SVS Securities - shut down?

shiznit76

BSS said:

I have still not received my login details and have been in contact with Leonard Curtis about this. They are trying to help.  I plan to transfer to iWeb and have already sent them a transfer form using my old SVS account number. However I would like to access my dividend cash which has accumulated over the year. Does anybody know if I can do this without going through the frustrating process of setting up a trading account which I definitely don't want to do this if at all possible as most of you seem to be finding it very difficult. Basically can I just log-on, find the cash transfer form and give them my bank details? I really would be very grateful for any help or suggestions as I am beginning to panic ever so slightly!

Yes, can access cash without the phoenix account set up, just look back a few posts and find the form you need to fill in and return to ITI and they will pay the money in to your bank accoutn

My2penneth

I've got THREE Phoneix accounts now...all at pending! 

snipkin

BSS said:

... I would like to access my dividend cash which has accumulated over the year. Does anybody know if I can do this without going through the frustrating process of setting up a trading account which I definitely don't want to do this if at all possible as most of you seem to be finding it very difficult. Basically can I just log-on, find the cash transfer form and give them my bank details? ...

You can download ITI's 'limited withdrawal form' (not sure what's limited about it...) from a web link which was mentioned just a few posts above this (I am not able to post links on this site) by My2penneth at 12.04pm. No need to even log on to access this. The withdrawal form is a pdf file. You can either print it out, fill it in, and scan it (or photograph it) and then attach it to an email to ITI. Or, if you are more 'tech savvy', use 'fill and sign' option in the right-hand menu in Acrobat Reader (free) to fill the form in on screen and import or 'draw' a signature and email the resulting amended pdf to ITI,..
I emailed my withdrawal form to ITI at the beginning of the week to extract all my accrued dividend cash in my account but the cash has not arrived yet (I guess it may take some time...). ITI will probably - and annoyingly - ask you (a day or two after emailing the withdrawal form) for a copy of a recent bank statement (which happened to me and many others on this forum) - it might save time to attach that to your withdrawal email as well.

My2penneth

Ah....one Phoenix account will drive my ISA and the other will be for the non ISA.
Thats what the dealing line tells me!

My2penneth

Having chatted with an ITI Capital dealer he admitted that ITI Capital should have given us more information (he was as peeved off with "management" as we are..it seems they really have dropped their staff in it).

(I should say, that all the ITI capital staff I've chatted to..well, both of them!, have been very amenable and helpful).

It seems that the on boarding process is simply for us to become ITI clients and to check that out assets are correct. The current on-boarding process is just a temporary holding position.

Once we are on boarded, we will be sent Phoenix account links ...one for each of our accounts.  This is probably where a lot of us might be now!

So, if you have both an ISA and a non-ISA account, you will receive 2 Phoenix accounts.

Once the Phoenix accounts have been approved ..48 hours (yeah...) then your shares and cash will be shown in Phoenix and you can then buy and sell. 

Phoenix is way more complicated than a simple buy/sell shares that we are used to. The dealer reckons that there will be trouble ahead!

My2penneth

Two ways of accessing the Phoenix trading platform.

Download ("Desktop") version 
I downloaded the software from here ....this version seems a bit easier than the more complicated version to use!
https://www.clientam.com/en/index.php?f=16040&ns=T&conf=am&wbid=TEnT121_3

On the face of it, I prefer this version (the desktop) - it seems a LOT more friendly than the "Launch a missile"  version. 
[note, for reference, the above version has the "MOSAIC" reference at the bottom LHS of the screen - Google it if you want!].

Launch a missile version (I guess the Professional trader version ?)
https://us.wgw.clientam.com/webtrader/servlet/login?id=TEnT121_3

I had a play around with this version - it was "difficult" ... I wanted to (pretend) to buy Diageo (DGE) shares....but it was not easy to even find the DGE ticker.   Note, this version seems to allow much more trader features like CFDs, Bonds, Warrants. 

My2penneth

Yep, the DESKTOP version is easier to use (IMHO). I can actually find the shares that I am looking for. 

shawdon

Progress at last, completely given up on ITI so cash withdrawal requests actioned on all 10 accounts, currently waiting to jump through a few more hoops, and transfer requests initiated to move all 10 accounts to a proper broker, HL. My valuations are still incorrect as Vodafone and HSBC are still showing as worth £0 which is a shame as Vodafone was showing as worth about $4.5m a few days ago, which of course was also incorrect. Anybody know a good solicitor to take a class action against LC for the very poor way the handover and due diligence has been handled and the subsequent cost of the delay in accessing our funds?

sweeter_strudel

My2penneth said:

I've got THREE Phoneix accounts now...all at pending! 

My2penneth, 

My immediate jealousy at your greater number of Phoenix accounts moderated when I found another invite in my email tonight. That would theoretically be for my ISA.

I also got an interesting reply from SVS.  I wrote to them to complain about how bad the ITI on-boarding experience is and  advised them to read this Money Saving Expert forum to get a real sense of the issues. I was advised they'd been following it from the outset of their appointment....... They'll have had more reading than usual to do since the 24th July.....

sweeter_strudel

sweeter_strudel said:

My2penneth said:

I've got THREE Phoneix accounts now...all at pending! 

My2penneth, 

My immediate jealousy at your greater number of Phoenix accounts moderated when I found another invite in my email tonight. That would theoretically be for my ISA.

I also got an interesting reply from SVS.  I wrote to them to complain about how bad the ITI on-boarding experience is and  advised them to read this Money Saving Expert forum to get a real sense of the issues. I was advised they'd been following it from the outset of their appointment....... They'll have had more reading than usual to do since the 24th July.....

Those paying attention will have worked out I meant Leonard Curtis where I typed "SVS"....