SVS Securities - shut down?

Thrugelmir

manorhouse said:

masonic said:

helencary said:

Love the article on the Leonard Curtis website about their successfully completed and orderly transfer of clients accounts from SVS to ITI!!!!!!

In fairness, the transfer was orderly. It was everything that followed that was a catastrophe, for which ITI are solely responsible.

They chose ITI.

And the alternatives were?  I'd hazard a guess at not worth the bother. 

ahouse185

I have only just found this forum after doing a Google search on the ITI/SVS problems.
I reside in Australia and had an SVS account for many years. I have completed the initial ITI onboarding process using the log in details that they sent me and established my own user name and password which I was able to use just once, since that occasion, after subsequent log in attempts, I am told that I am using an invalid user name or password.  I wasn't but I changed my password anyway and I still get the same invalid message.
On the occasion when I was able to see my account, I could see the cash balance but most shares in my portfolio were just a number with no FTSE code showing. I subsequently  understood that verification has to occur and it will be a few days before this is complete, but in the meantime I cannot access my account anyway.
Phone calls and emails to ITI go unanswered and emails to Leonard Curtiss are now unanswered though the first one last week was..  The last message to SVS clients on the ITI website is  two days old and references the initial onboarding issues, it does not address subsequent log in problems that others are obviously having. I am getting very concerned about this state of affairs and really do not know what to do next. All I can think of is sending a letter by registered mail requiring that my shares are sold and my cash balance is paid into my UK account, obviously electronic communications are not working. I am actually worried that this debacle may put ITI into administration as well.
By the way, can someone explain what a Phoenix account is please.

shiznit76

a Phoenix account is the method used to trade on ITI's site. Overly complicated for the layman really

ahouse185

Ok, thanks very much for that. Now I just have to get access to ITI's site again whenever that might be, if ever.
I had naively assumed that joining ITI would allow me to trade but now it appears that I have to join something else as well.

manorhouse

Thrugelmir said:

manorhouse said:

masonic said:

helencary said:

Love the article on the Leonard Curtis website about their successfully completed and orderly transfer of clients accounts from SVS to ITI!!!!!!

In fairness, the transfer was orderly. It was everything that followed that was a catastrophe, for which ITI are solely responsible.

They chose ITI.

And the alternatives were?  I'd hazard a guess at not worth the bother. 

“An investor who has all the answers doesn’t even understand all the questions.” John Templeton

My2penneth

ahouse185 said:

Ok, thanks very much for that. Now I just have to get access to ITI's site again whenever that might be, if ever.
I had naively assumed that joining ITI would allow me to trade but now it appears that I have to join something else as well.

Other than the fact you are thousands of miles away...you are experiencing exactly the same issues as everyone else.

Spend half an hour paging back through this forum  ( start at say P230) ......it might be helpful.

Your accounts are currently in a holding account ( on boarding).  You won't get access until you have Phoenix.....see the comments in the last pages of this forum. 

9406824

Out of the 20,000 svs clients has anyone been able to trade On the FTSE yet?

masonic

manorhouse said:

masonic said:

helencary said:

Love the article on the Leonard Curtis website about their successfully completed and orderly transfer of clients accounts from SVS to ITI!!!!!!

In fairness, the transfer was orderly. It was everything that followed that was a catastrophe, for which ITI are solely responsible.

Leonard Curtis charged a lot of money there main job was to find a suitable broker to take over.
They chose ITI.
In the past other administrators  chose safer ones like share centre .
You are responsible for choices you make even when you are not being highly paid .
They should be asked return a percentage of there fees.

LC's responsibilities are set out in law. They are required to prepare a distribution plan which deals with the return of client assets, and how expenses of the special administration may be allocated. It must be approved by the Creditors' committee, the FCA, and the court. Aside from the return of assets, they have a lot of other responsibilities which formed part of their costs, including a full reconciliation of client assets and money, an investigation into the conduct of the SVS directors, liaising with regulatory bodies, preserving critical infrastructure, etc.

The distribution plan, including details of the nominated broker were shared and duly approved by the Creditors' Committee, the FCA and the High Court. The Creditors' Committee represents all investors and creditors. The distribution plan was executed correctly and on time by LC. It should be noted that the 3 week delay between publication and execution of the transfer is a legal requirement so that interested parties have an opportunity to lodge objections with LC or the court.

A list of appropriate brokers was probably provided to LC by the FCA, and we can take it that ITI's name was on that list. LC are a firm of insolvency practitioners. It is not reasonable to level blame at them for the failings of an FCA authorised firm that was approved by the FCA as suitable for accepting the transfer. Only the FCA has the power to go in and properly inspect/audit ITI.

The blame clearly resides with ITI and possibly the FCA in regard to the catastrophe of investors registering for online accounts. As far as I can see, there is no good reason why ITI could not have done a better job than they have, or any reason why they are incapable of doing a better job.

Blaming LC for not knowing in advance ITI's handling of the IT was going to be a disaster is like blaming SVS investors for not knowing the company was unsound.

Jools2001

Halty2 said:

Jools2001 said:

As yet, mine and my wifes ISA accounts have not received any log in details from this shower of !!!!!!! only our trading accounts,
so obviously more bs stating that ALL clients have NOW  received log ins for all accounts!
 still not had a reply back from iti email sent over 2 weeks ago!
In regards to when i set up our accounts tomorrow ,i only want to just transfer out all our accounts,but read somewhere i didnt need to onboard! Anyone advise the easiest way to not accidently tick an incorrrect box on sign up, so i can start the process of transferring to another broker,and will the isa accounts appear after signing up with our normal trading accounts, or are the isa accounts , sent as separate logins? 
any help greatly appreciated, with this fiasco of a balls up by iti!!!

From my experience when I got my login email only my ISA showed up. After a few days my trading account was there, so for me I didn't receive or need another email to see that account. My wife and I have a joint account, we only received an email for that last Sunday after the update saying there an option to close an account or join ITI. We opted for closing, there was no on boarding, we had to provide our bank details, download a form, sign it, upload it then provide other security information, it was a pain! Sorry I don't know if all of your accounts will appear if you opt for closing , we just had one joint account. They say money withdrawal will be actioned immediately and assets on receipt of a request from another broker, not holding my breath on that one.

All four of our accounts are now showing, and everything all correct, 
As I'm going to be transferring  ALL  4 accounts out, did you ,manage to transfer out,WITHOUT accepting
All their tick box,s and pressing the ( red box at bottom of page )
I dont want to balls anything up just want to transfer everything out! 

johnburman

For those interested, I am now "on-boarded" to our joint account, in my name only.
Weird.  Needless to say I can't trade on any of our accounts, despite being a client from 23 July.
I feel ITI are a lost cause.  The platform is too complex and their customer service is hopeless anyway.  So for those who agree we need to move and do it quickly.  I have now got accounts with other brokers and started the transfer process to them 8 days ago.  Now how long will it take to move I wonder?  Anyone completed the process yet?