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SVS Securities - shut down?

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Comments

  • My2penneth.
    "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."

    ITI didn't check if the database was compatible ?? That is pure incompetence.
    And if so they must have posted my info from SVS on to the Qort account line by line.  Are you saying they are now going to do it again on to the Phoenix platform ? Unbelievable !!!
  • My2penneth
    My2penneth Posts: 807 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 2 September 2020 at 2:37PM
    Last Thursday I checked my 4 Phoenix accounts. I noticed that they were all missing shares.

    Phoenix account #1
    One account had only 16 "instruments" loaded whereas there were 27 in the on boarded account. Today I noticed that the count had increased from 16 to 18.

    Phoenix account #2
    In another PX account, no shares had been transferred across from the on boarding account by Close of business last week. I was expecting  10 instruments. Today, I can see 7 of the 10 have been transferred to PX.

    Phoenix account #3
    Added an extra instrument (22 out of 24 now present)

    Phoenix account #4 
    no change from last week.

    It looks to me as though ITI are adding shares to our accounts by company rather than by account. So, today they might be adding say shares in Admiral, Astra-Zen, Barratt Dev  and tomorrow shares staring with the letter "c". 

    (£4k in cash is still missing from my wife's ISA account that was there until they started the messing with Phoenix accounts last week)





  • I have got the Phoenix log in details but am unable to log in (website is stuck on the log in page). Anyone managed to log in?
  • Nbs222
    Nbs222 Posts: 127 Forumite
    100 Posts Second Anniversary Name Dropper
    edited 2 September 2020 at 3:03PM
    we have 3 accounts.
    All  Phoenix accounts within 3 have no stock , and only one have cash. The ISA cash on Qort are no longer there .
    I am only looking at Phoenix account values from  iti login not Phoenix login, we haven't logged into Phoenix as the iti dashboard shows they are all empty.
  • I think ITI dashboard is useless and doesn't get updated. This is just to verify the assets from SVS. I understood the real account is the phoenix account
  • Nbs222
    Nbs222 Posts: 127 Forumite
    100 Posts Second Anniversary Name Dropper
    when you log into Phoenix accounts  can you update anything or is it read only .
  • I think ITI dashboard is useless and doesn't get updated. This is just to verify the assets from SVS. I understood the real account is the phoenix account
    I sold some shares , 4 lots actually, and it was updated . About a week later !! Brilliant. 
  • shawdon
    shawdon Posts: 80 Forumite
    10 Posts
    I still cannot access any of my 10 Phoenix accounts which does not surprise or worry me as I am 100% certain I want a transfer out to H.L. which is now 3 weeks on from initial request and David Moss has promised me it is being actioned but I am not holding my breath! Still showing most accounts are empty and worth £0!
  • Nbs222
    Nbs222 Posts: 127 Forumite
    100 Posts Second Anniversary Name Dropper
    edited 2 September 2020 at 3:59PM
    I just logged into Phoenix account ,  most of my stock holdings  and cash  are there, but then was disconnected  with message server temporarily  unavailable , so couldn't verify what is still missing.
    Thanks Moneytroll.
  • Just received this from the FOS it looks like its going to take them 4 months before they can start investigating, I really don't get this situation at all!

     Your complaint about ITI Capital Limited

    Thank you for contacting us. Here at the Financial Ombudsman Service it’s our job to give you a fair and impartial answer to your complaint. We know that making a complaint can sometimes be worrying and we’ll do all we can to help you.

    What happens next

    We try to resolve complaints as quickly as we can. But there’s currently a very high demand for our service – so it might take around four months before a case handler gets in touch with you and starts looking into your complaint. It could be more – or less – time than this, depending on what your complaint is about.

    To find out more about our timescales for different types of complaint, look at the how long it takes section on our website at www.financial-ombudsman.org.uk/how-long-it-takes. If you can’t access our website, call us on 0800 023 4567 – or write to us at our postal address.

    What you can do

    When a case handler gets in touch, they’ll want to get your side of the story. So you might find it helpful to keep a note of the events that led to your complaint – and to keep records of your communications with the business you’re complaining about. The case handler will also find that helpful when they speak to you in due course.

    If your circumstances change

    Please let us know straightaway if your circumstances change – or something happens that could affect your complaint. For example, if:

    • ITI Capital Limited makes an offer
    • There are any serious financial or health problems we should be aware of
    • There is a threat of legal action relating to the complaint

     

    You can do this by writing or by calling us on 0800 023 4567. If the situation’s urgent, we’ll do our best to speed things up.

    Let us know if you’d like us to contact you using a different format or language, quoting your reference xxxxxxxxxx

    And finally

    Once again, thank you for taking the time to get in touch with us. We’ll do everything to help you resolve your complaint just as quickly as we can. We have logged all the information you’ve sent us and will be in touch again just as soon as we have a case handler ready to look into your complaint.

    Thank you for your patience.

     

    Kind regards

     

    Mo Motiur Rahman Investigator | 02034875810

    Financial Ombudsman Service | Exchange Tower, London, E14 9SR

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