SVS Securities - shut down?

Danie6

The 48 hours period is up. Is anything happening anywhere?

pafpcg

ITICAPITAL said:

That is true my2penneth,
Update: I have been on the phone today to LC and they aparantly are  sending some staff to ITI capital to help with the process.

If my recollection is correct (and that's a big assumption nowadays!), LC took on the IT staff of SVS, presumably so that the SVS data-base could continue to be accessible.  If what you've been told is true, then I'd speculate that it's those ex-SVS staff who would be best able to assist.  But my guess is that ITI's current difficulties lie within the ITI system - LC staff, even those familiar with the running of the IT systems for a financial broker, wouldn't be able to add much, unless the IT staff at ITI are either totally clueless or have gone into panic mode.

I wonder what LC would be charging ITI for the staff - eye-watering probably!  Or maybe it's a way to unload the ex-SVS staff from the LC payroll?  (Consider this:  I've seen big rapacious consultancy companies deliberately recommend to clients a "solution" that has little chance of success and then rake-in even more income from the fees for picking-up the pieces - cynical? Me?)

OAP1952

PennyCatcher said:

Does anyone know what to do regarding the selfie if you cant do this if there is an error, can you send paper id

See my post on Page 157 (22 July @ 11:28) which lists what ITI will accept if you don't have photo-ID.  At that point, I wasn't aware of the demand for a selfie photo so never checked, but if you're not submitting photo-ID, what's the point of a selfie? - there's nothing to compare it with!

My2penneth

I hope you are all getting ready to send a birthday card to your account just to say that you haven't forgot about it!  

manorhouse

bowlhead99 said:

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think there is an option to see the history of orders that you set up in the past but which didn't complete  and are no longer active orders.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.

Thankyou for that bowlhead i suspect you are correct with the guy on the phone claiming 100k euro.
Do you think Degiro and Feneco have the same cover ?
I was surprised the Feneco persons had not heard of Degiro as that is who they are competing with in my opinion .
All speak very good English ( you chose Italian or English ) 
Today i bought 4 different shares so i am quite active that is why i like order history .
Degiro do it .
And the others.
I do buy many AIM so they are often "penny shares"
I nearly always trade on limits .
I held on to my lonmin shares so have been looking at saxo bank as they trade South Africa which might be helpful info for those who held Old Mutual . ( its a pain when they do this )
And they are in the ISA.
Degiro do not do JSE.. and want 90 euro exit fee . ( that annoyed me )
They want 50 euro to take extra ( over entitlement in a C.As fund raise )
We should share info on these extra annoying charges .
I wondered if brokers can keep the untaken rights/ O O  for themselves .

Feneco tell me no exit fee.

manted

Hi All,
Any progress today ? In the support section, it says my account is "auto" approved after a full week. However, on the my accounts section, it still shows on-boarding submitted.
Anyone get a Phoenix account yet ?

Danie6

I wonder if ITI's existing customers have access to their accounts. Perhaps their whole system crashed?

Thrugelmir

pafpcg said:

ITICAPITAL said:

That is true my2penneth,
Update: I have been on the phone today to LC and they aparantly are  sending some staff to ITI capital to help with the process.

If my recollection is correct (and that's a big assumption nowadays!), LC took on the IT staff of SVS, presumably so that the SVS data-base could continue to be accessible.  If what you've been told is true, then I'd speculate that it's those ex-SVS staff who would be best able to assist.  But my guess is that ITI's current difficulties lie within the ITI system - LC staff, even those familiar with the running of the IT systems for a financial broker, wouldn't be able to add much, unless the IT staff at ITI are either totally clueless or have gone into panic mode.

I wonder what LC would be charging ITI for the staff - eye-watering probably!  Or maybe it's a way to unload the ex-SVS staff from the LC payroll?  (Consider this:  I've seen big rapacious consultancy companies deliberately recommend to clients a "solution" that has little chance of success and then rake-in even more income from the fees for picking-up the pieces - cynical? Me?)

Never wise to make assumptions. Best to keep to facts. 

kencom

ronkswood said:

I still haven`t received my log in details, so could someone tell me if the ITI website is up and running today.

Me neither!!!

manorhouse

My2penneth said:

Leave ITI a review here.

https://www.google.com/search?q=iti+capital&oq=iti&aqs=chrome.0.69i59l2j69i57j0l2.1850j0j8&client=tablet-android-samsung-nf-rev1&sourceid=chrome-mobile&ie=UTF-8#trex=m_t:lcl_akp,rc_f:nav,rc_ludocids:8453499568271552233,rc_q:ITI%20Capital,ru_q:ITI%20Capital,trex_id:D2z3Se

It has been over one week since we have been prevented from access to account .
This should not be to ITI advantage , they are already in benefit  earning interest ( maybe more ) .
Can someone in touch with LC suggest they request an extension of the 3 and 6 month SVS preference periods .