SVS Securities - shut down?

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?

rnf11

Movement!!

A dividend due on 28th August showed up on the SC a/c this morning - separate to the total cash. Which I regard as fair enough (in the circumstances) as it is over a BH w/e.

Sadly, still no sign of any life in the actioning of the already requested transfer out - both direct to ITIC from me and also as sent by the new (much preferred) broker....

rnf11

This has only just rolled in, an email from a "Andrey Baldin (Andrey.Baldin@iticapital.com)".

"I hope you are doing well. My name is Andrey and I am an investment adviser at ITI Capital. Following the migration of your account from SVS Securities to ITI Capital, I understand that you might have some questions regarding your account, our services, etc. Would you like to have a quick call to discuss this? I will be happy to answer your questions.

Kind regards,

Andrey"

I don't know whether to laugh or cry. Where do I start?? Clearly he is a salesman with nothing to do with the bits of ITIC causing all our problems.

Yet I smell a rat - was it not Beauforts and also SVS that ended up with mega issues on the advisory side. We all know what that led to.....

Oh well. Into Room 101 it goes.

Caveat Emptor.

Jools2001

Complaint gone in today to The Ombudman,
Had enough of this shower of Shiteeeee , with unsecure site, being the final straw!!

helencary

Received from LC. Certainly not the quickest!! Thank you for your email. The Joint Special Administrators ("JSAs") concluded that the quickest and most cost-effective way for Client Assets and Client Money to be returned to clients was by way of a transfer to a single broker regulated by the Financial Conduct Authority.

moneytroll

helencary said:

Received from LC. Certainly not the quickest!! Thank you for your email. The Joint Special Administrators ("JSAs") concluded that the quickest and most cost-effective way for Client Assets and Client Money to be returned to clients was by way of a transfer to a single broker regulated by the Financial Conduct Authority.

Quickest for whom? 

My2penneth

moneytroll said:

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?

Ages ago! One can log into Phoenix but there are errors ( missing shares) and cash balance is in error.

My2penneth

seeing some new names on this forum. It is surprising that the questions being asked are ones that have been discovered a long time ago ( but still unresolved). It makes me think that ITI still haven’t  allocated Phoenix accounts and that their progress is slow.