SVS Securities - shut down?

Icyberg

Just read this on FTadviser dated 14th August. I'm actually laughing, although I should really be crying.

A spokesperson for ITI Capital told FTAdviser the delays were the result of "teething issues" during the transition period, but these had now been resolved. 

The spokesperson added: "These were largely due to unforeseen circumstances caused by the Covid-19 outbreak.

"Our team has been working around the clock and has already resolved these technical issues, as well as increasing our back-office resources.

"We would like to reassure customers that any concerns will be swiftly addressed and service will now resume as normal."

My2penneth

sweeter_strudel said:

My2Penneth
My initial jealousy that you had a Phoenix account with SVS shares inside it was tempered when I read on and discovered your posts that followed all detailing the errors and omissions.....
Time for a gazillion complaints to be sent.

You can have my spare PX account if you want!  

sweetsand

You guys need to complain to the financial services ombudsman, the more of you complain the better then claim for the upset, waste of time that you've had to encouter. This makes a fiasco look like that was did well well.

moneytroll

sweetsand said:

You guys need to complain to the financial services ombudsman, the more of you complain the better then claim for the upset, waste of time that you've had to encouter. This makes a fiasco look like that was did well well.

Yes, but also the more chance for the regulator to shut them down and then wait another year...It seems things are happening, albeit very slowly. I managed to do a few trades over the phone to test the waters. I noticed as soon as there's any change in balance, the Qort accounts balance goes to zero (until someone manually corrects it). I think they are moving things over to Phoenix from the sounds of it. Has anyone got their log in details yet? Are they working?

Danie6

pafpcg said:

Danie6 said:

moneytroll said:

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...

I'm the lucky guy who got transferred out. I opened the process with Interactive Brokers around the 4th August and got a note from them to say I must contact ITI asking them to contact IB to arrange the transfer. I then mailed the note with IB details to ITI on 15th August and on 18 August the transfer was done. I can't believe my luck and just wish I have also included my cash at the same time.

If I recall correctly, Danie6 had a different approach from the beginning by opening an account at ITI prior to July 23rd.  Could this explain the "luck"?

That could be possible. The division that did my transfer was transfers@iticapital.com and appeared quite capable. Perhaps due to some new skilled employees. The accountmanagement@iticapital.com and customerservice@iticapital.com ignore me like the plague and I have also not seen any record of my assets at ITI at all.  My impression is that the creation of onboarding accounts and Phoenix are totally unnecessary and a waste of time and money.

Nbs222

Danie6 said:

» show previous quotes

I'm the lucky guy who got transferred out. I opened the process with Interactive Brokers around the 4th August

Didn't you select the  option 'NO'  initially when boarding ,  if so ,  may be that   triggered the transfers , just guessing.

Anyway all our accounts boarding (Qort) and PX  are  now showing zero values , in the morning they were all wrong but had some values , the stock holdings  i.e number of stocks were one third of what it should be  and all the cash had disappeared.

sweetsand

moneytroll said:

sweetsand said:

You guys need to complain to the financial services ombudsman, the more of you complain the better then claim for the upset, waste of time that you've had to encouter. This makes a fiasco look like that was did well well.

Yes, but also the more chance for the regulator to shut them down and then wait another year...It seems things are happening, albeit very slowly. I managed to do a few trades over the phone to test the waters. I noticed as soon as there's any change in balance, the Qort accounts balance goes to zero (until someone manually corrects it). I think they are moving things over to Phoenix from the sounds of it. Has anyone got their log in details yet? Are they working?

Not really. If itic were that easy to "shut down" then there are bigger problems. I therefore urge all to complain to the fincial services ombudsman and make sure you claim compo for your time, worry, stress, etc, etc

johnburman

We dont want them shut down but what we want i senough staff to deal with the transfers out; the manual trades, the cash in and especially out, and eventually to upload to a platform that works.  Their FX platform is said to be very good I understand.  Their share delaing one less so.  it can not even electronically sendmoney in or out...you have to fill in a form.  The point is to complain to the FCA.  They are monitoring ITI.  when the question is asked...how many transfers, and ITI say "a few" and how many have been completed.  And they say "a few" the FCA will have our complaints to know a) that is not true and b) it is chaos and c) maybe then need 75 extra staff over the bank holiday to sort things out.
 Or I am being too naive? 

julesone44

It's the Friday afternoon before the bank holiday and I see that both of my ITI Capital accounts on their own website as well as Phoenix have been emptied.  No transaction history, nothing.  Rang my broker iWeb in the hope that ITI has transferred the stocks and cash across from an request made on 30th July, but they replied they have not had any response to their Valuation request sent to ITI on 3rd August.  Now getting worried I tried to talk to someone at ITI, but they are not answering their phones so left have left messages.  Not a very good start to the Bank Holiday weekend.  :-(

moneytroll

sweetsand said:

moneytroll said:

sweetsand said:

You guys need to complain to the financial services ombudsman, the more of you complain the better then claim for the upset, waste of time that you've had to encouter. This makes a fiasco look like that was did well well.

Yes, but also the more chance for the regulator to shut them down and then wait another year...It seems things are happening, albeit very slowly. I managed to do a few trades over the phone to test the waters. I noticed as soon as there's any change in balance, the Qort accounts balance goes to zero (until someone manually corrects it). I think they are moving things over to Phoenix from the sounds of it. Has anyone got their log in details yet? Are they working?

Not really. If itic were that easy to "shut down" then there are bigger problems. I therefore urge all to complain to the fincial services ombudsman and make sure you claim compo for your time, worry, stress, etc, etc

What problems could be bigger than not being able to access any of your assets/cash?