SVS Securities - shut down?

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.  

Carols101

I too have had £0.00 in my Phoenix account since opening on the 10th. Fingers crossed for this weekend. Bit worried that others seem to have more than one Phoenix account, as I only have one but had two SVS accounts. Trying to stay patient to allow them to get on with it, but it is wearing. Hope we all get our assets back ASAP. 

My2penneth

Here's an interesting one ! You can just make out the name of the company involved...

https://www.law360.com/financial-services-uk/articles/1302710/investors-sue-adviser-for-4m-over-flawed-trading-plan

"Investors are suing for breach of contract, negligence, breach of duty and misrepresentation. They're seeking £2.3 million in losses, £1.6 million in lost profits and interest.

ITI's attorney Graham Shear, head of commercial disputes at Bryan Cave Leighton Paisner LLP, called the suit "speculative" and vowed to fight the case. 

"The options trading strategy in question has already been considered by the Financial Ombudsman Service, resulting in no finding of wrongdoing by ITI Capital Limited and the company's position being upheld," Shear said in an emailed statement."

masonic

My2penneth said:

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. 

They've paid an acquisition cost, and invested resources into acquiring the accounts. When they decided to do that they would have known that a fair proportion of XO customers would wish to transfer out, especially given it was negotiated for them to be able to do so free of charge for a period of time. Every customer that transfers out will cost ITI, but the actual cost is not the opportunity cost of losing those custody and trading fees, which should never have entered the equation. The customers who they keep will need to be sufficiently profitable to offset the costs of this whole exercise. If ITI is not profitable at present, then I struggle to see how that could be so. Perhaps the XO clients are just inconveniently bundled with the real prize?

collin618

Hello looking for a little help or reassurance. I appear to be into ITI Capital for around £350k - £250k in a SIPP and the rest an ISA I've tried calling emailing creating tickets and I'm getting nowhere. It transpires that the IFA I was dealing with has sold up and the SIPP etc has moved to a new IFA that's only just learned of my existence.
I've filed a complaint with the FSCS re the ISA  and spoken to the new IFA who appears to be no better informed than myself.
I have no idea if I should look to reverse the on boarding and try an alternate provider but reading the comments here that option looks to be equally frustrating.  The only contact I've had is a text trying to push me into claiming with SJS any thoughts?

masonic

collin618 said:

Hello looking for a little help or reassurance. I appear to be into ITI Capital for around £350k - £250k in a SIPP and the rest an ISA I've tried calling emailing creating tickets and I'm getting nowhere. It transpires that the IFA I was dealing with has sold up and the SIPP etc has moved to a new IFA that's only just learned of my existence.
I've filed a complaint with the FSCS re the ISA  and spoken to the new IFA who appears to be no better informed than myself.

It's not clear from that what situation you actually find yourself in. Is the SIPP currently with ITI or is it missing, assumed transferred out before SVS went into administration?

collin618 said:

I have no idea if I should look to reverse the on boarding and try an alternate provider but reading the comments here that option looks to be equally frustrating.  The only contact I've had is a text trying to push me into claiming with SJS any thoughts?

Assuming your assets are all at ITI, then you're essentially in the same boat as everyone else. Personally I think transferring to an alternative provider yourself is going to be the least painful option vs. reversing the on boarding or trying to get your adviser to sort it out for you.

There has been evidence throughout this long thread of investors being contacted out of the blue by dubious organisations hoping to cash in on their misfortune. I'd be very wary of any unsolicited communications you receive. ITI has a complaints process, which grants you free access to a legally enforceable dispute resolution service, namely the Financial Ombudsman Service, which is simple to use and can be done by yourself with no legal advice. People in this thread will no doubt help anyone who needs assistance in constructing a good complaint.

Sheris

johnburman said:

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. 

Same story here and that's why the FCA and L&C should be questionable to there actions in the first place.
Still no reply from a email on Tuesday to ITI and again not able to to see my accounts. 
 

collin618

Thanks for the response masonic, the corporate finance bond corp 02/18/2021 5.95% is there but has no value other shares and cash are there with a value.
I'm told by the new IFA that the SIPP is with ITI but I have no idea why I appear to be excluded from being able to view this.
I'm just at a loss to understand how big a mess this is, and how little control is in place.
Should I be looking to professional advise, having said that, that's what I thought I had done when I was told to pull these funds from a company pension and a bank and put it with SVS.

snipkin

I finally received 7 'Trade Confirmation' pdf files from ITI today (Friday 21 August) from the seven telephone share sales I executed on Monday 17 August... So it took ITI four days (virtually to the hour) to get those documents out to me. At least they confirm I paid the 'SVS rate' of £7.95 per trade (which I forgot to request at the time). I am waiting for the resulting cash I withdrew to land in my bank account but I guess that won't be until next week now.

Following a telephone query to ITI yesterday about my Phoenix accounts - which I cannot access -.I also received a promised email around 10.00pm last night from ITI ('we have to do all this work after hours,' the man at ITI said on the phone) with new Pheonix passwords.

I opened one Phoenix account before I knew we were automatically being given Phoenix accounts so I now have three Phoenix accounts but only two share accounts - this seemed to be confusing the ITI man but he shrugged it off as a quirk in the system. Nevertheless, the new password he emailed me does not work. And the Phoenix account I can log in to is still 'pending' so there's nothing to see when I log in. Oh well,,, another week passes and still no actionable online access to my accounts.