SVS Securities - shut down?

My2penneth

I withdrew cash ...there is no record of this in my account " cash statement ".  The money was withdrawn ok and arrived in my bank....I can't see any record of this. 
Once again, words of explanation from ITI might help!

If there is a competition for company with the worst customer service,  I know where I will  be casting my vote! 

My2penneth

Interesting..on one of my accounts, I am now seeing a negative cash balance - shown in RED.  No way of knowing why?
It shouldn't be negative. I have been recording cash balances at the end of the day.....

manted

My2penneth said:

I bought some shares today by phoning the broker line  (status on my ISA - on boarded account but Phoenix pending).
I asked if I would see these new purchase transactions when Phoenix is fully operational (date of purchase,  what was bought, what price, TAX for Mr HMRC + £7.95).. 
The broker said "no"... I find that gobsmacking.....I wonder if he is "confused"? Is he telling me that there is no traceability of share purchases?  Unbelievable! 

As for cash balances and asset values ....they are all awry! 
I'd say it's getting beyond a joke but that phase passed a long time ago. 

I have received some dividends ( not VOD , still waiting)....VOD dividends were in my iWeb account on the pay day.  I have no way of verifying what has been received from the info available from ITI.

do you know if are they quoting the SVS phone a broker rate - 20£ if i remember correctly for this transaction ?
or are they acknowledging the systems issue and charging us the £7.99 fee for phone trades until Phoenix is operational

My2penneth

I had it in writing by  email at £7.95. 

When placing the order, I asked what were the charges, which the broker quoted back to me at 0.5% duty plus £7.95 dealing cost.

sweeter_strudel

Manted, I know they will charge £7.99 to deal if the share/holding isn't listed (I.e. tradeable) on Phoenix. I entered all the tickers from my holdings into my  first approved (but not linked to holdings) Phoenix account and got prices quoted for them all. I hold a lot of AIM shares.....

manted

sweeter_strudel said:

Manted, I know they will charge £7.99 to deal if the share/holding isn't listed (I.e. tradeable) on Phoenix. I entered all the tickers from my holdings into my  first approved (but not linked to holdings) Phoenix account and got prices quoted for them all. I hold a lot of AIM shares.....

So, are you saying you've been able to sell your shares by phone as they aren't listed on Phoenix ? If for e.g. you wanted to sell other shares you hold, you could simply Sell based on ticker and it would know that you are not selling short, but actually reducing the number you own ?
Sorry for the multiple questions. Just excited that we would be able to trade now, albeit not in a very transparent manner.

My2penneth

Wednesday 12th August... both my and my wife's Phoenix accounts are STILL pending. 
 

sweeter_strudel

manted said:

sweeter_strudel said:

Manted, I know they will charge £7.99 to deal if the share/holding isn't listed (I.e. tradeable) on Phoenix. I entered all the tickers from my holdings into my  first approved (but not linked to holdings) Phoenix account and got prices quoted for them all. I hold a lot of AIM shares.....

So, are you saying you've been able to sell your shares by phone as they aren't listed on Phoenix ? If for e.g. you wanted to sell other shares you hold, you could simply Sell based on ticker and it would know that you are not selling short, but actually reducing the number you own ?
Sorry for the multiple questions. Just excited that we would be able to trade now, albeit not in a very transparent manner.

I haven't phoned up to sell anything, but I do believe My2penneth has.... Perhaps he/she can clarify?
I checked to see if all my exotic AIM shares could be traded on Phoenix once it  is up and running - the answer being "Yes", all tickers recognised.
Was hoping to phone up and set a few limit orders via the telephone dealing if Phoenix remains " Pending" and electronic trading a distant dream...if the trading desk permits this in the circumstances.

Monsieur_Bourse

So it has now been 7 days without any communication from ITI and 9 days from Leonard Curtis on what on earth is happening regarding the supposed transfer of our shares and cash from SVS to ITI. Like most people on this forum my Phoenix account is showing Pending, likewise for my wife's account. We have no way of contacting ITI as e-mails are ignored and the phone is not answered.

As ITI seem to have come out of the prehistoric age where everything is done manually I see little hope of this situation being resolved, and sadly I think that we could well be in another administration situation. I really cannot imagine that anybody will now want to stay with ITI, and they will have to foot the bill for all transfers out, with no revenue to show for their efforts. I am amazed that some people on this forum consider that Leonard Curtis have done a good job just because the FCA approved ITI. Surely questions should have been asked as to how ITI were going to cope with 20,000 new accounts and should have asked for a very detailed plan and considerable due diligence should have been carried out. Maybe they did and ITI managed to convince them.

I have been waiting 6 days for a cash withdrawal from my account, which has not been acted upon, so today I have e-mailed ITI giving them 24 hours to respond to my e-mail (I do not expect a response) or else I will be contacting the Financial Ombudsman. I have used the Ombudsman in the past to resolve a problem with a financial institution and they were excellent is obtaining compensation for me.

My2penneth

sweeter_strudel said:

manted said:

sweeter_strudel said:

Manted, I know they will charge £7.99 to deal if the share/holding isn't listed (I.e. tradeable) on Phoenix. I entered all the tickers from my holdings into my  first approved (but not linked to holdings) Phoenix account and got prices quoted for them all. I hold a lot of AIM shares.....

So, are you saying you've been able to sell your shares by phone as they aren't listed on Phoenix ? If for e.g. you wanted to sell other shares you hold, you could simply Sell based on ticker and it would know that you are not selling short, but actually reducing the number you own ?
Sorry for the multiple questions. Just excited that we would be able to trade now, albeit not in a very transparent manner.

I haven't phoned up to sell anything, but I do believe My2penneth has.... Perhaps he/she can clarify?
I checked to see if all my exotic AIM shares could be traded on Phoenix once it  is up and running - the answer being "Yes", all tickers recognised.
Was hoping to phone up and set a few limit orders via the telephone dealing if Phoenix remains " Pending" and electronic trading a distant dream...if the trading desk permits this in the circumstances.

I have withdrawn cash on 2 accounts successfully - took longer than expected.
I have also phoned the dealing line (option 2) and bought shares ...I have not sold. The type of shares I buy are FTSE-listed (household names) and Investment Trusts.  I have never ventured into the reaches of AIM shares.  

If you want to sell shares, perhaps just give them a ring (select option 2 rather than option 1 for ex-SVS clients).