SVS Securities - shut down?

My2penneth

I mentioned "HandyKey" 2 factor authorisation code last night!

I traded on one of the PX accounts this morning. I had to download the "HandyKey" software for Android phone first though (also available for iOS).

Once installed you give it the Phoenix account number (I tried the ititi number at first) and your password to the Phoenix account.  Then it will prompt you for a unique PIN number of your chosing (enter twice). 

(guess what - do this for all the accounts you might want to trade with !)

When you next log on to your PX account (ititi login plus password) it will send a msg to your phone which you tap (yes, touch the screen) and enter aforementioned PIN...you are then logged in and are good to trade.....at £12.95 per trade (where's the preferential rate!).


 It can take a few seconds to log you in !

The new bought shares appear straight away. 
(Now to look for contract notes!!)

collin618

Latest Update FCA, one can only wonder!!!
Our ref: xxxxxxxxxxxxxxxxxxxxxxx

Dear xxxxxxxxxxx
Thanks for your further email about your concerns with ITI Capital Limited and the issues you're currently experiencing. I understand that you've been in touch with your local MP. the Financial Times, the Financial Ombudsman Service and the Financial Services Compensation Scheme about this issue. 

You've asked whether we can release a date by which we expect the issue be resolved. 

Providing an update

I do understand your concerns about this issue and that you'd like to know when we expect this to be resolved.

If we have set the firm a deadline as to when this issue should be resolved, it is likely that this won't be made public as it will form part of the work we are carrying out. As you may be aware, much of our work is covered by legal and policy restrictions, which means that we're not able to comment on any work we're doing with the firm. 

Any additional information we have will be published on our website. 

I realise this may not be the response you were expecting, but I hope this has been helpful. 

Yours sincerely, 

Nicci Grady                                            
Supervisor / Supervision Hub
Supervision – Retail and Authorisations / Tel: 0207 066 1000
Financial Conduct Authority
12 Endeavour Square
London
E20 1JN

My2penneth

Looking at my 4 PhoeniX accounts I can see that more shares have been added in all 4 accounts - although there are still a few shares missing.  It seems to me that ITI are going through their buckets of shares and allocating them on a share basis. 

I originally reported that there were 28 missing shares (shares in companies) over the 4 accounts. Currently, I am "only" missing 12 shares. I could reconcile the missing ones but I'm going to leave it a day or three. 

OAP1952

What ITI are saying about the time required to transfer out.

In the course of an email discussion with ITI's account management team to confirm the closure of my account and the transfer of holdings to my external broker, I asked what sort of timescale I could expect.  The answer came back:

"Transfers can take up to 31 days to be completed.
You may contact the transfers team at ITI Capital for an exact time scale, which will be dependent on their current workload."

The transfer clock for my account started ticking on Tuesday, so we'll know in a month how accurate this prediction has proved!

manted

OAP1952 said:

What ITI are saying about the time required to transfer out.

In the course of an email discussion with ITI's account management team to confirm the closure of my account and the transfer of holdings to my external broker, I asked what sort of timescale I could expect.  The answer came back:

"Transfers can take up to 31 days to be completed.
You may contact the transfers team at ITI Capital for an exact time scale, which will be dependent on their current workload."

The transfer clock for my account started ticking on Tuesday, so we'll know in a month how accurate this prediction has proved!

Thanks for this information. Some of us have been waiting for a month already - been 20 days for me.
Have you closed the account as per their instructions ? I have done that - even though i don't agree in principle with closing account before transferring out

shiznit76

so to transfer your shares out you need to close your account with ITI first? That sounds bonkers

rnf11

leonde said:

I understand there's a form that needs downloading and fill in - where can I find that? Thanks.

On ITIC's latest instructions, and according to others who have done similarly - after the "No" is pressed on the "red bar", then a form is supposed to become available.

But.         Guess what.     It doesn't.      So still no progress.       Even though the intended receiving broker has been active.

Are we going to end up having to involve the Police before it all evaporates completely?

Sheris

rnf11 said:

leonde said:

I understand there's a form that needs downloading and fill in - where can I find that? Thanks.

On ITIC's latest instructions, and according to others who have done similarly - after the "No" is pressed on the "red bar", then a form is supposed to become available.

But.         Guess what.     It doesn't.      So still no progress.       Even though the intended receiving broker has been active.

Are we going to end up having to involve the Police before it all evaporates completely?

Same problem hear, told ITI and L&C, still unable to see accounts. how can anyone agree to any terms.  

My2penneth

shiznit76 said:

My2penneth said:

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! 

I take it you transfer is still nowhere near complete?

Iweb transfer forms sent August 4th. LOST.
Replacement transfer forms sent signed for delivery August 15th..not located.
30 days tomorrow! 

manted

leonde said:

Ah yes, reading the pdf document "ITI-Customer-Portal-User-Guide-V1.0-upd.pdf" I can see the form is all filled in online and then submitted.

I'm in two minds about whether to email them to get them to close my account on my behalf - I don't really see them replying to my email in any case.

Yes, you would need to email account management - at-least that's what worked in my case. They responded quickly (took them one day), and reverted my account. I did not get any red bar, that process has now changed. You simply need to fill in the form (i know you need printer or adobe form filler) and send ID and address proof. (Again !) I know how that feels. Some of the questions on that form don't make any sense - like move from CREST to __ etc. You can leave those blank.
I'm still able to login and check the holdings - the closure was in progress until this afternoon.
Now its moved to Approved status & a new ticket has been created automatically for them to action.