SVS Securities - shut down?

manted

My cash statement now has this line - Income/Write off profits on financial instrument.
I havent done any transactions - online or over the phone.

My2penneth

This is really concerning,  like me, I guess many are losing sleep over the worry that ITI Capital are going to "press the wrong button" and lose data. 

Fancy loading all external data into your OWN "on boarding" account and then not have a quick , robust method of transferring it to your OWN database of accounts other than  by manual line by line transfer. No wonder we are seeing errors.  

I'm concerned that ITI move my accounts to the requested broker but they screw up and do not transfer the full assets. On Friday, I noticed that 28 holdings were missing (before they reversed the partial transfers late Friday evening).  Are ITI Capital working over the weekend / Bank Holiday to try to resolve these issues?  

The only reliable information we have is the LC accounts ...everything else within ITI Capital's control appears to be a random number generator.

Note,  as far as trading goes, we are now in September! 

My2penneth

Just logged on to my wife's accounts, I can see positive and negative additions of shares..portfolio values are completely (and seriously - £100k in error) wrong. I wonder if ITI capital realise that the net value of a negative and a positive movement in values is zero!

As ITI Capital forgot to remove some shares from my wife's accounts, then the current value of her holdings is simply the value of the shares they forgot to move - the movements of the others effectively cancel each other out in value - see the example below!
( -£1434.64 + £1434.64 =...)

(example, part of a screenshot of my wife's account)

ronkswood

Everything seems to be in hand.  What`s the problem.

Quote from FSCS News Release 24th July
.
The Financial Services Compensation Scheme (FSCS) has been working closely with the Joint Special Administrators (JSAs) and their team at Leonard Curtis, who in turn have been working with the nominated broker ITI Capital Ltd to ensure a smooth transition for SVS clients. Clients’ money and assets were transferred from SVS to ITI Capital Ltd in June, which then set up clients' new accounts in its systems. 

moneytroll

Maybe I wouldn't pay too much attention to what the Qort accounts are showing...If you have a spreadsheet with all the details, refer to it instead. This is just an interface set up for the new clients. I think they are in the process of trasnferring stuff over to phoenix, once this is accomplished, it should be more straight forward as the system will update itself rather than someone having to do it manually. They obviously didn't test their onboarding system before running it. Trading seems to work over the phone. And some people (not me) were able to withdraw cash eventually (correct?) so hopefully next week or two, once the stuff is transferred to phoenix it should work...(hope springs eternal).

shiznit76

yeah, this forum has been a godsend, thanks for help, advice and info folks

shawdon

simp888 said:

Cash balance on my account showing at zero...which had cash in it in the last few days. Anyone else notice that there is no 'padlock' when logged into account and browser says connection to site is not fully secure !!!

Yes I can concur that when i am logged into my accounts they are "unpadlocked" and showing as "not secure"!
Surely this is evidence enough for the FCA to get involved more actively as the potential for more fraud/misconduct is huge!

shawdon

Wow ITI have excelled themselves this morning! Apart from the website being "not secure" 1 of my 5 accounts looks correct (by ITI standards, i.e. I still cannot see any dividend history or trade my shares as Phoenix is still blank), 2 of my 5 accounts are now showing as doubled up (yes everything is worth twice the correct figure) and the other 2 are completely blank again with £0 cash and £0 shares again!.
What a mess!

My2penneth

September beckons!

Nbs222

since 27-aug-20 every thing wrong

in one cash doubled up  , in other two  ISA accounts cash has disappeared completely , share holdings not correct .

Nothing consistent , is this from  a financial company !