SVS Securities - shut down?

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.

Halty2

I submitted a cash withdrawal on Monday morning, so far it has not hit my bank account and still shows in my ITI account. Their statement on the withdrawal form that " your request will be processed within two (2) business days of receipt" is obviously just another promise they are unable to fulfil.

Chaffers69

I'm trying to create a Phoenix account as this seems to be the only way I might actually be able to sell and all I get is some error message .. 5 of them so far that as far as I can see doesn't relate to anything I've entered or selected. All 5 support activities remain unanswered, so have emailed their customer support address and included Leonard Curtis. This just seems like an utter farce. Will let you know if I hear anything.

gibson81

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

Yes, because I wanted to withdraw the accrued dividend income before requesting a transfer.

My2penneth

Nachhaltig said:

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.

I think that this is what you are referring to (example Diageo) - I flagged up that the default seems to be to buy/sell 100 shares.
(The "TRADE" button is hidden behind the Order Ticket pop up window)

Looks like there are 3 possible ways - but like you, I'll be sticking with this simple one. Thanks for pointing out!

Nbs222

Nachhaltig wrote

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.

-------------------------------------------------------------------------------------------

That's very useful to know.

I wish ITI had  produced guide which shows how our SC accounts are connected/related  to Phoenix accounts. Whether Phoenix is just a platform  to sell / buy order related to SCnnnn accounts  or

are the SCnnnn accounts going to be  loaded into the  phoenix accounts?

Also how to use the phoenix account for trading , which versions are suitable for EX SVS clients to use.

olderbutnowiser

Dividends

I own VOD shares in my trading account and the divi is due today. I know others also own VOD. I would be interested to hear from anyone who sees the divi appear in their account. I'm not holding my breath!

All the divis that were transferred from LC are correctly accounted for in my two accounts but I am doubtful that the new ones will show up in a timely fashion. Time will tell.

Nbs222

It seems dividends since 23rd july ( transfer date) haven't been credited.

Aripotter

Chaffers69 said:

I'm trying to create a Phoenix account as this seems to be the only way I might actually be able to sell and all I get is some error message .. 5 of them so far that as far as I can see doesn't relate to anything I've entered or selected. All 5 support activities remain unanswered, so have emailed their customer support address and included Leonard Curtis. This just seems like an utter farce. Will let you know if I hear anything.

Support activities unanswered, no Phoenix accounts, time to move on.

I have just requested that my accounts be closed and transferred to my new broker and cash deposited into my bank account. This was done via email and then using the portal. ITI portal requires id, proof of address and signed withdrawal/transfer form. Hopefully, they will action this in a timely manner.

The following were emailed of my intention to move:

accountmanagement@iticapital.com

customerservice@iticapital.com

leonardo.carvalho@iticapital.com

rahul.agarwal@iticapital.com

svs@leonardcurtis.co.uk

carl.lever@leonardcurtis.co.uk

michael.healy@leonardcurtis.co.uk

Hope this is of some help to all those experiencing problems with ITI.

Email response from Carl Lever Manager for the Joint Special Administrators regarding my concerns with ITI.

Thank you for your email.

We are aware of various technical issues ITI Capital Limited (“ITI”) faced shortly following the Settlement Date on 23 July 2020. ITI have subsequently informed us that a variety of fixes to resolve the various issues clients were experiencing took place over the course of the weekend of 1/2 August 2020. ITI has further advised that they have distributed an email communication to clients outlining a number of useful steps to assist clients on board with ITI as a client, or alternatively to assist clients in requesting the withdrawal of assets from ITI.

Please be assured that the Joint Special Administrators remain committed to providing assistance to clients wherever possible in relation to the transfer and are working with ITI to resolve all outstanding issues.

As we do not have direct access to ITI’s systems, I am unable to assist you with any login or trading queries you may have. You may contact ITI Capital directly by either emailing accountmanagement@iticapital.com or by telephoning ITI on +44(0) 207 562 8001.

In addition to the above, you may transfer to a different third party broker free of charge for a period of 6 months from 23 July 2020. You should initiate this process directly with your chosen third party broker who will then arrange the transfer directly with ITI.

If I can be of any further assistance to you, please do not hesitate to ask.

Kind regards,

Carl Lever

Manager for the Joint Special Administrators