SVS Securities - shut down?

Sheris

Monsieur_Bourse said:

I have e-mailed the FCA laying out my concerns with the ongoing shambles, as stated on the forum I think the more people that raise their concerns with the FCA the better. I am not sure if there is anything they can do at this juncture, but at least it is worth a shot.

I also e-mailed Leonard Curtis enquiring as to why they have not issued any update since the 3rd August, I did not receive an automated response saying they have received the e-mail, so perhaps they have given up as well!

Have you received a response from L&C ?

Carols101

My2penneth said:

I see my Phoenix accounts are now marked " open" but they are empty.

To help with your expectations, I got  login details for my Phoenix account last week and logged on for the first time on Monday morning (on holiday prior). Still showing £0.00 today

My2penneth

Carols101 said:

My2penneth said:

I see my Phoenix accounts are now marked " open" but they are empty.

To help with your expectations, I got  login details for my Phoenix account last week and logged on for the first time on Monday morning (on holiday prior). Still showing £0.00 today

Thanks, my expectations of ITI Crapital are extremely low so any help is welcome!  

Monsieur_Bourse

This morning I received this reply from the FCA:

Thank you for your communication.

 By way of introduction my name is David Moss (Head of Compliance) for ITI Capital Limited (‘ITIC’).  As you may be aware ITIC has been working closely with the Administrators (Leonard Curtis) for the purchase and migration transfer of SVS clients to ITIC.

 I note from your complaint you have highlighted a number of key issues including delays with your log-on credentials on your account and not being able to trade via the ITI Capital trading platform Phoenix.

 Whilst we will record your complaint at ITIC, I would like to take this opportunity to apologise to you for the issues you have raised which forms part of the SVS transfer process and I am sorry to hear that this exercise has resulted in us not being able to meet your expectations and you have felt the need to complain, as I am very disappointed to hear this.

 We are seeking to improve the quality of our services and managing customer expectations, as we are currently prioritise our work efforts to ensure all customers are well informed of the SVS migration process and we are looking to remediate these key issues for you.  I have now referred your communication to our Account Management team, as we should be in position to address all these key issues for you.

 Thank you for bringing this matter to my attention, to improve the quality of our services and managing customer expectations, the compliance team will now investigate all the matters you have raised.   As part of our complaint handling process we look forward to communicating with you in this regard, as we want to ensure all matters are fully resolved and such timely deliverable actions have been addressed as part of your complaint.

Kind Regards,

David Moss
Head of Compliance

At least David Moss took the trouble to answer my e-mail, more than can be said for ITI, not sure it really answers anything but obviously the FCA is aware of the situation at ITI.

Sheris, no I have not received a reply from Leonard Curtis

My2penneth

ITI have taken on 5 ex SVS securities on a temporary basis. Three are deployed on the helpline number (8001, option 1). The 3 are fielding question from disgruntled SVS clients. The 3 have been given no information and very little help from ITI. They do not have access to Phoenix and they appear to be as much in the dark as we are. With only 3 people manning the helpline, it is not surprising that we are having difficulty getting through.

FairDinkum

The status of my Phoenix account has changed from Pending to InProgress. Is this progress? Is it a positive sign? Has anyone reached the point of having a Phoenix account with their shares in and which enables trading? If so, how long does this happen after the InProgress status?
I did get excited yesterday when the previously correct maths on the onBoarding account was mucked up (since it looked as though something was happening) but that is still now in the non-mathematical state or is that the ITI-mathematical state....

My2penneth

Dividends (eg Vodafone). 
My suspicion is that all dividends are still being collected by SVS in their accounts and then bulk transferred to ITI accounts. Thus there is a delay between the dividend pay day and us getting visibility of it in our iTI accounts. 
 

manted

My2penneth said:

I see my Phoenix accounts are now marked " open" but they are empty.

I have got the same

manted

Monsieur_Bourse said:

This morning I received this reply from the FCA:

Thank you for your communication.

 By way of introduction my name is David Moss (Head of Compliance) for ITI Capital Limited (‘ITIC’).  As you may be aware ITIC has been working closely with the Administrators (Leonard Curtis) for the purchase and migration transfer of SVS clients to ITIC.

I got the same response, verbatim !

rnf11

Monsieur Bourse/Manted:

Your two posts above refer to a response from an employee of ITI Capital. Not the FCA.

Good to see that at least two others have now raised formal issues with ITI, even though the reply does read rather like a "template" response.

Wondering who will be the first to successfully achieve a full transfer out. I submitted two transfer requests directly to another broker last week. No response as yet.