SVS Securities - shut down?

t237

For those that have access to Phoenix and it shows your holdings correctly, did you have to request this specifically from ITI? Mine are not working but I don't know if they are already fixing it and there's no point adding to their list of complaints.

t237

rnf11 said:

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....

Are you seeing the dividend on Phoenix? How do you access this information?

rugby7170

My2penneth said:

rugby7170 said:

shiznit76 said:

rugby7170 said:

My account now says "Onboarding approved ". But what does that mean ?

passed their security checks and now can get a Phoenix account set up, as i understand it anyway

I've had a Phoenix account for about 3 weeks with all my shares properly listed. I want to be able to deal online. 

@Rugby7170
How did you get a Phoenix account 3 weeks ago , fully listed   but then you say that you've just got on boarding approved? 

Normally you get the on boarding account ..ITI xxxx and password and this is a holding account. Once this is approved you eventually get a Phoenix account where your holding account details are copied over to Phoenix. 

Then you get a Phoenix account ( PX) for each one of your holding accounts...so you mihht have a Phoenix account for your ISA and another for your non ISA.

 The login for the Phoenix accounts is ( lowercase) ititi xxxxx and a password, where xxxx is a number. The login for the onboarding is uppercase (ITI xxxx). 

Is that your understanding of things? 

It looks like I'm as confused as most people !!
It seems I have a Qort account with my SC number, password ITIxxxx and it lists all my stuff correctly. It also says "Onboarding approved". So that's why I assumed it was a Phoenix account.  
But on looking at my portfolio I see I have 2 (why 2?) Phoenix accounts with zero balances. 
So what next ? I guess I have to wait for them to transfer the Qort account to one of my Phoenix accounts ?? 

But I have traded by phone, got the money sent back, and contract notes. 

My2penneth

ITI automatically assigned Phoenix accounts to many  on boarded accounts on August 6th ( from memory). However , since then,  there has been little positive progress.  My shareholdings were partially moved into Phoenix and then removed from Phoenix. Naturally,  once I saw shares appearing in Phoenix I looked to see what other info was available ( cash balance,  dividends  etc). Whilst I could see a cash balance reported, info on dividends (who paid what and when) was not apparent. This was last Thursday......then things really went to pot (negative shareholdings in the in boarding accounts which cancelled out the value of a shareholding, duplicate accounts listed, cash balance reported as twice the amount as we now had twice the number of accounts. I mentioned that some shares were not transfered to Phoenix.  The value of the shareholdings was the aggregate of these shares that had not been transferred as the value of the others had been cancelled off by the negative shares (eg if I had 100 shares of Company X in my account from SVS,  ITI applied a -100 share addition to the portfolio ...thus the shares were worthless. Only the shares which were not transferred to Phoenix had any value!)

My2penneth

rugby7170 said:

My2penneth said:

rugby7170 said:

shiznit76 said:

rugby7170 said:

My account now says "Onboarding approved ". But what does that mean ?

passed their security checks and now can get a Phoenix account set up, as i understand it anyway

I've had a Phoenix account for about 3 weeks with all my shares properly listed. I want to be able to deal online. 

@Rugby7170
How did you get a Phoenix account 3 weeks ago , fully listed   but then you say that you've just got on boarding approved? 

Normally you get the on boarding account ..ITI xxxx and password and this is a holding account. Once this is approved you eventually get a Phoenix account where your holding account details are copied over to Phoenix. 

Then you get a Phoenix account ( PX) for each one of your holding accounts...so you mihht have a Phoenix account for your ISA and another for your non ISA.

 The login for the Phoenix accounts is ( lowercase) ititi xxxxx and a password, where xxxx is a number. The login for the onboarding is uppercase (ITI xxxx). 

Is that your understanding of things? 

It looks like I'm as confused as most people !!
It seems I have a Qort account with my SC number, password ITIxxxx and it lists all my stuff correctly. It also says "Onboarding approved". So that's why I assumed it was a Phoenix account.  
But on looking at my portfolio I see I have 2 (why 2?) Phoenix accounts with zero balances. 
So what next ? I guess I have to wait for them to transfer the Qort account to one of my Phoenix accounts ?? 

But I have traded by phone, got the money sent back, and contract notes. 

The "Qort" account is for on boarding.  ITI have to manually transfer all your shares line by line to a Phoenix account. You will get an email from them with an ititi number and a temporary password. 

