SVS Securities - shut down?

My2penneth

snipkin said:

Michael_Reynolds said:

[...] Why the hell was SVS deregulated? I had an account for 7 years and never saw any sign of financial impropriety? As far as I'm aware LC didn't find any misappropriation during the tortuous one year period Aug 19-Aug 20 for which they have been paid GBP5m in fees by the British tax payers? This is the most extraordinary story! One thing I do  know is that right now NO ONE appears to be protecting our interests..

Why was SVS deregulated?? Someone who is much more knowledgeable about this might like to answer the question from Michael_Reynolds quoted above (from a few days ago). Indeed, one or two other contributors have spoken about doing a 'reverse transfer' from ITI back to SVS!! And I thought they no longer existed?

So. instead of all this special administration nonsense over the last 12 months why could we not have continued on the SVS platform last August 2019 - under strict supervision by FCA or whoever - and been able to still trade whilst doing an orderly exit from SVS over, say, a 6-month period? Probably because there was no money in that for the likes of LC...

Well, it's all water under the bridge now and we have to deal with the situation as it is - but for how much longer will it be allowed to continue in its current shambles? It's amazing that there is, from my layman's point of view, no effective and swift regulation of the financial industry. Anyway, the point about SVS above is something that I wondered about.

All covered here
https://citywire.co.uk/wealth-manager/news/fca-failed-wealth-firm-took-cash-for-steering-clients-to-dodgy-bonds/a1258153?section=wealth-manager

SVS Securities are gone, finito! A reverse-transfer would be to take back assets from ITI Capital into the arms of Leonard Curtis as special administrators.  

sweeter_strudel

ITI progress..... sigh sigh sigh

Utter ineptness continues. My jealousy over My2Penneth actually managing to trade via Phoenix is enormous. Well done, you have won this marathon of frustration.....

I have two Phoenix account as showing as Approved in my ITI login. But when I try to log in to my Phoenix accounts I am refused and they sit at "Pending Approval" and cheekily promise they are active within 48hrs - I think I have now been waiting four or five weeks. And now my second account transfer request broker has emailed me and said ITI are ignoring them too, silence after 21 days .... and suggest I get in touch with ITI direct to ask them to do my transfers out.

I just hope that, if they really are going, line by line through every stock holding alphabetically and allocating them to Phoenix accounts, that if I ever get access everything will be present and correct.

How naive is that!?!

I wonder if I'll be able to trade by Christmas (2020).....hmmm, or maybe 2011?

My2penneth

Just a note:
I've been using my Phoenix accounts now for the last couple of days - watching them slowly fill up with the accrued dividends and shares (the shares are being added to as ITI decide to dole them out to holders). I have no idea where dividends have come from based on ITI's Phoenix data...just a lump sum of monies in £ and $. (i also see no euros). 

The Phoenix accounts start with the letters "ititi" followed by a number.  

I would say that looking at the on boarding accounts is now a waste of time. What I see in in my on board accounts is (as we all know) - nonsense. Things look more sensible in Phoenix. 
 
Current Status 
Account #1 (27 shareholdings)
7 shareholdings still missing - mostly iShares (3), LGEN, RDSB and 2 recent purchases via the broker (which, strangely, are visible in the on boarding account)
Account #2 (10 shareholdings)
1 shareholding missing (CNA)
Account #3 (26 shareholdings)
1 shareholding missing (GBDV)
Account #4 (26 shareholdings)
2 shareholdings missing (TFGS & PEYS)

cash balances seem reasonable as though dividends have been received but I haven't checked them off against my records.

(edit: @sweeter_strudel  - I emailed ITI about the overcharging at full client rate - their software doesn't know we are ex-SVS on the £7.95 rate - quelle surprise). 
If you do want to trade with ITI until your account is moved, then you will need the HandyKey software (from the Android * playstore)...which is easy to install and use. 
It has taken from July 23rd to get to this state though! 



* I guess the Apple version is from the Apple store..dunno, never had an iPhone.

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 ?