SVS Securities - shut down?

manted

shiznit76 said:

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

I've tried telling them thats not how its done, but don't believe they will change their process now that its designed in that manner. It really depends on what you mainly want - get out of this nightmare or stay in and keep getting frustrated ..

manted

Here's my observation - Given that at times we see stocks doubled up my theory is - they have got a "feed" which brings stocks back from Phoenix onto their onboarding platform. So those of us who have progressed to Phoenix stage get their data back and at times see the stocks doubled up in two different portfolios. This is essentially them trying to keep both systems in sync. I would advise anyone wishing to stay back to focus on getting their Phoenix accounts sorted. The trading system is quite good - given its used by Interactive Brokers. Once your shares are on the trading platform, dont look at the Onboarding system.

Michael_Reynolds

Nothing seems to work at ITI either human or machine! Has anyone else noticed that the notification ticket system is really quirky? When you type in the message it appears in a very pale grey colour which makes it hard to read. It also won't accept a large number of keyboard characters such as apostrophes ' and &s. A notification I raised on Aug 10th regarding five missing dividends was accepted and approved on Aug 28th. Wow goody I thought that means I should expect to see them credited to my accounts shortly. I'm afraid not. No dividends and now both the original ticket of Aug 10th & the approval of Aug 28th have completely disappeared from the notification list! The stress and anxiety is killing me. We seem to be getting nowhere. Still no login details for Phoenix which was approved a week.

My2penneth

My accounts have been updated a little since my last post at 7:13pm
Current Status 
Account1 #1 (27 shareholdings)
7 5 shareholdings still missing - mostly iShares (3), LGEN, RDSB and 2 recent purchases via the broker (which, strangely, are visible in the on boarding account)
Account1 #2 (10 shareholdings)
1 shareholding missing (CNA)
Account1 #3 (26 shareholdings)
1 shareholding missing (GBDV)
Account1 #4 (26 shareholdings)
2 shareholdings missing (TFGS & PEYS)

LGEN & RDSB added since 7:13pm. 

I wanted to have a look at activity on my accounts today (shares bought, any dividends) but it looks like today's activities are not available to run a report on until tomorrow (you can create custom reports to extract data from the ITI database).

manted

Michael_Reynolds said:

Nothing seems to work at ITI either human or machine! Has anyone else noticed that the notification ticket system is really quirky? When you type in the message it appears in a very pale grey colour which makes it hard to read. It also won't accept a large number of keyboard characters such as apostrophes ' and &s. A notification I raised on Aug 10th regarding five missing dividends was accepted and approved on Aug 28th. Wow goody I thought that means I should expect to see them credited to my accounts shortly. I'm afraid not. No dividends and now both the original ticket of Aug 10th & the approval of Aug 28th have completely disappeared from the notification list! The stress and anxiety is killing me. We seem to be getting nowhere. Still no login details for Phoenix which was approved a week.

All notifications can be seen by clicking the bell icon at the top or the headphone looking icon can take you to support centre where you can see all your tickets.

Michael_Reynolds

manted

 

I am well aware of that. I repeat. My original notification of Aug 10th regarding the five missing dividends plus ITI’s acceptance/approval notification of August 28th HAVE BEEN REMOVED FROM THE LIST. The missing dividends have still not been credited to my accounts.

rugby7170

Update...just now.
I have 2 Phoenix and 1 Qort accounts. The status is open, in progress, on-boarding approved. What does it all mean and why 2 PH accounts ? 

LEAR1

manted said:

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.

Hi Manted, could you clarify the above please? I think - if I've understood you correctly - you're like me that you're just looking to transfer away, and don't care too much about getting the Phoenix account up and running. But what do you mean when you say they 'reverted' your account? Is this some way of telling ITI you want to close your account after the onboarding has happened? I wish now I had clicked the button that said I wanted to transfer away and close my account back in late July, but the general consensus seemed to be to open the account / on-board and then get the new broker to initiate the transfer away.... it sounds like you have been approaching it both ways? Can you elaborate on what exactly you did at the ITI end to get them to start the closing down/ transfer away process please. Thanks in advance

ahouse185

I am thinking of starting a sweep stake on how long it will be before ITI go into administration themselves.

manted

LEAR1 said:

manted said:

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.

Hi Manted, could you clarify the above please? I think - if I've understood you correctly - you're like me that you're just looking to transfer away, and don't care too much about getting the Phoenix account up and running. But what do you mean when you say they 'reverted' your account? Is this some way of telling ITI you want to close your account after the onboarding has happened? I wish now I had clicked the button that said I wanted to transfer away and close my account back in late July, but the general consensus seemed to be to open the account / on-board and then get the new broker to initiate the transfer away.... it sounds like you have been approaching it both ways? Can you elaborate on what exactly you did at the ITI end to get them to start the closing down/ transfer away process please. Thanks in advance

Hi LEAR1, Yes, I wanted to transfer away after doing a few trades. So, I completed the on-boarding and was approved in the 1st week of August. As ITI were unable to stick to their promised timeline of activating the Phoenix accounts, I started preparations to move out. At first i got my new broker to contact ITI without following the close account procedure. However, after a few email exchanges with ITI and @Danie6's experience, it became clear that they don't action closure requests until the account status is changed to closure requested.
In order to achieve that, I sent them an email with the subject line - Moving out of ITI Capital, Closing Account. One of the support personnel got back to me and 'reverted' my account. This is ITI lingo of saying - dont proceed with Phoenix, focus on closure. 10 days or so after doing that, yesterday they have approved my closure request. Yet to date they havent corresponded with HSBC. So, I'm not better off than the others, just in the same situation. Before they approved my closure request though, they have moved my cash to Phoenix, This helped me test out their trading system which is top notch. Unfortunately, their fees are too high for me to continue with them. Also their "service" so far doesn't give me enough confidence.