SVS Securities - shut down?

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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rnf11

I see that word about this debacle is reaching a wider audience - Citywire has an article.

Monsieur_Bourse

So LC have resorted to sending out template replies now, exactly the same reply that I received yesterday, and posted on the forum, it would seem that they have washed their hands of us.

Do you have a link to the Citywire article mf11?

rnf11

..... and also FTAdviser..

Both seem to have summed up the all round discontent with the current state of affairs.

Surely a fair chance of the weekend traditional press picking up on it too...

rnf11

https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644?section=wealth-manager

https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/

Monsieur_Bourse

Thanks mf11 for the link.

I think that the last paragraph says it all really:

Asked about the selection process that led it to pick ITI out of 120 potential bidders, the due diligence it had performed on the firm, and what ongoing support it was able to offer clients, Leonard Curtis declined to comment.

My2penneth

rnf11 said:

pafpcg - 11.30:

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.

ISA Status.
I queried this with Harry Callaghan who is broker for ITI Capital.  Whilst WE currently cannot see that an account is an ISA, Harry sent me a screen shot of what HE could see on the ITI database for my ISA account...confirming it was marked as "ISA".

email received 29th July (account number & name redacted)

My2penneth

rnf11 said:

..... and also FTAdviser..

Both seem to have summed up the all round discontent with the current state of affairs.

Surely a fair chance of the weekend traditional press picking up on it too...

I hope so as I alerted the Daily Mail about a week ago..(maybe they are not interested.) 

I did also alert the FCA. 

rnf11

An earlier one from a week ago that I had missed:-

https://www.financemagnates.com/forex/brokers/technical-issues-cripple-svs-clients-access-to-their-money-at-iti-capital/.

Interesting comments beneath the article too...