SVS Securities - shut down?

9406824

Things slowly moving in the right direction.
i can now see my stock holdings and cash assets showing all correct.
hopefully we will all be able to trade shortly and get away from this terrible mess.

rugby7170

Just now got into my phoenix account with total valuation which may or may not be correct. I can see my portfolio line by line with number of shares and value but it's not multiplied out; so no idea how much each holding is worth. Also it's all in £, ie eg £0.4, not particularly useful if the actual price is say 43.5p. Can't see how I can print it in detail to check. Also no idea how I can trade (sell). 

My2penneth

rugby7170 said:

Just now got into my phoenix account with total valuation which may or may not be correct. I can see my portfolio line by line with number of shares and value but it's not multiplied out; so no idea how much each holding is worth. Also it's all in £, ie eg £0.4, not particularly useful if the actual price is say 43.5p. Can't see how I can print it in detail to check. Also no idea how I can trade (sell). 

Hey ..someone who has actually got a Phoenix account....one of the chosen !!  The rest of us just seem to have view only access to our accounts and we haven't had Phoenix downloaded for us yet.

My2penneth

rugby7170 said:

Just now got into my phoenix account with total valuation which may or may not be correct. I can see my portfolio line by line with number of shares and value but it's not multiplied out; so no idea how much each holding is worth. Also it's all in £, ie eg £0.4, not particularly useful if the actual price is say 43.5p. Can't see how I can print it in detail to check. Also no idea how I can trade (sell). 

Rugby7170

The share prices I can see in my account are incorrect. I mentioned earlier that some share prices were showing as worth £0.00 and i can also see others that I know 100% are not correct.  

(Are you sure you have access to Phoenix and not just the ITI website where you log on and view your holdings?)

johnburman

With thanks to EXASPERATEDetc. I can confimr that yes I can get in and my holdings are correct as to the number of shares and they are in £ not $, but the figures are wrong or blank.  The cash sum may be right or wrong, no detaisl or breakdown is given.  And i am "pending"

Still waiting for the 3 other email invites for the 3 other accounts.

Here is a thought tho'.  Do you think ITI Capital knew all along that on-boarding 20k new clients would be impossible to do in a couple of days and they recokened it coudl be done in a month.  They have thus spread out onboarding over a couple of weeks?

Anybody asked for or been offered conpensation.  For incoveninece at the very least?      

shawdon

Does anyone know how to withdraw cash from these accounts as it seems to be impossible with no clear link or pathway. I imagine there are many like me who have more than 12 months of dividends they are keen to withdraw?
Thanks

johnburman

Cancel the last post.  My holdings are not correct. They have double counted my Shell RDSB shares.  Mind you they are all valued at "£0" at the moment - there is no colsing price for these shares (there is for others).

masonic

Standard_Goose said:

Thanks for the replies to my question "How did we end up with ITI?"

Whilst I understand the remit of LC to get the best deal possible, I don't understand how my custom became a saleable asset for the benefit of SVS creditors. They aren't my creditors and I have no responsibility for their losses. SVS were just holding my assets for me, they weren't and should never have been thought of as company assets. The FSCS should include compensating a reliable company for the costs of dealing with this situation.

Just my opinion of course, i'm no legal expert in these matters.

It is unlikely that their losses will be in any way reduced by the finances associated with the transfer. Any money received would need to be allocated to the investors, just as costs associated with the transfer have been allocated to the investors. The fee all investors have been charged for the administration will reflect this. Since the FSCS is picking up the tab for most if not all investors, the ultimate beneficiaries will be the financial services consumers, who fund the industry levy to the FSCS, which in turn is funding the administration.

Note that the FSCS has a representative on the Creditors' Committee. I do not know the background of the other members of the Committee, but quite likely there was little or no representation of the interests of investors. Contrast that with the Creditor's Committee of the Beaufort Securities Administration, who were quite effective in campaigning for investors' interests, and who secured a rather more attractive distribution plan after some months of negotiation.

masonic

rnf11 said:

I'm still holding off on progressing the onboarding what with all the growing tales of woe over the last "n" pages. I had been hoping it would all have settled down much more quickly.

On the initial access page after the very first logging in to see the transferred values, there are the options of:-

a)  to accept ITIC terms and thus start the "onboarding"

b)  not to accept the terms. Which it states would cause "account closure" - not further defined.

So my questions are:-

  - Has anyone opted for b) and what actually happened after that?

  - Has anyone gone down the route of not doing the "onboarding" at all but simply initiating a transfer request via another broker and

    actually had that accepted and progressed when duly received by ITIC?

The distribution plan has provisions for people not willing to accept the terms of ITI, and wishing to transfer their assets elsewhere without forming a direct relationship with ITI (essentially ITI will hold on to the assets, and you can make separate arrangements with LC for their return):

"...as set out in the Distribution Plan, you will be able to request, by contacting the Company's client services team, after the transfer to ITI on 11 June 2020, that your Client Assets and/or Client Money be transferred back to the Company.  The Administrators do not expect clients to exercise this option, as this would create a further delay in the return of their Client Assets and/or Client Money.  If any such requests are received, the Sale and Purchase Agreement provides that ITI will hold the assets as sub-custodian for the Company.  This will not affect your rights to the return of Client  Assets  by  another  means  (whether  by  transfer  to  another  broker  nominated  by  the Administrators pursuant to the Distribution Plan or return by distribution)."

https://www.leonardcurtis.co.uk/wp-content/uploads/2020/06/Transfer-FAQs-11.06.2020-.pdf

My2penneth

johnburman said:

Cancel the last post.  My holdings are not correct. They have double counted my Shell RDSB shares.  Mind you they are all valued at "£0" at the moment - there is no colsing price for these shares (there is for others).

I see two entries for Shell . The "real" shares use ISIN GB00B03MM408. They are not marked as RDSB or SHELL. 

The second erroneous ones ARE labelled as Royal Dutch Shell !! 

I have no idea what these are ! They are marked as "rght" with a date of 22 June 2020. 
ROYAL DUTCH SHELL rght 06/22/2020 ( ) HW80 - ELECTRONIC ELECTION ENTL(B)