SVS Securities - shut down?

My2penneth

I should add - my on boarding accounts show the correct shares in terms of what they are and qtys. When I log in to Phoenxi using the ititixxxx numbers it is as if they got half way through transferring the data and went for a tea break and then came back and forgot to carry on.  

Halty2

Now into the 4th week since my wife and I put in a withdrawl request for our cash from our joint account and so far nothing. Despite the promt action of our chosen broker to transfer our shares out we still have no access to them. I have put a review on trustpilot and sent a complaint to FCA, not sure if it will do any good but it made me feel better in what seems like a helples situation!

rebea

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...

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.