SVS Securities - shut down?

MK62

In ITI's latest email....

After you have received access to your Phoenix Trading Account, it may take up to a week in order for your shares to become visible on this platform, at which point, you will be able to trade them electronically.....

This is simply not true - it's been 2 weeks now and my Phoenix account is still sat at zero.

Really annoying that that ITI are sending  "updates" out containing information they know isn't true......it undermines trust in anything they say now going forward.

My2penneth

I made a request to create a Phoenix account ( logged) on 26th July.... give it another day and that will be one month! 

ITI then created 2 Phoenix accounts for me on the 7th August
with the promise of a 2 day timescale - screenshot below. 
As of 25th August....none are ready for use,  none have been loaded with my shareholdings, they are empty! 

None of my wife's accounts are ready neither!

johnburman

You must tell the FCA that ITI CAPITAL are giving you inaccurate information. This is in breach of inter alia the Treating Clients Fairly regime. REPORT ITI to the Regulator

sweeter_strudel

MK62, 
Well said. ITI send meaningless updates that do not reflect the reality of what we are all experiencing. 
I have two Phoenix accounts stuck now for weeks in Pending. Random portfolio values shown on the ITI on-boarding page. No VOD dividend. No response to my brokers' requests to traansfer out. My personal details make out (incorrectly) I am anAmerican. I emailed them asking what documents they required since HooYu saw them all.

I also noted after HooYu using an insecure site to load our personal ID docs and info, the on-boarding page is also not on a secure site.
Most worryingly is that there appears, alongside no sensible updates, no perceptible progress to resolve issues.
My only hope appears to be my transfers out being processed. I have no idea where my requests are in the pile of 20,000 probable requests. I can only imagine the ITI mail room if this is done in paper!!

olderbutnowiser

Also they make no reference to dividends and why we can't see them now and whether or not we will see them when/if we get on the Phoenix platform.

ITI are clearly out of their depth in all this. I suspect that those who decide to stay with them will have full access to their assets a long time before those of us who are transferring away.

johnburman

This morning
No movements on transfers.
I have complained to (in addition to them and the FCA) this nice lady aisling.lynch@financial-ombudsman.org.uk.

Problem is that ITI have 8 weeks to respond to complaints before taking action.  Not good.  But at least start the ball rolling
AND
This morning no change on anything; no funds received but there is a change.  Their phone  after going through press 1 and then 1, now simply cuts out. Dead.  No voicemail. 

reg_capitulation

eastlondonkent said:

surprisingly I got my cash transfer into my UK account yesterday just after 2-3 days I emailed back my bank statement for ITI to action the transfer. Could it be my luck or it was a small amount less than a grand! Next is to get my share holding transfer to other platform, I agree with the other posts here, ITI would never get it right! 

You were lucky.  One of the family accounts has been waiting since the 31st.

reg_capitulation

johnburman said:

You have told the FCA haven't you. P S if DaVinci are not regulated by the FCA I'm not sure why they should be too concerned about this shambles 

I've written to Da Vinci.  The head chap (CEO, Managing Partner) at Da Vinci is the Chairman of ITI.  I have heard nothing, of course.
https://www.crunchbase.com/person/oleg-jelezko
https://www.zoominfo.com/p/Oleg-Jelezko/565658414
https://www.rbc.ru/interview/money/13/09/2016/57d7b39e9a794747dc808ec0

shawdon

Still no update from ITI but i do now have confidential information which confirms that the FCA will soon have no choice but to get very actively involved in resolving this debacle in favour of the poorly treated ex SVS clients. In the meantime as suggested by many others please complain directly to the FCA as the more of us who complain to them the more likely it is we will get a satisfactory resolution which of course means a full transfer of assets and cash to a proper broker. Here is an email i have just posted which you may use as a template:

Dear XXXXXXX,

I am one of the 20,000 very disgruntled ex SVS Securities clients whose assets and cash has been transferred to ITI Capital with the approval of the FCA and the FSCS.

More than one month after the transfer date of 23/7 I am still unable to access my assets or even see an accurate record of them on their platforms. ITI Capital ignore telephone calls, ignore emails, ignore on-line ticket requests and are completely ignoring all my attempts to communicate with them.

I have xx family accounts with them under x separate names and I have around £xm in shares at stake so I am very worried. I have requested a transfer to a new broker, Hargreaves Lansdown which has been completely ignored after many weeks of waiting. I am also still waiting for my Vodafone dividends to arrive which should have been paid on the 7th August. My dashboard is showing incorrect data as most of my shares are shown to be worth £0 and the cash figures are also completely incorrect.

There is also an issue with HMRC compliance as it is not possible to get a record from ITI of any dividends which have been paid and the cash transactions data on the dashboard is also blank. Finally there is no confirmation of the ISA status of my accounts, x of the xx of which are ISA approved and which are not recorded as ISA accounts on ITI systems.

Please can you confirm what action the FCA is planning to take specifically in reference to my complaint and also generally with the conduct of ITI Capital which appears to me to fall well short of the required and agreed standards.

Thank you

xxxxxxxx

masonic

johnburman said:

I have complained to (in addition to them and the FCA) this nice lady aisling.lynch@financial-ombudsman.org.uk.

Problem is that ITI have 8 weeks to respond to complaints before taking action.  Not good.  But at least start the ball rolling

This shouldn't be news to anyone reading this thread. I've been banging on about the 8 weeks to respond and suggesting people start the clock ticking for weeks. Complaints can be submitted directly to ITI, FOS only need to be involved at this stage if you need help writing your complaint to ITI.