SVS Securities - shut down?

Sheris

Standard_Goose said:

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!)

Shocking news for you

Sheris

rnf11 said:

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?

Maybe the only wise thing to do at this moment, always easy to look back and say I wish I did this and that.  

Standard_Goose

Why would ii not deal with AIM shares? 

It's Interactive Brokers not Interactive Investor, but yes I was as surprised as you. I can trade almost any exchange in the world with them, but not the AIM.

My2penneth

Updated message from ITI dated 25th August....see website. 
( telling us information that we have gleaned already).
All I want to know now is when are mine and the wife's being moved?
I note the following 
"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.."

Well that's not true is it?

johnburman

Anybody 
1 received a contract note for a share transaction done manually by their trading desk, or
2. been transferred out of iti to a new broker?

In my case no for a transaction done last week and no for a request made and received by iti at the end of July. 

By the above what specific FCA or stock exchange rules are they breaking? 

My2penneth

No and No to both.
Certainly the contract note should be added to the FCA complaint list.

Michael_Reynolds

JOHN BURMAN. WHY DO YOU KEEP TELL US ALL TO COMPLAIN TO THE FCA OVER AND OVER AGAIN? THERE ISN'T ANY FACILITY TO COMPLAIN DIRECT TO THE FCA OTHER THAN VIA THE OMBUDSMAN.

snipkin

johnburman said:

Anybody 
1 received a contract note for a share transaction done manually by their trading desk, or
2. been transferred out of iti to a new broker?

I did seven telephone sales last Monday (17 August) via the telephone number 0203 889 8355 which seems to be answered (or was last week) very quickly. I received the contract notes by email on Friday (21 August) - 4 days later.
I then applied to withdraw around 90% of the resulting cash (which is into six figures) but as yet, four business days later, there is no indication of it coming into my bank account, so I am now a little nervous about whether that is going to arrive...

johnburman

Listen snipkin you got through on the phone. You transacted business and you got contact notes. So you haven't got any cash. And you complain!! 

I can't get through on the phone (but will try your number) and when I did last week I did transact business but have not got any contact notes. And my request for cash has been ignored. As has my request to transfer to a new broker.

I have learnt one thing. Don't ever use one broker use several. 

My2penneth

snipkin said
"I then applied to withdraw around 90% of the resulting cash (which is into six figures) but as yet, four business days later, there is no indication of it coming into my bank account, so I am now a little nervous about whether that is going to arrive"