SVS Securities - shut down?

adeel26

I dropped an email this afternoon to X-O regarding transfer of my assets. They replied back stating that they haven’t heard anything back from ITI and they still have transfers outstanding from July and have not heard back from them.
 
I sent one email to ITI asking about the transfer status last week but have heard nothing so far. 

My2penneth

I logged in earlier today and again a few minutes ago - the account values have moved again.  

Ravima

Still nothing heard from ITI. Complaint now sent to their compliance dept and will follow up with FSCS next week.  If we accept that 'first impressions last' it's not great, is it?

Michael_Reynolds

I still do not have my Phoenix account open, my valuation is wrong and most important of all I have five mssing dividends from June 24th which LC paid over. Today I finally received a reply Fri 21/8 to my most recent email. I quote "There is an issue with Phoenix which is currently being worked on to enable valuations to be accurate.  The live feed wasn’t operating correctly therefore providing inaccurate valuations. Our technical support team are currently working on it, Phoenix will be out of service until further notice.  We will update you as soon as the issue is resolved" I was shocked today to discover the ownership of ITI Capital!

masonic

collin618 said:

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.

My understanding is that the value of the Corporate Finance Bond Corp bonds has been written down to zero as they are illiquid and cannot be valued. The company is still active and it is unclear what loss (if any) will be suffered by the bondholders upon maturity. Having made the investment under advice, you would have a claim against your original adviser for any loss you subsequently suffer, and if your adviser is no longer in business the claim would be eligible for FSCS compensation for up to £85k (separate from any claim made for SVS administrators' fees).

Your options are to either engage with another adviser and task them with taking over control of the assets, or moving them to a new provider yourself taking advantage of the fee free exit terms, and then engaging with another adviser should you wish to do so at a later stage. Until the CFBL bond either repays or defaults, that money is effectively locked up as the bond cannot be traded. This will obviously limit what a new adviser can do for you. You could do nothing if you are happy with ITI's fees and just want to wait it out.

My2penneth

"Phoenix out of service until further notice?"
Filled full of confidence for Monday morning, then!
(The sooner my assets are transferred away from ITI the better!).

johnburman

adeel26 said:
I dropped an email this afternoon to X-O regarding transfer of my assets. They replied back stating that they haven’t heard anything back from ITI and they still have transfers outstanding from July and have not heard back from them.

This must be reported to the FCA  -make sure you do so.  This is in breach of the TREATING CLIENTS FAIRLY regime and is something that the Regulators should be told.  They need to investigate this.  and what about asking ITI for compensation for the delay?

My2penneth

"Message for Clients of SVS Securities updated 19/08/2020"
"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."

Has anyone seen their assets migrated? 

My2penneth

johnburman said:

adeel26 said:
I dropped an email this afternoon to X-O regarding transfer of my assets. They replied back stating that they haven’t heard anything back from ITI and they still have transfers outstanding from July and have not heard back from them.

This must be reported to the FCA  -make sure you do so.  This is in breach of the TREATING CLIENTS FAIRLY regime and is something that the Regulators should be told.  They need to investigate this.  and what about asking ITI for compensation for the delay?

The difficult bit would be to define/ quantify your loss for which you require compensation. 

MK62

My2penneth said:

"Message for Clients of SVS Securities updated 19/08/2020"
"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."

Has anyone seen their assets migrated? 

Just checked .......and it's still the same.....zip, nada, nothing.

You really couldn't make this up tbh.......

Part of me wants to wait it out and see just how long it actually does take, given that it's 4 weeks past the "live" date now, and ITI had a 6 week preparation period before that, which itself, IIRC, was after they had seen SVS accounts and agreed to the takeover of assets. It really makes me wonder just how much confidence I should have in "FCA Regulated"........