SVS Securities - shut down?

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.

My2penneth

My2penneth said:

UPDATE SINCE THIS AFTERNOON'S POSTING (page 329 posted at 2:34pm)

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.  NOW 19 and cash showing 

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.
Still 7 but cash showing

Phoenix account #3
Added an extra instrument (22 out of 24 now present). Now 23 and the missing £4k is showing as cash.

Phoenix account #4 
no change from last week. Still 22 holdings but cash now showing

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 see that changes are slowly being made to my accounts!

manted

Cash is available on my Phoenix account and I'm able to trade. Kudos ITI Capital !
EDIT - This was meant as a sarcastic comment. My shares are still not visible on Phoenix and they have not responded to any mails regarding my transfer request either from me or my new chosen ISA provider.

My2penneth

IF you want to trade using PX, you might need to look at HandyKey for 2 factor security...... I've just tried to buy some US shares but it objected and asked for HandyKey 2 factor authentication...  Just another hurdle!

( i was going to spend the £4k above before ITI lost it!!)

shiznit76

i have put in a broker transfer using my Qort account number, if by the time ITI get round to doing this and my shares have transferred in to the Phoenix account by then will i be back to square one?

My2penneth

shiznit76 said:

i have put in a broker transfer using my Qort account number, if by the time ITI get round to doing this and my shares have transferred in to the Phoenix account by then will i be back to square one?

I was told by ITI that I could use the SC account number or the Phoenix account......we shall see! 

CameronRiley

I put in a formal complaint to ITI by email and badgered Leonard Curtis virtually daily.  I don't know if it's coincidence or not but I have had a flurry of cooperation from ITI and they have been unbelievably helpful.  I first got an email from the compliance officer which was cc'd to a few other people, so I replied all and have got responses almost within the hour.  They have been apologetic, relatively efficient and polite and have provided me with all the info I need, which was nearly all of it to be honest.  It seems like a different ompany to the one that has ignored me for the last six weeks.  We will see how the transfer works now I can actually start it.  Updates in due course.

ahouse185

I am at my wits end with this mob. My onboarding was supposedly approved on 19 August but I still do not have a Phoenix account. If I try to apply for one now, it tell me that my primary phone number is invalid, which is correct because someone has doubled up on the country code (Australia in my case) and today's joke is that when I put in my request to change the phone number I get this error - "Unexpected character encountered while parsing value: <. Path '', line 0, position 0".
I am wondering if a letter sent registered and tracked mail instructing them to sell all my holdings and move my cash to my UK bank would actually work or are they ignoring mail as well!