SVS Securities - shut down?

Standard_Goose

Danie6 said:

I have also got that clientam.com/sso/Login link by email from ITI to log into the Phoenix platform. It seems to be the same platform used by Interactive Brokers where I have opened an account. My Interactive Brokers login details have been saved on my computer and if I try to open the Phoenix it sends  me an OTP and then opens my Interactive Brokers account! When I override the IB details with the login ID and password received from ITI nothing happens, as can be expected of course.

I know it doesn't help, but I have also noticed the similarity. For me though there is no mixup with the saved login details.

I assume you don't have any AIM stocks, as Interactive Brokers don't deal with those, so (because I do have some) my transfer is no longer a straightforward 'whole account' transfer and i fear it could go on for months given ITIs inability to deal with even a straightforward one. I tried ringing the dealing line today to just sell them and reduce the complication but I can't get through.

I am going to start writing letters of complaint tonight, but am terrified that if the FCA or anyone else steps in that we'll be back to last July again.

My2penneth

Contacted ITI again this morning..the call chained down to the broker desk and they could not help me - I gave up and hung up. So, I tried again and eventually got through to a Mohammed at ITI who said to contact my broker and send the transfer request to him direct (this is what another of his colleagues said to do).   So, I contacted iWeb - they said that they sent the paperwork in hard copy on August 4th specifically because ITI Capital had told them they wouldn't accept the transfer requests by email! So, iWeb are going to send an email request and send out a hard copy by signed for recorded delivery. 

My2penneth

Standard_Goose said:

Danie6 said:

I have also got that clientam.com/sso/Login link by email from ITI to log into the Phoenix platform. It seems to be the same platform used by Interactive Brokers where I have opened an account. 

I know it doesn't help, but I have also noticed the similarity. For me though there is no mixup with the saved login details.

Sounds like you are both experienced in using the  trading platform. What visibility of dividends do you see when using the IB accounts? 

Standard_Goose

Just got off the phone with the dealer service who have now sold my AIM listed shares. When I mentioned that this was to smooth the transfer away he said "Are you sure you don't want to stay and give us a try?" He was a nice guy so i just bit my tongue as it's not his fault. He couldn't give me any details on any of the account issues such as missing dividends. I suspect it will all be reconciled when they put our accounts into the Phoenix system, but i've had that account for three weeks and they haven't put my details into it yet.

As soon as this money hits the account I will be doing a bank transfer request to get that part safe at least.

Annoyingly the share I sold is on the up and not one i would of otherwise sold, so if i rebuy i will have lost the selling fee £7.95, the buying fee at the other broker £10ish and the difference in the spread £270. Nearly £300 lost on one share! (and that's if it doesn't go up before I rebuy!)

rnf11

In the light of what seems to be a stalemate situation now with ITIC - whether staying or trying to leave - has anyone here established what the subsequent procedure is going to be if the account is reverted back to LC?

johnburman

See
https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644?ref=author/ramos

bnet

Yesterday I worte to that David Moss and he replied quickly after anticipating that at this point I had no other option than assume that this is a fraudulent act where my assets were taken out from me. 
He replied with the compliance and account management in copy saying that he will look into my case and...he had the guts to remit me to the bloody FAQ for further clarifications.

I am assuming that something went wrong with these guys and they aare just pretending that this is just a technical issue about to be solved. 
I requested a same day transfer of my cash and they are completely ignoring it.
I cannot unlock the process of on-boarding because of their technical issues.

My2penneth

My wife is transferring to ii. They emailed us again to highlight that ITI are holding up the transfer process. 

Nbs222

My2penneth : Were ii told  by ITIC to send transfer requests by post  as  well

My2penneth

Nbs222 said:

My2penneth : Were ii told  by ITIC to send transfer requests by post  as  well

difficult for me to say - they are my wife's accounts and they (of course) wouldn;t talk to me. I don't want to have to get my wife to phone them up.