SVS Securities - shut down?

johnburman

Yes.  My OTP code didnt come, then it did this morning...late.  Not  sure what is going on.  Still no accesss and the figures on my existing SVS account onboarded to ITI were, and still are, wrong.  And no Phoenix accounts at all - they seem to be stuck in limbo.  Only reported in FT Advisor and not the FT, wonder why?  2 questions for the group:
1    has anyone been transferred out to their new broker (or heard that a transfer is progressing)?; and
2   compensation from ITI Capital.  Anyone formulated a claim and a loss calculation, for them or the FSCS (who pay losses in respect of SVS)?   

richNick

richNick said:

Thanks to all here for useful pointers.

I am very relieved to hear that it is possible to deal out of positions by phone. I intend to try that for myself tomorrow. Further reassuring to hear that the 'Dealer' was kind enough to email out a 'Withdrawal form'.

But here is the (for me) £15,000 question: Has ANYONE on this forum yet managed to extricate cash withdrawals from ITI Capital (from an Ex-SVS ISA account) and actually had the proceeds turn up on their bank account? If anyone can give me a positive answer to that question they will have cured an old man of his insomnia!  I have trawled several pages back on this forum and know some have applied for withdrawals but can find no mention of a successful outcome.

Many thanks to all who responded - most reassuring. I have reached the point where I am prepared to cut my trading losses and liquidate all my positions. I can't continue trying to deal with an organisation that refuses to communicate - it's insane!

Now all I have to do is get them to pick up the phone

Jools2001

Absolute SHAMBLES of a firm,
how the F+++k can a firm be so ignorant,down right crap
and the authorities seem to turn a blind eye to it all !!

I got to say, i can see this firm going tits up as well,
nobody runs a financial business like this,  especially the way they are treating / IGNORING  investors,desperate to get their holdings back!
Absolute nightmare, and now wont even send an OTP  !!!!!!!!!!

shawdon

Hi,
Yes i have managed to get full 100% cash withdrawals out of all my 10 accounts into my bank account after filling in many forms and waiting more than a week. Also all 10 of my accounts are now in the process of being transferred to HL who are keeping me informed on progress unlike ITI who have not replied to a single email, phone call or message yet!

LEAR1

shawdon said:

Hi,
Yes i have managed to get full 100% cash withdrawals out of all my 10 accounts into my bank account after filling in many forms and waiting more than a week. Also all 10 of my accounts are now in the process of being transferred to HL who are keeping me informed on progress unlike ITI who have not replied to a single email, phone call or message yet!

Hi Shawdon, what have HL said about the status of the transfers? I enquired and they simply said that the transfer form had been sent over but nothing more.... couldn't even tell me if it had be acknowledged by ITI (no holding my breath), so it's a big black hole as far as I'm concerned.

johnburman

Tell the FSA of your nightmare and the ITI debacle. 

As to transfers it is as has been pointed out easy for your new broker to send the authorised transfer request to ITI. But then what? I have 4 requests sent 19 days ago and so far nothing. So keep on the pressure on your new brokers.
May I repeat what I said earlier, I am surprised that the FT or MoneyMail has not picked up on this story. 

richNick

Did I read somewhere that Russian web servers are still coal-powered ? Run by steam engines?.....

My2penneth

The next question is - what is happening about dividends (still no sight of several expected dividends)?

olderbutnowiser

Can anyone 100% confirm that any dividend due in August has actually been credited to their account? I raised this earlier (I'm finding it impossible to search this thread) regarding VOD which was due on 7 August but no sign of it yet. My cash balances in both accounts merely show the amounts transferred from LC in July. I would not of course be surprised if new dividends were not being credited but it would be good to know if anyone at all can show that they have at least made a start.

Danie6

Yesterday I got the first reply to my numerous emails. ITI wanted my account number at Interactive Brokers which makes me think they are working on the transfer. I wish them the best of luck and success with their effort and gave it to them. As for my ITI account it still shows "no data available" and I still cannot create a Phoenx. I have also submitted six cash transfer forms since 27 July 2020 with no results, which I now accept as normal. Otherwise I just continue praying. What else?