SVS Securities - shut down?

9406824

4 weeks later and as far I I’m know not one person has been able to trade thru the Phoenix platform.

frustration is an understatement.

My2penneth

When we do eventually get access to Phoenix ( accounts migrated across)...what are we going to find? 
I'm guessing  that we will get basic trading abilities soon ( Monday next week) but then we will see other issues...such as " where's the dividends?".  I'm also going to be checking  any accounts in Phoenix for errors as they have been keyed in manually.  

My2penneth

Updated msg on the ITI website 

An extract...

"Assets on to the Trading Platform (Phoenix) – this is separate exercise for our operational team -  the line by line reconciliation of the assets on to the trading platform is in progress for those customers who have successfully passed account verification, they should start seeing their assets migrated on to the trading platform within this week."

"We recognise a number of clients have not been able to reach us and our responses back to your emails are taking longer than normal."    

"We would like to thank you for your patience and we look forward to serving you as a customer of ITI Capital."

olderbutnowiser

We can now add National Grid to the list of missing dividends. What a shambles!

Standard_Goose

leonde said:I raised a ticket with them on the 24th July about them missing two letters from my forename (as displayed within my account), and they replied and sorted it out within three hours. Unfortunately, within the last few days it is gone back to how it was before. (My name actually appears correctly on the 'Master Accounts' page.

I too have experienced the exact same issue (apart from my name is again incorrect everywhere on the site)

EDIT: I have found the master account page and my name is correct on there.

I have raised several tickets in the support centre, but I believe they have not been looked at (like others are reporting).

I originally had issues with uploading documents but those eventually resolved one day a couple of weeks ago. Yesterday I received a reply to my original email about that telling me what to do with my documents - So I'm guessing they didn't even look at my account and see that I was already fully on-boarded. Annoying that they are dealing with issues that are already resolved, but ignoring our desperate requests to transfer our assets away.

rnf11

Dividends. More fuel to the fire...

Message from LC yesterday re "missing" VOD divi; LC stated it was received on the 7th and subsequently passed on to ITIC (and also stating an awareness of ITIC's "problems").

So it should be there - somewhere.

Looking forward - if and when the a/c transfers out do actually happen, I foresee a tedious long haul chasing up "missing" dividends during and just after that process.

My2penneth

rnf11 said:

Dividends. More fuel to the fire...

Message from LC yesterday re "missing VOD divi,. LC stated it was received on the 7th and subsequently passed on to ITIC (and also stating an awareness of ITIC's "problems").

So it should be there - somewhere.

Looking forward - if and when the a/c transfers out do actually happen, I foresee a tedious long haul chasing up "missing" dividends during and just after that process.

ITI Capital MUST have full traceability on dividends received for several reasons...
(i) the dividends belong to their clients - failure to ringfence dividends means FCA get involved.
(ii) If dividends are missing - how do clients make declarations to HMRC (and you really don't want HMRC on your case!)
(iii) ensuring publicity in the papers would not be good for business.

(I actually think that the dividend collection and distribution aspects are something that ITI might not currently have in place and they are working with their software providers to resolve the issue .....we shall see).

rnf11

My2penneth said:
(i) the dividends belong to their clients - failure to ringfence dividends means FCA get involved.
(ii) If dividends are missing - how do clients make declarations to HMRC (and you really don't want HMRC on your case!)
(iii) ensuring publicity in the papers would not be good for business.

(I actually think that the dividend collection and distribution aspects are something that ITI might not currently have in place and they are working with their software providers to resolve the issue .....we shall see).

Can't help but wonder whether HMRC might be keeping an eye on ITIC for their own reasons already...

Surely if ITIC was previously offering clients a stocks and shares dealing facility then there would already have been a dividends distribution programme in place.

Looking more and more as though ITIC have misrepresented their abilities to all concerned.

My2penneth

Within Phoenix there seems to be an option to create a custom "Report" - maybe this is the way to get the dividend and cash movement data (I can't tell as I have no data in Phoenix at the moment!) ?

One selects what info one wants from a list and then saves the report under a unique name. There is then a small arrow (I'm not showing that on the screenshot) that you press to run the report. 

The question I would have, what about transactions in the  transition period between LC saying "goodbye" and our PX account (maybe!) going live in the next few days - what happens to all that info - where is the info - by this I  mean cash movements in or out or dividends received?

olderbutnowiser

rnf11 said:

Dividends. More fuel to the fire...

Message from LC yesterday re "missing" VOD divi; LC stated it was received on the 7th and subsequently passed on to ITIC (and also stating an awareness of ITIC's "problems").

So it should be there - somewhere.

Looking forward - if and when the a/c transfers out do actually happen, I foresee a tedious long haul chasing up "missing" dividends during and just after that process.

That's exactly what I have feared all along. I have found LC diligent in accounting for all the dividends over the past 12 months but am fearful of the mess that we will now find ourselves in for the foreseeable future. ITIC should never have been appointed - they are not fit for purpose.