SVS Securities - shut down?

shawdon

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

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.

collin618

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

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.