SVS Securities - shut down?

shiznit76

Come tomorrow that's me been two weeks "onbaording submitted" how long does this take! Is this standard so far from other posters experiences?

Nachhaltig

My2penneth said:

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!

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 ?)

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. 

It seems to me there is another way to access Phoenix with a much easier user interface. Here’s what I did:

• Used the link given in the email “ITI Capital - Phoenix Account Access Credentials” (www dot clientam dot com slash sso slash Login).
  
• Logged in (using a Web browser on a computer).
• Clicked a button named “Trade” in the top right corner.
• Was presented with a very simple Buy Order / Sell Order form.

Would love to show screenshot but can’t (I think) as I’m new here.
I can’t actually trade yet as my Phoenix account status is still pending.

englishmas

My phenex account is showing on a same screen as on board aaccount , I can click ton the phenix account and it open the phenix account screen , though I donot have any holding in this account, I can fund and buy shares .
So for there a no way to transfer on board holding to phenix account.

My2penneth

englishmas said:

My phenex account is showing on a same screen as on board aaccount , I can click ton the phenix account and it open the phenix account screen , though I donot have any holding in this account, I can fund and buy shares .
So for there a no way to transfer on board holding to phenix account.

Once your Phoenix account(s) are approved,  the next step will be to transfer all assets ( shares, cash) to your Phoenix account(s)  Then prices of shares will be correct  and one can trade. 

I'm guessing that the on boarding accounts ( temporary) will be deleted.

englishmas

Let,s hope that is the case, in this case the end is insight.
  (Checked this morning and so for no tranfer has taken place)

gibson81

Once your Phoenix account(s) are approved,  the next step will be to transfer all assets ( shares, cash) to your Phoenix account(s)  Then prices of shares will be correct  and one can trade. 

I'm guessing that the on boarding accounts ( temporary) will be deleted.

Just wondering what the basis of your last comment is? I am not intending to set up my Phoenix accounts as I have not intention of doing any trades with ITI. I have requested transfers out with two other providers. Why do you think our boarding accounts will be deleted?

My2penneth

My wife was sent her Phoenix "credentials " early this morning (00:30). In bold it says
"PLEASE NOTE THAT ACCOUNT ACTIVATION TYPICALLY TAKES 2 BUSINESS DAYS."

ITI Capital should have explained the process better,  not leading us to think we would have access to our assets by week ending 24th July. I feel sorry for the brokers at ITI - they've been dropped in the cack by their management team who,  whilst greedy for the extra clients , offered little extra employees to do the work ( and to sort out the mess left by the FCA pulling the plug at SVS in the abrupt manner they did ). 

Give it the 6 months and it will be interesting to see how many clients ITI retain. I struggled to get in touch with the broker line yesterday ( even on a direct dial number) ...I bet existing customers are not too pleased  neither.  They will be on boarding lots of clients who have already started tge process to move their accounts ( they can remove my 4 accounts for a starter). They've done reputational damage to themselves  and they might find, at the end of the day,  they are left with few ex-SVS clients....just the ones who can't move ( who will gradually close their accounts).
 

shiznit76

gibson81 said:

Once your Phoenix account(s) are approved,  the next step will be to transfer all assets ( shares, cash) to your Phoenix account(s)  Then prices of shares will be correct  and one can trade. 

I'm guessing that the on boarding accounts ( temporary) will be deleted.

Just wondering what the basis of your last comment is? I am not intending to set up my Phoenix accounts as I have not intention of doing any trades with ITI. I have requested transfers out with two other providers. Why do you think our boarding accounts will be deleted?

have you completed the onboarding process before requesting the transfer out?

My2penneth

ITI offered to not on board clients. This no doubt allowed them to park those accounts on one side, reducing the number of accounts it has to fully on board, assign Phoenix accounts to, etc.

I wonder if ITI are thinking that fully on boarded clients will stay ? That's a big assumption.  I planned to fully on board, withdraw cash from the non ISA account and top up my ISA by buying new shares......meanwhile,  the transfer paperwork has been submitted.

I submitted a cash withdrawal request on 2 accounts....the cash is still showing...I somehow don't think it will hit my bank today! 

FairDinkum

I have 2 questions.
1. Has anyone had their assets tranferred to their Phoenix account? If so, have they managed to sell or buy anything using that account?
2. Has anyone received any cash from ITI?
Sending an email with a pdf to request cash and potentially sending a copy of a bank statement with it must constitute the least handy and least secure way of taking cash out. All they have to do is obtain securely and record each user's bank sort code and account and only transact with that account - like SVS did in their perfectly good system. It's beyond comprehension that they didn't just audit the SVS software and take it over. but they didn't - nor did hey have a competent IT setup to reinvent a similar standard system.