SVS Securities - shut down?

Nbs222

talk talk & united utilities

My2penneth

One would think that if ITI were expecting to get shares populated into our Phoenix accounts by "this week", one or two of us might see our accounts starting to be updated by now? 

olderbutnowiser

Nbs222 said:

talk talk & united utilities

Well that's good. (My apologies, I think I asked this before!).

Just wondering if subsequently asking for a transfer out makes any difference? I have emailed ITI telling them that I have requested a transfer to HL (which HL have acknowledged) but nothing from ITI. My three dividends due since transfer are VOD, APF and NG, none of which have yet been credited.

johnburman

Olderbutnotwiser

I hope you have told the FCA about:

 My three dividends due since transfer are VOD, APF and NG, none of which have yet been credited.

This must be in breach of the CASS rules

Nbs222

My2penneth : maybe they are populating all the approved ones on Phoenix in the background , and come Monday we will all see it !.

But for me any statement  from ITI  on the status of the transfers received will be a big relief.

My2penneth

My Phoenix accounts have been open for quite some time now but are "empty".
I originally contacted the FCA on 12th Aug - I've just submitted another follow up call to the FCA about lack of reply from David Moss to my email of 12/08/20. I mentioned I'd tried the 8000 number (we were given 8001) 4 times yesterday and twice today but it is not answered.  
The FCA representative said that he would submit the info to the team looking into ITI.

shiznit76

olderbutnowiser said:

shiznit76 said:

Right on boarding is complete (finally) and have phoenix account created. So the share values for my holdings are wrong, or don't appear at all in my holdings. How do i go about rectifying this?

I think you just wait until ITI get around to doing it "manually line by line" by which time some of us will probably be pushing up the daisies!

Out of interest, on the RHS in green, how does your account read? Mine show "On-Boarding Approved" for both Qort  accounts and "Open" against both Phoenix accounts. One Qort account shows a reasonably accurate amount for the shares whilst the other only has the value of  one share showing. Both accounts show the cash transferred from LC but no subsequent dividends. Both Phoenix accounts show zero for shares and cash.

yeah snap on the accounts readings

shiznit76

i was speaking to someone at Iweb this morning about my transfer from ITI to them, he said they had been inundated with people wanting to transfer away from ITI. Just when it looks like ITI are managing to get things sorted, too little too late

johnburman

Of course people are leaving ITI in droves. Why would any ordinary XO Client stay with a specialist small expensive broker with a chequered past and a serious regulatory fine some years back. And that's before you realise that they can't actually do anything.... Well not 26 days after on boarding and increasing. And they don't answer the telephone. 
But 2 points 

1 what makes you think iti want you to stay 
2 how many people have actually transferred. Not want to but have done so. 
We need to make sure they action the transfers. We are coming to around 22 days since my request was SENT to ITI by the new broker... And no action from them so far. 

My2penneth

Let's assume that 14,000 clients transfer out and that they each have £100k of assets.  That's a loss to ITI of 14,000 x £250 on custody fees alone. That's £350k per year that they have kissed goodbye to. In addition they will have lost commission (dealing costs) on each buy/sell that we put through.