SVS Securities - shut down?

shiznit76

are people managing to transfer their cash holdings out alright, or are they taking an age too?

gibson81

shiznit76 said:

are people managing to transfer their cash holdings out alright, or are they taking an age too?

I managed two cash withdrawals in early August. This is probably before they became overwhelmed with other requests...

johnburman

Complain to
Deputy Default Official
London Stock Exchange 
Mr Dagmar Banton
Email
dbanton@lseg.com

Now I don't know what stock exchange rules iti are breaking but my guess is quite a few. He says that he has already taken up the matter of my complaint with LC and ITI. We will see if that is the case. But let the LSE know what one of their members is doing. 

And a sad sorry response from the FOS. THEY ARE TOO SLOW to be of help to us. 

My2penneth

rugby7170 said:

 Are you saying they are now going to do it again on to the Phoenix platform ? Unbelievable !!!

Exactly that...line by line. What tickles me is that they loaded the shareholdings onto THEIR on-boarding account and now they are transferring self same data  to THEIR  Phoenix database. 
Daft!

My2penneth

The FOS  should be made aware of a " time sensitivity ".....that is, soon ITI will want to be ( unfairly) charging custody fees...( I can hear the cries of anger!). 

I mentioned to nbs that what you can see via the on boarding account does not necessarily reflect what can be seen if one logs into Phoenix using the ititi number login. 

One other note, I bought some shares via the broker.  After a week or so, they appeared in the on boarding account.  The buy was at the start of August.

Nbs222

I have now logged into two of the phoenix accounts , 75% of the stock holdings and cash are there. Cash seems correct but have to verify.

There is no indication if  an account is ISA or not.

Icyberg

rugby7170 said:

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 !!!

So if this is what actually happened, then ITI Capital's head of IT has to held to account for this fiasco. The best course of action would have been for their 'Customer Services' to have immediately come clean as to the true situation. Whatever credibility ITI Capital may has had prior to taking this task on has most certainly disappeared now.

My2penneth

Remember to complain on the ITI website where one can leave a review.

sweeter_strudel

Got a response of lots of fluff from the FCA when I complained about ITI. There was this chewy paragraph in the middle which is Covid compliant - ie  Lots of handwashing:


How ITI was selected as the preferred purchaser

The FCA did not select the purchaser of the SVS book. This was a decision made by the Joint Special Administrators (‘JSAs’), Leonard Curtis Business Rescue & Recovery.

The FCA reviewed the regulatory history for each firm presented to us by the JSAs as having an interest in taking on the SVS book of business, and we discussed each of these firms with the JSAs. Ultimately, this was a decision for the JSAs after consultation with the creditors’ committee, and which was confirmed by the Court as part of the JSA’s Distribution Plan. It was not the FCA who decided that ITI was the best broker.

sweeter_strudel

And my weekend complaint to ITI was also answered by account management at IIT. I'm a bit perplexed about the transfer to another broker needing a request to ITI. The new broker should approach them and I am loath to lose all access to trading if they change my acoount's status when I have no idea how long my transfers will take - initiated 4 weeks ago. Nothing happening yet.

ITI Account Management answer:

Please accept my apologies for the length of time taken to respond to your request as we are currently experiencing an  extremely high volume of calls and emails.

 

Your Phoenix account have been set up: PXxxxx and PXxxxx, but we are still experiencing time delays for your assets to become visible on the online platform as we need to perform a line by line reconciliation before and after the assets are moved onto the platform to ensure accuracy. We appreciate your patience during this period.

 

In the meantime if you would like to trade shares you can do so via telephone on 020 7562 8001 and select the option for the Dealing Team.

 

Alternatively, please confirm if you want to transfer your holdings to another Broker, so we will change the status of your account and you will be able to complete withdrawal/transfer request online.

 

Thank you once again for your patience and please accept my apologies for all the troubles you are having with your account.