SVS Securities - shut down?

shawdon

Updated email sent to ShareSoc to support our position:
Mark,
Thanks for setting up the forum and for all your efforts to try to help us out of our nightmare.
Just to let you know that I have now sent 10 emails to the compliance manager, David Moss At ITI all with no reply and his other colleagues are also all ignoring me. my accounts are all incorrect, the ISA accounts are not marked up as ISA accounts, the website is still ‘Not secure” and my dividends are either missing or not accounted for at all on my dashboard so I cannot account to HMRC for my income correctly.
My transfers to HL have all been ignored for nearly 5 weeks now and my account manager at HL, Xxx xxxxx, tells me that ITI are ignoring all transfers requests to HL and they have not transferred any clients yet.
Finally ITI have made no communication on their website for nearly 3 weeks and LC have not updated their website for about 4 weeks so the ex SVS clients are completely in the dark about what is going on except for your forum and the MartinLewis forum.
I hope you find this information useful in your meeting with Da Vinci mangers later this week and I hope you can make the FCA aware of what a terrible disaster is unfolding, all with the FCA approval.
Thanks 
Xxxx

pafpcg

Nbs222 said:

  pafpcg :

Maybe the bulk transfer could be quicker , because  ITI could ask Share Registrar to transfer in bulk by lumping shares held by group   who are all transferring to the same broker and  then the broker receiving shares will split them by individuals within the group. 

Good point!  But it might mean that by batching transfer of shares from ITI's nominee account to the new broker's nominee will lead to delay for some clients while the batch is accummulated.  When will the next batch go?   From an earlier post (My2penneth's report of iWeb's procedures), isn't the transfer between nominees done electronically via Crest so does batching actually save effort?

But why do all the brokers simultaneously?

They may have done this way when shares were transfered from SVS to ITI.

According to the Judgement after the Court Hearing, this is what the judge said (in Para 36):
"In short, as I have already explained, it [the Distribution Plan] provides for the transfer of the client contracts and the client assets to the Nominated Broker.  It is anticipated that the vast bulk of the assets will be transferred.  In general, this will take place by the transfer of the shares in the custodian companies which will become sub-custodians of the Nominated Broker [ITI].  As already explained, in the one case where shares are held by an independent prime broker, that broker will itself transfer the relevant assets to the Nominated Broker. "

Effectively, ITI now owns the SVS nominee companies holding the clients' assets.  In only one case was direct ownership of client assets transferred,

johnburman

Rsts! Why did I not get ITIs Reference trading number for my manual trades done by their trading desk. It will be such fun asking iti for copies of the voice recordings with their trading desk. Make a data subject access request under GDPR. I will do so but only after the transfers are all complete. 

My2penneth

johnburman said:

Rsts! Why did I not get ITIs Reference trading number for my manual trades done by their trading desk. It will be such fun asking iti for copies of the voice recordings with their trading desk. Make a data subject access request under GDPR. I will do so but only after the transfers are all complete. 

The ref trading number might be seen via the eye symbol next to the purchased stock on the on-boarding platform. It brings up a window on the RHS of the screen. I bought HL shares via the broker a month ago.    



As a side note - I see for the first time the iShares holdings have appeared..... 

sandie8

Hi, I am new on this forum.  I've just been waiting to see if things would settle down with iti before I transfer.  I have a phoenix account with most shares showing but notice dividends have not been credited to my account and I suspect there may be missing dividends from May when the transfer from the liquidator was in progress.  Has anyone else noticed this please? I see someone else mentioned the recent dividend issue.  Thanks. 

My2penneth

I noticed that in Phoenix, if your account was live on say 1st September, a report can be run that shows share that have gone ex dividend along with the pay date. Of course, visibility before the live date is not there.  

In Phoenix, go into the REPORTS section and click on the Activity arrow. Select "Month to date" (there are a few options on a pull down menu).


Hit the run button and then Expand All. 



Look for the section called Change In Dividend Accruals

I would then check cash balances on the Pay Date to check the cash has been paid. Maybe there are some other options to check cash balances..but here's some reference to dividends.

edit : Look at the "Net Asset Value" section as well.

FairDinkum

There's an article about our plight in the Daily Telegraph today. It does imply that it's all been (or being) sorted out. Sounds like one of those 'within the next 48 hours' comminucations.

"Investors locked out of broker accounts watch as portfolios tank" DT 9/9/2020

sweeter_strudel

FairDinkum said:

There's an article about our plight in the Daily Telegraph today. It does imply that it's all been (or being) sorted out. Sounds like one of those 'within the next 48 hours' comminucations.

"Investors locked out of broker accounts watch as portfolios tank" DT 9/9/2020

I look forward to the FT article headlined "Investors locked out of broker accounts watch as portfolios rocket" being published shortly....

snipkin

FairDinkum said:

There's an article about our plight in the Daily Telegraph today. It does imply that it's all been (or being) sorted out. Sounds like one of those 'within the next 48 hours' comminucations.

"Investors locked out of broker accounts watch as portfolios tank" DT 9/9/2020

Hmmm.... A quote from the article:
"In June ITI told its new customers, who have now been without access to their money for more than a year, that their new “Phoenix” trading accounts would be up and running from the second-to-last week of July.
But technical issues with the account transfers have led to severe delays and some customers are still locked out. ITI insists the majority of its new clients can now see their funds and manage their money, although it would not reveal how many accounts are working properly and how many are not." [END QUOTE]

So, "the majority of [ITI's] new clients can now see their funds and manage their money"??? But ITI would not reveal any actual figures to back that up... Seriously???  At a guess, would say that it is a minority who have all their holdings correctly listed in Phoenix accounts and can actually 'manage their money'. All my three Phoenix accounts (I seem to have opened one myself) are 'pending approval' - there's no data and the same old message about taking two business days to set up (it's been at least four weeks now).

Towards the end of the approx 550-word article it says:
[A Telegraph Money reader] claimed ITI had failed to respond to his requests for help on numerous occasions.

Several other customers of the firm have taken to social media to vent their frustration, saying they are unable to login to accounts and complaining about the customer service.

ITI said transitioning thousands of clients during the Covid-19 pandemic had “brought with it some teething problems".

A spokesman said: “Since the onboarding process began on July 23, the majority of clients who have responded are now fully migrated or in the final stages of compliance checks and have access to their cash balance.

“We would like to reassure all clients that we are working closely with the regulators and our IT team to ensure a swift completion of the migration process.” [END QUOTE]

 At least an item has finally appeared in the mainstream media. Perhaps this is spurring ITI on to get our accounts sorted out?

Sheris

shiznit76 said:

is it just Iweb transfers that are getting emails out or maybe are they just doing it in batches to manage the workload?

Good point, maybe Iweb are on the ball ?