SVS Securities - shut down?

rnf11

johnburman said:

M_Bourse.  Tnx for the letter
So I must write to Russia to cpmlain about the poor service in London as you squote "You may contact Roman Khamedulin (Roman.Khamedulin@iticapital.ru) who is the manager of account services at ITI should you wish to progress this matter further." 

This is the best bit tho':
and understand that they are recruiting additional resource to service the demand placed on their account management team since the transfer took place.
So we have a small outfit in London buying 20k new clients and give them 4 months to prepare for this and lo and behold it all goes wrong and they are recruiting additional resource to solve the problems 3 weeks after onboarding the clients.  Crazy.  No wonder everyone is leaving....and that is before they read the new rate card.

A piece of advice for ITI and Mr Khamedulin.  An email shudl be sent to all clients with a full apology and a new ratecard and a TRUE estimate af when everything shoud be OK. And probably a costs sweenter to keep the clients happy. of the first 5 trades in September commisision free type.

September. eh?

In which year, pray?

My2penneth

Russia....? 
That should just about tell you all you need to know.


The new rate card ...I was wondering about that. The one on the website is Sept 2019 but I believe that there might be an October 2020 one.  

p.s. I have been trying to log on to my account to check the status of my Phoenix accounts but the website is not sending out the "OTP" codes (which it normally does within a minute or less to my email account).

supremetwo

johnburman said:

M_Bourse.  Tnx for the letter
So I must write to Russia to cpmlain about the poor service in London as you squote "You may contact Roman Khamedulin (Roman.Khamedulin@iticapital.ru) who is the manager of account services at ITI should you wish to progress this matter further." 

This is the best bit tho':
and understand that they are recruiting additional resource to service the demand placed on their account management team since the transfer took place.
So we have a small outfit in London buying 20k new clients and give them 4 months to prepare for this and lo and behold it all goes wrong and they are recruiting additional resource to solve the problems 3 weeks after onboarding the clients.  Crazy.  No wonder everyone is leaving....and that is before they read the new rate card.

A piece of advice for ITI and Mr Khamedulin.  An email shudl be sent to all clients with a full apology and a new ratecard and a TRUE estimate af when everything shoud be OK. And probably a costs sweenter to keep the clients happy. of the first 5 trades in September commisision free type.

That address will probably not get past many sensible spam filters.
Mine are set to reject anything from a dot ru source.

My2penneth

Does anyone have an explanation as to why the visible cash balances in the SC accounts might turn into a negative balance?
I logged on to one of my accounts (I'm doing this at increasingly regular intervals!) at 12:00 today. The cash balance was £46.43.
Having just logged on now, I see the balance is now -£62.96 AND +£46.43  (both in GBP).  The sums in other currencies (euros and dollars were unchanged).

I have no explanation as to why these negative numbers suddenly appear. The same thing happened in another account (I mentioned it the other day).

sweeter_strudel

helencary said:

On a plus note I have been able to sell shares today with ITI. I spoke with a very nice gentleman who seems as frustrated as we all are. 

Hi HelenC,
Curiosity - did you sell a share within a trading account or ISA? And I presume your account was On-Boarded according to the ITI portal at the time?

supremetwo

My2penneth said:

Does anyone have an explanation as to why the visible cash balances in the SC accounts might turn into a negative balance?
I logged on to one of my accounts (I'm doing this at increasingly regular intervals!) at 12:00 today. The cash balance was £46.43.
Having just logged on now, I see the balance is now -£62.96 AND +£46.43  (both in GBP).  The sums in other currencies (euros and dollars were unchanged).

I have no explanation as to why these negative numbers suddenly appear. The same thing happened in another account (I mentioned it the other day).

Software is not fit for purpose!

user1168934

Hi guys

I have just logged on to my ITI account and it all seems very confusing, can someone clarify please. I just want to access my account and when it is up and running I would later like to transfer to another broker.

1. After login and going to an account it says "Do you want to transfer your current positions to our new platform?". Obviously there are a bunch of T&C and declaration to tick. Is that the way to go if I eventually want to transfer to another client and just want access to my account for now?

2. In one of my accounts the "Portfolio Value" seems absolutely incorrect - although the shares and their quantities are correct. Is anyone else having this problem. Should I just go ahead with the transfer thing in point 1 above or do I need to contact ITI?

Many thanks.

My2penneth

user1168934 said:

Hi guys

I have just logged on to my ITI account and it all seems very confusing, can someone clarify please. I just want to access my account and when it is up and running I would later like to transfer to another broker.

1. After login and going to an account it says "Do you want to transfer your current positions to our new platform?". Obviously there are a bunch of T&C and declaration to tick. Is that the way to go if I eventually want to transfer to another client and just want access to my account for now?

2. In one of my accounts the "Portfolio Value" seems absolutely incorrect - although the shares and their quantities are correct. Is anyone else having this problem. Should I just go ahead with the transfer thing in point 1 above or do I need to contact ITI?

Many thanks.

Yes, if you want to buy/sell in the near term, accept the T&Cs and you will start the on board procedure.  Note, you will be given an SC account number for each of your old SVS accounts.  You will find that your ITI account will be SC + your old SVS account number.   You will eventually get each account to " approved " status. Then you will be automatically assigned a Phoenix trading account for each one of your accounts.  Then you need to wait to get the Phoenix accounts approved. 
It has taken ITI 3 whole weeks to get our accounts to that stage. Page back through thes forum pages to get a flavour of how poorly ITI have been in their comms to it's new customers ( not for long though!).


What happens next...no idea...no one has told us diddly squatt.  We believe our holdings will be auto loaded into Phoenix and then we can buy /sell.

You will see how p.poor ITI Capital have handled this. I ( and others) have raised the issues with the FCA. 

Your visibility of your shares in the holding account is limited to checking your cash balance and the number of each share you own .  Initially,  we ( other forum members) saw our accounts stated in dollars and value of all holdings was and currently is boll ox. ITI reckoned my 4000 Vodafone shares was worth $800,000 ...!! ( yeah,  right). 3 weeks after starting on boarding it us still boll ox. 

And as for visibility of dividends......forget it. I believe SVS are still collecting divis and bulk loading them every now and then into ITI's database....

Customer support, there are 3 people manning the help line...all ex SVS employees who themselves are not being informed of what is going on. I've never ever experienced such poor customer service.....

I've also written to David Moss Head of Compliance with a list of issues....as have others. They seem to have received a standard letter ...this has been posted earlier on this forum. 

9406824

Who do we sent withdrawal forms to Get cash out of trading account - is it accountmanagement@iticapital.com?

My2penneth

ITICAPITAL said:

Who do we sent withdrawal forms to Get cash out of trading account - is it accountmanagement@iticapital.com?

No, send to customerservice@iticapital.com