SVS Securities - shut down?

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?  

Thrugelmir

manorhouse said:

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

An investor should at least have a basic understanding on how the world of business operates. 

Halty2

I can't remember if I ticked the boxes but I definitely remember pressing the red button. I printed off the page showing my holdings and did that before closing, if I go into that account now I can't seen my holdings just a message saying "closure in progress". They say they will transfer the cash out immediately, no sign of that yet, they also ask for the name of the new broker, in my case I've asked Hargreaves Lansdown  to transfer my shares to them and have filled in the HL form to do that.

EXASPERATEDEXHAUSTED

Masonic said:
"LC's responsibilities are set out in law. They are required to prepare a distribution plan which deals with the return of client assets"
The return of client assets has not been dealt with.
"The Creditors' Committee represents all investors and creditors."
Statutory representation under duress, as is the case here, is a contempt of Article 20 of the UN Universal Declaration of Human Rights and is therefore immoral and illegal.
"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."
It is reasonable to do so.  LC are responsible for returning clients' assets.  They have not done so.  Instead it appears that they have attempted to extract value from client assets for the benefit of others by charging ITI for those assets. They should have chosen other reliable brokers without charge.
"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." 
No it isn't.  LC have statutory and moral responsibilities to return clients' assets,  Clients are responsible for no more than ensuring their broker is FCA regulated;  in fact they don't even have that responsibility; they are entitled to rely on the Government doing that anyway.
Whose side are you on  Masonic?

gibson81

Has anyone asked ITI if you need to open an Phoenix account to have your holdings transferred out? I have just logged in and my holdings are on their Qort platform. I do not have any intention of doing any buying or selling through ITI and really just want my shares transferred to another broker.

manorhouse

"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."
LC were paid to be professional most SVS investors were not professional.
Maybe most professional types in this country are grossly overpaid .
The gap does not match the reward.
 

gibson81

johnburman said:

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?  

I have also requested transfer through two separate brokers. I understand the process can take up to 8 weeks. Clearly the August holiday period and the virus will not help... But at least there is light at the end of the tunnel. I will then close my ITI accounts.

BSS

Thank you Snipkin and Shiznit76 for your advice regarding cash withdrawal.
I am relieved to report I received my access details yesterday. After lengthy and very helpful conversations with LC, they contacted ITI on my behalf and it appears my service provider had blocked the email containing the details - they thought it was spam - maybe due to the Russian address!!! I was able to give ITI a Goggle email address and the details came through on that. However it was interesting that I did receive the general emails  ITI sent to reassure (??) us.
One thing of interest I discovered during my conversations with LC is they were left with very little choice but to transfer us to ITI. Of the 11(?) expressions of interest from other platforms all but two of them gradually dropped out. One of the remaining was considered not suitable. As Masonic said in a previous post, ITI were checked out by everyone including the FCA and all agreed ITI was able to handle the different types of SVS accounts.
By the way the FCA are very aware of the difficulties we are experiencing and they are investigating ITI's procedures - not that that is much help to us at present. I was told by LC that "the FCA will be keeping a very close eye on ITI"  - so maybe not a company to stay with if anyone is even remotely considering this.
I also want to add how grateful I am to LC. They have been extremely helpful in sorting out my problem.

My2penneth

Of the 3 , the top candidate for taking on SVS accounts dropped out..they were almost about to sign but pulled out..they decided to take on other work instead. Don't know who they were.
This left 2 candidates.  One of the candidates was an ex SVS director, the FCA said "no". This left just ITI from an initial 100+ interested parties.