SVS Securities - shut down?

My2penneth

rebea said:

My update is
Finally yesterday (27 Aug.) had confirmation email from ITI that my "onboarding was confirmed"
Onboarding took place 7 Aug...
So now I guess my real problems are just about to begin!!
Still no response from FCA.... My first complaint sent to them 6 days ago and followed up by me 2 days ago.
Good fortune to all...

Why has on boarding taken so long, most folk here were " on boarded" a month ago! Are you a hi frequency trader ?

rebea

My2penneth said:

rebea said:

My update is
Finally yesterday (27 Aug.) had confirmation email from ITI that my "onboarding was confirmed"
Onboarding took place 7 Aug...
So now I guess my real problems are just about to begin!!
Still no response from FCA.... My first complaint sent to them 6 days ago and followed up by me 2 days ago.
Good fortune to all...

Why has on boarding taken so long, most folk here were " on boarded" a month ago! Are you a hi frequency trader ?

No not at all. I guess I just got lost at the bottom of the heap.

moneytroll

Can someone enlighten me:
1. why does one need a "Phoenix" account? Why can't you trade from the 'regular' one?
2. How can their existing clients stand this if everything is moving at a snail's pace (or no pace at all).
3. Has anyone managed to transfer their holdings to another broker? I put in my request to withdraw cash over a week ago (nothing). I put in a request with my other broker to transfer (no change so far).
4. How long will it take till the regulator has to step in? (8 weeks?) 

My2penneth

moneytroll said:

Can someone enlighten me:
1. why does one need a "Phoenix" account? Why can't you trade from the 'regular' one?
2. How can their existing clients stand this if everything is moving at a snail's pace (or no pace at all).
3. Has anyone managed to transfer their holdings to another broker? I put in my request to withdraw cash over a week ago (nothing). I put in a request with my other broker to transfer (no change so far).
4. How long will it take till the regulator has to step in? (8 weeks?) 

1. the account you have at the moment is a temporary "on boarding account" - why ITI did this appears to be because they didn't have the IT systems in place to load our ex-SVS holdings directly into Phoenix - that's my guess. (the SVS database was to an old standard that only they used - that must have come as a surprise to ITI )
2. We've complained to ITI, FCA and FOS.
3. Only one person has reported a transfer has been carried out.
4. Not sure.... maybe they have already (verbally)?

sweetsand

You guys need to report to the financial services ombudsman, takes time but they will then see a lot of you are having problems and address this fiasco.

My2penneth

At the moment, across 4 accounts, I am "missing" 28 shareholdings (by shareholding, I mean a holding in a single company).

johnburman

Everybody needs to individually report their own problems with ITI to the FCA and FOS. And ask for compensation from the FOS. 
This is not teething troubles this is a meltdown. We should have access to funds and assets from 23 July and all transfers out completed by now. Instead look at the position. 

moneytroll

3. Only one person has reported a transfer has been carried out.

Oh really? So it's actually not totally out of the realms of this world? Any idea how long it took for them and which broker it was? Did they have to onboard first or have they rejected? Perhaps the mistake I made is that I tried to continue onboarding thinking it will all be fine...

My2penneth

Have folk tried logging on using the ititi accounts rather than the iti accounts...?

(if the result is anything like my accounts, then the sh1tstorm will really begin)

My2penneth

i'd urge folk to print out a copy of all their holdings into a pdf file "for evidence". All my on boarding accounts are showing zero cash and zero holdings - except for 2 purchases I made after being on boarded, Until today they were invisible and now they are showing up in the transaction history. 

I also note that if one clicks on the CASH statement - a list of transactions now appears (well, on one of the accounts !)...and I can see I've been charged the full rate.