SVS Securities - shut down?

HopefullyHelpfull

There is an FT Adviser article written today online regarding this subject. I'd post a link to it but I am not allowed as I am new to the forum, so use google to get to the article yourself if you are interested to read it :
There is an interesting quote made in the article :
"A spokesperson for ITI Capital told FTAdviser the delays were the result of "teething issues" during the transition period, but these had now been resolved. "
The article includes contact details for it's author and solicits letters to the publication.

shawdon

Can the debacle get any worse? Yes of course it can, ITI are now not allowing access to the clients accounts as the OTP passwords are not being sent so not only do we still not have access to our cash or shares, we now cannot even access the website portal to look at the misinformation which ITI are pretending to call our dashboard! 

rnf11

HH:

See posts at 4.24pm (and also 4.39pm) for links.

It's often useful to check back a page or two...

manted

shawdon said:

Can the debacle get any worse? Yes of course it can, ITI are now not allowing access to the clients accounts as the OTP passwords are not being sent so not only do we still not have access to our cash or shares, we now cannot even access the website portal to look at the misinformation which ITI are pretending to call our dashboard! 

This happened with others, at approximately the same time yesterday, which indicates to me some sort of IT update / changes are done at this time.

johnburman

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

Sheris

rnf11 said:

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/

What a load rubbish from the FCA, L&C and now ITI, had many months to solve the issues.  

My2penneth

I mentioned earlier on in this forum that I bought some shares (Relx and HL). The deals were put through via a dealer (charging the SVS preferential rate). Today the shares have appeared in my on-boarded account. They were bought on the 11th Aug but have only just appeared this evening.  They have a transaction number so they should be traceable.

ronkswood

FCA busy worrying about cash balances sitting on clients trading accounts.

https://www.thetimes.co.uk/edition/business/investment-firms-told-to-repay-clients-gzvvxbwm8

My2penneth

ronkswood said:

FCA busy worrying about cash balances sitting on clients trading accounts.

https://www.thetimes.co.uk/edition/business/investment-firms-told-to-repay-clients-gzvvxbwm8

I'm not seeing the relevance to SVS/ITI Capital of the article? (other than I bought a few HL shares the other day!).  The article is about HL sitting on cash after people have panic sold shares. They can, of course, withdraw their money and put it in the bank at perhaps 0.05% interest (or whatever it is nowadays), being aware that if they withdraw the case from a share ISA, they will lose the tax free wrapper so that might be a reason to temporarily leave it there. And the article is paywalled so I can't read it in full.

pafpcg

rnf11 said:

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.

1.  To dissuade ITI from removing cash from an ISA account and transferring it to an "unwrapped" account, my suggestion would be simply to not give them the requested bank account details and to write on the form something like "please retain the cash balance in my ISA account so that it can be transferred with the rest of my holdings to the ISA account at my new broker".

3. ITI do seem to assume everyone has photoID and is happy to disclose it.  I think ITI just didn't consider all the possible variations of individual circumstances that would arise when trying to "on board" 10,000+ clients (or perhaps it's because the head of the ITI account management comes from a culture that wouldn't appreciate that individuals might not all conform to a single standard).  Fortunately, forumite OAP1952 seems to have anticipated this problem and got a revised ID requirement from ITI in a post on Page 157 dated 22-July.  I've also had a recent email from LC which quotes the same or similar text.

Finally ".... yet another red flag" - very subtle!  But the Russian flag is now white, blue and red - the red flag is so Soviet era...