SVS Securities - shut down?

sweeter_strudel

Got this back from SVS in answer to my multiple complaints sent at the weekend. First one of three:

Lack of communications 
 I am sorry to hear that you have become frustrated at having not received a response to your correspondence with ITI. Please be advised that we have met regularly with ITI since the completion of the transfer on 23 July 2020 and have highlighted the importance to them of providing clients with responses as quickly as possible. ITI has been inundated with calls and emails since the transfer and are currently experiencing a significant backlog which they are working through as quickly as practicable. I last met with ITI on Tuesday [25 August 2020] at their London office and understand that they are recruiting additional resource to service the demand placed on their account management team since the transfer took place. I am travelling to London to meet with ITI again tomorrow and will bring your concerns to their attention.  We are aware of a number of technical difficulties which ITI faced following the transfer which had not been identified during the testing of their software prior to the transfer. ITI have assured us that a number of fixes have been implemented on their software systems and that they are in continual development with their software provider. We have asked on a number of occasions that ITI communicate with clients, and keep clients up to date on matters. Please be assured that we are trying our best to assist clients in this process, although it is ultimately only ITI that are in a position to resolve the issues that you and other clients are facing.

sweeter_strudel

Part 2:
you remain unhappy with the service provided by ITI, you may initiate a reverse transfer from ITI back to SVS. I should inform you however that initiating the transfer from ITI via your own chosen broker is likely to remain the quickest route to regaining access to your assets. A reverse transfer process will involve your assets first being re-transferred to the control of SVS from ITI following which we would have to receive the instructions from your nominated broker and facilitate the transfer to them. This is likely to be time consuming and I can only anticipate that it would result in a further delay to you. Please let me know if you wish to proceed with the reverse transfer option.

sweeter_strudel

Part 3
Complaint regarding the transfer of your assets to ITI

Not copying their reply.....too long, bit 100 potentials ended up at 3.... Then they said this:
The JSAs subsequently selected ITI as the preferred broker for the transfer and the terms of the proposed transfer were agreed between the parties (in the "Sale and Purchase Agreement"). The key factor in the JSAs' decision was the scope of the FCA permissions granted to ITI, which made ITI a suitable broker to receive, and deal with, the variety of Client Assets and Client Money held by the Company. Following the completion of this process, ITI was selected as the preferred broker by the JSAs without objection by the Financial Services Compensation Scheme (as member of the Creditors’ Committee) or the FCA. The Creditors' Committee were also consulted on the choice of ITI and raised no objection. The transfer to ITI was ultimately agreed by the High Court of Justice in England and Wales at a Court hearing on 7 May 2020.

manted

@sweeter_strudel - They have also posted a new progress report on the website.
https://www.leonardcurtis.co.uk/wp-content/uploads/2020/08/Joint-Special-Administrators-Second-Progress-Report.pdf
Basically, it looks like they are saying we chose ITI and the FCA and FSCS agreed to the choice.

olderbutnowiser

@My2penneth Since I have never logged into my two phoenix accounts, I can assure you that if I do have a U number it is not visible to me. I do not intend to trade with ITI; I just want out of this mess.

olderbutnowiser

@sweeter_strudel  Thanks for the update. I must say I was considering a reverse transfer myself but it looks like LC are discouraging us doing this - no doubt it would be extra work for them.

olderbutnowiser

It's very strange that the cash transferred by LC has disappeared recently from my Qort accounts. As mentioned above, I have never tried to access my Phoenix accounts (creating yet more logins, !!!!!!). For those that do have access to them, has the cash been transferred there by any chance? It's a bit disconcerting because the shares and the new divis (except VOD) seem to be shown at various times but why would the cash lump sums suddenly disappear?

My2penneth

I couldn't see ITI processing a reverse transfer request any quicker than a transfer to a new broker.  Why would they prioritise a reverse transfer?
I think we effectively are forced to wait until ITI transfer our accounts.

A reverse transfer would only give Leonard Curtis hassle ( deserved) but we ultimately lose out time wise. 

Nbs222

I don't understand  why a simple process of transferring/copying data from their Qort to Phoenix  is made so complicated  , both of them   after all  are their internal systems , it should be a simple interface . Why can't  they start working on transfers received from other brokers.

moneytroll

Regarding looking at the Qort accounts, I received the following reply:
"Unfortunately you are looking at the onboarding platform which was for verification purposes and not a dealing platform. The phoenix platform is our dealing platform where all your assets will be transferred to shortly, once moved there is a live data feed and your Net liquidation value and balances will be accurate. Apologies for the delay."
Has anyone received credentials for the Phoenix accounts and do they work?