SVS Securities - shut down?

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"

Icyberg

Extract from ITI Capital email dated 28th July. 
We would like to assure you, that your assets and money have been transferred to ITI Capital and are secure.
We are committed to having all of these issues resolved as soon as possible and expect to have a resolution in the next 24 to 48 hours.
Secure ? 'Inaccessible for the foreseeable future'. would have been more appropriate.

snipkin

johnburman said: "I have learnt one thing. Don't ever use one broker use several  [...] And you complain!"
I will complain to the FCA using the draft complaint letter as a starting template posted by shawdon on page 298 - which is very useful starting point.

By the way shawdon said (my italics): "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.". So perhaps something will happen. But I hope whatever action is taken does not result in another long period of no access to our shares when we are on the brink (one assumes, one hopes) of getting that..

I agree with johnburman - I too have learnt my lesson the hard way - I must spread my investments across several brokers - I intend to use three now and have opened accounts (Jarvis, IWeb, HL) ready and waiting for when I can get hold my of my cash and, later, my ISA share account (for which I have requested a broker transfer with HL but heard nothing yet).