You should receive one Phoenix account for every SVS account...by this I mean, one for your ex SVS ISA and one for your non ISA. 
If you have more than one account, I'd recommend noting it all in a spreadsheet.  Some folk have 10 accounts. So, we have passwords for both Qort (ITIxxxx) and Phoenix (ititi yyyy) accounts
. 
I also traded by phone after on boarding was approved....the shares purchased appeared in my on boarding account about a week later. I did not get contract notes.  I found out they charged me the full cost  last Thursday when, all of a sudden,  "ALL" that was visible was info on the shares I bought via the broker telephone line.  I was told contract notes were not available. 

Welcome to this World of confusion! 

(The sooner we are transferred out the better!)

I should add, I was on boarded by end of July. For near on a month,  my on boarded accounts didn't change and all holdings were 100% correct although cash balance and dividends was anyones guess.  Then all went to pot last week. 

The manual transfers " team" ( 5 people? ) probably have 5 or 6 solid weeks of effort to transfer accounts ( I did some fag packet calcs many pages ago). I expected mistakes if they are doing this transfer line by line for 35 hours per week. The SVS database was not compatible with ITI's. ITI apparently did not know this, thus they could not simply data load our accounts.  I heard that SVS were on an old industry standard database and were the only company using it.

johnburman

Interested to hear of your contract notes story. I didn't get one for around 9 days and then after a reminder I got one... With the right share and right number but the wrong price. Sent off complaint and am awaiting corrected note. I have NEVER known a broker to make such an error. Something is very wrong in the world of ITI Capital.
As you say as soon as I am transferred out the better, but the request went in 5 weeks ago and nothing has happened. 

My2penneth

johnburman said:

Interested to hear of your contract notes story. I didn't get one for around 9 days and then after a reminder I got one... With the right share and right number but the wrong price. Sent off complaint and am awaiting corrected note. I have NEVER known a broker to make such an error. Something is very wrong in the world of ITI Capital.
As you say as soon as I am transferred out the better, but the request went in 5 weeks ago and nothing has happened. 

Yeah, saw that ( £11 per share cost £18 ...what the deuce?).

Speaking with an iWeb representative yesterday,  they reckon one of my accounts ( of two) has moved on to the next stage of transfer ( valuation).  I asked the iWeb guy to make a note in the file that there might be errors...which he did. If there were errors, he said iWeb would work with ITI to resolve. 

Wonder why one account (my non ISA) is more advanced than the other....oh, well, am I REALLY surprised? 

TBH..if ITI transfer over the shares correctly to iWeb, my gast will be flabbered!

rnf11

Share Soc have now published and added muscle to our campaign:-

"I have written previously about the collapse of brokerage SVS Securities, here: https://www.sharesoc.org/blog/insolvency-and-administration/an-update-on-svs-securities/ and here: https://www.sharesoc.org/blog/brokers/another-update-on-the-svs-special-administration/

Since my last post on this topic, things have gone from bad to worse. Not only has the transfer of assets from SVS to a new broker taken an inordinate amount of time, but the choice of broker to receive those assets seems questionable, to say the least. This debacle has been covered by press articles, here: https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644 and here: https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/

More recently, ShareSoc has been contacted by former SVS clients who have still been unable to access their assets, more than a year since SVS’s collapse.

A firm called ITI Capital is the broker selected by the administrator, Leonard Curtis, to receive the assets of former SVS clients, and approved for that purpose by the FCA. Now, I have never heard of ITI and its principals appear to be Russian. SVS clients report that despite assurances that they would regain access to their assets by 24th July, they have still not been able to do so, nor has ITI responded to their complaints and requests.

SVS clients have written directly to the FCA, complaining about these matters. I have also written to senior FCA managers, on behalf of ShareSoc and its members, expressing concern and demanding prompt action to resolve the problems that SVS clients are still experiencing. We have also seen complaints that the client pages on ITI’s website are insecure, not using SSL encrypted protection.

The FCA is responsible for approving the transfer of assets and I find it incomprehensible that a transfer to an obscure Russian controlled broker, that seems incapable of offering acceptable service levels to SVS’s beleaguered  clients, was approved.

We have not so far had a response from the FCA and ShareSoc will seek to escalate this matter through parliamentary channels if a satisfactory resolution doesn’t occur soon.

This chain of events raises further questions about the fitness for purpose of the Special Administration Regime and about intermediation of shareholdings.

Mark Bentley, Director, ShareSoc."

rnf11

t237 said:

rnf11 said:

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....

Are you seeing the dividend on Phoenix? How do you access this information?

Nope, not going the onboarding/Phoenix etc route after seeing all the comments about the unholy mess the whole process has turned out to be.

In the original ITI SCxxxxxx accounts as displayed at the point of receipt from LC, I now see a separate cash item which represents the expected dividend amount - which was due late last week. However, the stock to which it relates is not there identified.

My2penneth

Has anyone had any negative cash balances( shown in red)....shown separate to a positive cash amount?