SVS Securities - shut down?

My2penneth

rugby7170 said:

I seem to be one of the lucky ones !! I can see my portfolio online BUT I have no idea how to trade , online ? how; by phone ? can't find a number that gets through. 
Anyone else in the same boat ?

You can probably see your share holdings in your accounts marked SCxxxx. You might also see other accounts starting with the letter PX. These are your Phoenix accounts and each SC account will (eventually) be linked to a PX account.  

Supposedly (no one at ITI is telling us), all our holdings will be manually (yes, manually, one by one) copied into the PX accounts and then we will be able to trade.  I don't know if anyone has reached that position yet?

We've discussed trading methods on this forum, with screen shots. You will need to page back quite a few pages (25-30?) to see these screen shots.

Just to add, in this transition time, you can phone their dealing line direct and buy or sell shares  at the £7.95 SVS rate ...make sure that you mention this or they may try to charge £20 dealing cost.  Try selecting option 2 when you phone the 8001 number - this should take you through to the dealers.

rugby7170

If Leonard Curtis get a bad reputation it could ruin their business.

manted

I've got a theory & mind you its only a theory and conjecture - 
What if ITI only want to onboard the FX clients and select few XO clients. These are the ones who havent bothered complaining to them yet or havent sent a transfer request. Maybe the only cost to ITI is the trading platform & if they prevent us from doing trades electronically, they can get away with the bare minimum, until the transfer requests are processed. This could explain the lack of responses thus far to all our queries. They simply "don't" want us to trade on the electronic platform.

snipkin

My2penneth said:

Just to add, in this transition time, you can phone their dealing line direct and buy or sell shares  at the £7.95 SVS rate ...make sure that you mention this or they may try to charge £20 dealing cost.  Try selecting option 2 when you phone the 8001 number - this should take you through to the dealers.

Well, I have tried at least fifteen times this morning to contact ITI by telephone this morning to sell some shares using the phone number oh their website. Each time it just rings out after a few minutes no matter what option I try.This is unacceptable for a member of the London Stock Exchange (which ITI is as someone pointed out recently on this forum).
NOTE: I JUST GOT THROUGH TO ITI DEALING STRAIGHT AWAY ON THE LSE website phone number: 0203 889 8355.
Sold lots of my share holdings!!! It took some time with their arcane system (he had to work across three different screens and the cash may not show up on my 'dashboard' until tomorrow - he said it all has to be done manually until we are on their Phoenix system. The dealer said the 0203 889 8355 number was the best one to get the dealing desk.
Now I will withdraw all the cash and place it with other brokers (Jarvis XO and IWeb) . I can afford to wait (probably for some time) for my other holdings and my ISA account to transfer from ITI.

johnburman

manted what I have said all along.  there is not much profit in the XO clients...there is in the FX and the BIG XO clients who are happy to pay the platform fee/custody charge etc.  So lets not recruit too many extra staff, provide a poor service and then they will alll transfer out.  Nobody in Russia reads this forum and the FCA are toothless.  A sad state of affairs.  But if the FT were to report on this.....  

manted

johnburman said:

manted what I have said all along.  there is not much profit in the XO clients...there is in the FX and the BIG XO clients who are happy to pay the platform fee/custody charge etc.  So lets not recruit too many extra staff, provide a poor service and then they will alll transfer out.  Nobody in Russia reads this forum and the FCA are toothless.  A sad state of affairs.  But if the FT were to report on this.....  

if only they can be a bit more engaging / upfront, saves us all lots of time. They can ask us 1 question - 
do you want to prioritise on-boarding or leaving.
I'm sure most of us on this forum will say - LEAVING. Therefore, they can club us all under one bucket and start processing transfers instead of leaving us in limbo and doing neither the transfers / phoenix accounts.
If only they were logical / methodical in the work, maybe too much to ask off them.

ahouse185

After three weeks, my "onboarding" is still being reviewed apparently. Numerous attempts to create a Phoenix account are rejected as "onboarding" is not approved yet. I have no problem getting an OTP and logging in but that is all. 
I really do not know what to do now and despair of seeing my assets again. I wonder if sending a letter by registered mail requesting that all my shares be sold and all my cash is transferred to my bank would work - if they are opening their mail!

My2penneth

email sent to Da Vinci Capital - the backers of ITI Capital - maybe they can apply pressure to resolve these issues?

bnet

Hi all,
I was able to upload all my infor and see for a moment my portfolio (even received a welcoming email after the process of onbarding) BUT... after few days I received again the indications to OnBoard. I tried to log-in and... my account status was reverted to same initial position of "OnBoarding pending"
Now the platform won't allow me to do nothing, as every step has been followed duly and in the last one where you have to upload our docs. and photo it just says "we are chekcing the docs...wait..." but nothing happens.
I am sending emails, openning tickets but no one replies me.

How can I complain this to the authorities? I am definetly not staying with this gang of ITI (they also operate in Russia, Kazakhistan... that is a signal for me to avoid them). I am probably transferring everything to Interactive Brokers as soon as I have the chance to do so. 

My2penneth

bnet said:

How can I complain this to the authorities? I am definetly not staying with this gang of ITI (they also operate in Russia, Kazakhistan... that is a signal for me to avoid them). I am probably transferring everything to Interactive Brokers as soon as I have the chance to do so. 

Financial Conduct Authority | www.fca.org.uk
Consumer Helpline: 0300 500 8082