature I really need.

The prices on stock information pages go to one decimal of pence or three decimals of pounds on the portfolio summary. I doubt it is intended to confuse - it's just a simple system. If you are trading penny stocks and a second or third decimal on the penny is more useful, maybe that's a negative.

I have just spoken to Fineco i will be moving/ using them  over time i might transfer the non isa ( SVS )
Customer service seems as good as HL , Jarvis , Bell.
They claim covered for 100 euro ( inter bank cover )

johnburman said:

I looked at Fineco.  I have no comment abotu them but they ignored  - yes completely ignored) 2 emails from me on the protection they give to clients.  They are non-Uk based, which may be good or bad but it does mean you ill be dealing with a foreign Regualtor if things go wrong.  I have no experience of this, other than when ICESAVE went bust and the Icelandic regualtor washed their hands of it.  

If you had access to UK scheme, it would be GBP 85k, not Eur 100k, so I presume you don't have access to UK scheme if they are talking about 100k (their FCA regulation is only passported from their local italian regulator's permissions).  They should be covered for 100k euro under the Italian national guarantee fund (Fondo Nazionale di Garanzia) for the banking side (i.e. cash deposited), as that level of coverage for deposits is standard across Europe including Italy. So when you open a linked fineco bank account as part of the process of opening a trading account, the bank account will have 100k protection and cash in the trading account will hopefully also have that protection if it is treated as a 'cash at bank' deposit rather than a client money account.

However, if they are telling you it is 100k for stocks, that can't be correct. If it were UK compensation scheme it would be GBP85k not Eur100k. And if it is italian compensation scheme it would not be as high as Eur100k because the protection for investments across EU countries is not harmonised at 100k - that was only a suggestion by EU which not all countries could agree on. Many countries including Italy have some lower figure - Italy's is €20k. See article 15 of the Fund's operating regulations: http://www.fondonazionaledigaranzia.it/htm_20/Regolamentooperativoen.pdf

So I expect they have just taken your enquiry to be what is the protection in the event of banking failure. If there is a failure in the brokerage part concerning your investments, it's only Eur 20k of protection. Which would hopefully be enough for what losses you experience or costs you incur, but not as good as UK protection. And when you make your claim you will be using a lot of Google Translate to fill out the italian-only compensation claim form, and to help you with your chasing phone calls or correspondence to find out what is going on, etc. If a foreign broker fails, its administrator is not going to have a UK firm take over its client book, etc.

My2penneth

I started on boarding on Friday of last week ...I still have no access.
My wife hasn't even had the invite yet to start the process !
I would say that this is getting beyond a joke but that stage passed a few days ago.
I would urge people to go to the ITI Capital website and leave a review. 

My2penneth

The choice of ITI came down to a list of 3 brokers (down from over 100+ who said "err, no thanks"). The favourite entered into due diligence with LC but then pulled out when a bigger insolvency situation arose and they decided to focus their attention on that instead. This left two companies in the running. Then it was discovered that a director of one of the candidates had former dealings as an SVS director............ and the FCA said..."no".

This left.....ITI Capital as the only game in town.

manted

My2penneth said:

The choice of ITI came down to a list of 3 brokers (down from over 100+ who said "err, no thanks"). The favourite entered into due diligence with LC but then pulled out when a bigger insolvency situation arose and they decided to focus their attention on that instead. This left two companies in the running. Then it was discovered that a director of one of the candidates had former dealings as an SVS director............ and the FCA said..."no".

This left.....ITI Capital as the only game in town.

That's very interesting. "If only" LC had tried to split the clients .. with XO clients separate from FX, we would have surely got a main market broker who had the capability to take us on.

Danie6

Does anyone have any experience of 
Interactive Brokers and eToro?