SVS Securities - shut down?

FairDinkum

My2penneth said:

FairDinkum said:

Not receiving OTP this morning. Anyone else?

I had that yesterday at 6pm. I tried many times. I could login this morning though. I wonder if ITI are making batch changes to accounts which temporarily disable logins?

I was wondering if the disabled login might be a good sign!! Thanks for the response.

pafpcg

3rdParty said:

Haven't posted to this site before.  My elderly parents had Shares and some Cash with SVS and are now trying to; access these via ITI?  and then transfer them to a local broker who they can visit in person.  I'd be so very grateful if someone could give me a succinct procedure for gaining access to holdings at ITI and then transferring these to another broker.  This seems to be very complicated and is becoming very distressing for them.     

Have you received the email from ITI entitled "ITI Capital – What happens next" sent on  3 Aug 2020 17:46BST?  That describes the choices and procedures you have once you've successfully logged into your ITI account and can see the list of securities and the cash which should have been transferred from the SVS account. 

When you've logged-in, at the bottom of your holdings list, you will be presented with a red bar which reads “Do you want to transfer your current positions to ITI?” By answering Yes or No, you'll have two basic options:

"Yes":  you'll have to go through the process of "on-boarding" to create a trading account at ITI from which you can request your parent's local broker to transfer from your new ITI account to a new account under your preferred broker's oversight.  Refer to the posts by My2penneth on the 13th at 3:19pm & at 11:18pm on pages 263 & 264.

"No":  ITI will freeze your ex-SVS account but will, after you've completed a closure & withdrawal form, transfer any cash balance to your nominated bank account and hold the securities to await a transfer request from your preferred broker.  I refer you to my post above (at 11:30am) for more details.

One final point, if it's a joint account in both your parents' names, there's no need to worry - ITI will treat the account as if it were a sole account in the name of the first named individual.

sweeter_strudel

My Phoenix accounts are now both showing as "inprogress".

Any idea what that means - no cash, no shares in either yet.....

My2penneth

sweeter_strudel said:

My Phoenix accounts are now both showing as "inprogress".

Any idea what that means - no cash, no shares in either yet.....

A few of us are at the next stage - Phoenix status = Open.....

(and we still can't see anything.)

rnf11

pafpcg - 11.30:

A most useful post re the closure process, and the warning re the blackout. Thanks for posting it

   3 points arising from that and others' recent posts.

1. I am expecting to be able to transfer stock together with any cash to another broker  - in both the ordinary and ISA accounts. So it should not be made obligatory by ITIC to have to withdraw cash from an ISA to a bank a/c before any transfer out is done - as it would thus be lost to the ISA system.

2. The matter of denoting the ISA accounts - has anyone seen their ISA specifically identified as such yet?. I raised this with ITIC "Account Management" last week but still no response from them.

3. Can anyone shed any light on the unorthodox requirement to provide photo iD? Never encountered this before in UK financial dealings, and cannot see what they could compare it with, what they actually intend to do with it, or why they should really need it at all. So it just looks like yet another personal security risk with ITIC, and so yet another red flag.

sweeter_strudel

My2penneth said:

sweeter_strudel said:

My Phoenix accounts are now both showing as "inprogress".

Any idea what that means - no cash, no shares in either yet.....

A few of us are at the next stage - Phoenix status = Open.....

(and we still can't see anything.)

Darn it. I thought I had missed Open and Inprogress meant my share holdings were being loaded.

It did cross my mind that they may have to get every Phoenix account loaded for all customers before allowing trading rather than be accuaed of favouring first movers....

Absolute farce all of this....

Nachhaltig

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. 

This has been my experience as well today. I had gotten tired of waiting for my shares to be transferred from their Qort platform to Phoenix and so I traded by phone. Their IT system for trades over the phone seems to be rather antiquated. A lot needs to be done 'by hand' by the person at the trading desk, including sending out contract notes (I don't have mine yet). It took a long time to get through to the trading desk, their phone system hangs up on you after 3 minutes and I had to call many times, but the person who took the call eventually was very pleasant. I didn't think there was any point in pouring contempt on the poor person as ITI's failings are not his fault. All I wanted was to sell some shares I had been wanting to sell for almost a year and then move on to a better place. Thanks to Masonic and My2penneth in particular for their advice.

johnburman

I have giving up on ITI.  Has anybody heard form their nre brokers about the transfer to them from ITI.  A couple of days I posted that when I spoke ot a new broker my request sent 31 July had not been processed bu tthat the first request they sent on 23 July (quick off the mark that chap!) had not been responded to either by ITI. 
We need to get the transfers moving - wonder what the FCA is doing about this delay?

helencary

Nachhaltig said:

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. 

This has been my experience as well today. I had gotten tired of waiting for my shares to be transferred from their Qort platform to Phoenix and so I traded by phone. Their IT system for trades over the phone seems to be rather antiquated. A lot needs to be done 'by hand' by the person at the trading desk, including sending out contract notes (I don't have mine yet). It took a long time to get through to the trading desk, their phone system hangs up on you after 3 minutes and I had to call many times, but the person who took the call eventually was very pleasant. I didn't think there was any point in pouring contempt on the poor person as ITI's failings are not his fault. All I wanted was to sell some shares I had been wanting to sell for almost a year and then move on to a better place. Thanks to Masonic and My2penneth in particular for their advice.

Yes, me too, was such a relief to be able to sell a couple of shares that had been playing on my  mind for a year. The gentleman I spoke to was more than helpful and even sent me a withdrawal form by email in case I wanted to transfer out the proceeds of my trades. Very pleased you had some success too.

My2penneth

I emailed LC to report that there was still no access to trade on Wednesday night. Reply received from LC. 

Dear xxxxxxxxx

Thank you for your email.

ITI has been inundated with calls and emails since the transfer and are currently experiencing a significant backlog which they are working through as quickly as practicable. I met with ITI on Tuesday at their London office and understand that they are recruiting additional resource to service the demand placed on their account management team since the transfer took place.

 

We are also aware of a number of technical difficulties which ITI faced following the transfer which had not been identified during the testing of their software prior to the transfer. ITI have assured us that a number of fixes have been implemented on their software systems, and they are in continual development with their software provider. We have asked on a number of occasions that ITI communicate with clients, and keep clients up to date on matters as they progress.

 

Please be assured that we are trying our best to assist in this process, although it is ultimately only ITI that are in a position to resolve the issues you and other clients are facing.

 

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.

If I can be of any further assistance to you, please do not hesitate to ask and I will try my best to help.

Yours sincerely

for and on behalf of

SVS SECURITIES PLC (in Special Administration)

( the bit about continual development of their software is a concern and it is not the first time that this has been mentioned.  Why do they need to develop software ?).

 

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