SVS Securities - shut down?

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.

adeel26

I just emailed X-O to check on the transfer progress. Received the below reply
“ We have not heard from ITI Capital since we sent them your transfer request.  Please contact ITI Capital to make sure that you have completed all necessary forms to allow them to release your account for a transfer.”

How do we contact ITI. I have sent them several emails, initiated several tickets online but nothing so far!

Monsieur_Bourse

So it goes on, 6 weeks now with no access to our shares, and it would seem nobody to complain to anymore, I really do not know what more we can all do, as nobody seems to take any notice of us. Totally shafted.

I see the Qort website is still unsecured, still it's alright the FCA is monitoring the situation. I now treat the Qort platform as a fruit machine, it seems that somebody at ITI pulls the handle everyday and three different figures appear in the three circles. Still waiting for three bars to show up to win the jackpot!

My2penneth

rugby7170 said:

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 ? 

You should have a 1:1 Qort to PX accounts. Perhaps you created a Phoenix account yourself and then ITI automatically created one for you as well. However,  ITI will eventually get round to loading one, and only one,Phoenix account with your shares. 
You won't see much sense if you just look in your on boarding account...logon to your ititi ( Phoenix) account if it is open. ITI might have started to populate it with your shares.
Note , you'll have to check both Phoenix accounts.  Also, you might find that Phoenix only contains some of your shares and others are CURRENTLY missing. I wouldn't panic at that stage, ITI are gradually topping up shares to accounts .

Once again, I'd say, it is worth checking your Phoenix account ( and ignoring the on board accounts).

My2penneth

I thought I'd post comparative information for one of my accounts. This is a comparison of what I'm seeing in the on boarding account versus what is currently in Phoenix.

On Boarding (negatives cancelling positives and portfolio value is way incorrect..essentially nonsense)


Visible in Phoenix
By watching the cash balances on a daily basis one can see if dividends have been added - I still can't see how to get a statement of what dividend has been paid when and how much it is - so this is a temporary workaround for me and I can cross off dividends expected). 

I reckon that if one originally opted to onboard into Phoenix,  ITI Capital won't start the transfers out to another broker  until your account is full (i.e all assets transferred over such that your Phoenix holdings match what is in the on boarding account). 

There is a summary of the portfolio value which is correct for the shares CURRENTLY in the account. I reported previously that some accounts are still missing shares (mainly iShares/ SSGA GBDV and..surprising Centrica. LGEN and RDSB but the latter 2 have now been added).

Note the slider bar, I'm only listing assets alphabetically. 

rnf11

My2penneth said:
I reckon that if one originally opted to onboard into Phoenix,  ITI Capital won't start the transfers out to another broker  until your account is full (i.e all assets transferred over such that your Phoenix holdings match what is in the on boarding account).

That may or may not be the case.

ITIC are still not progressing transfers out, even when they are nowhere near Phoenix.

How many weeks to go before those who agreed to the ITIC terms - but now want to leave - get clobbered by mammoth custody fees?

ITIC are just running down the clock.

desertorchid123

....and I, like many others i suspect, was a satisfied customer of SVS securities for over a decade

rnf11

desertorchid123 said:

....and I, like many others i suspect, was a satisfied customer of SVS securities for over a decade

and very likely - "..and so say all of us..."

Unlike now.