SVS Securities - shut down?

My2penneth

Sheris said:

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 ?

My wife received emails yesterday evening from Interactive Investor (ii). 

I've heard nothing from iWeb and I know my accounts are not ready to transfer due to technical issues which ITI are looking at.  

manted

the FCA's response to sharesoc- 
https://www.sharesoc.org/wp-content/uploads/2020/09/FCA-Response-to-ShareSoc_2020Sep9.pdf
At the very least this will prevent any future special administrations going ITI way, to firms which are not upto the task

johnburman

Any broking company that talks about line by line reconciliation is one not for me. How many hundred staff do they have for this I wonder? And what is the FCA doing about it. 

My2penneth

ITI on boarded my accounts. Over the weeks they have been populating Phoenix with my shareholdings.  However, there are gaps...missing shareholdings.  Shares are not being loaded into Phoenix because the trading platform doesn't support them.  
Leonard Curtis transferred these shares to ITI ( I've their printout of this).
Strangely, yesterday,  these "missing"  shares were suddenly  visible in my SC on boarding accounts.  ( note,  all transferred shares were originally visible in the on boarding accounts but they disappeared and have now have suddenly reappeared after many weeks).

It is as though ITI have loaded Phoenix with my shares as far as possible and the other shares are being listed in the on boarding account.  

Well, that was the status last night...it might have changed by this morning....  ...... ....... 

shiznit76

Just logged in to ITI and only one of my holdings showing in my Qort acc the others have vanished! This is getting really tedious

johnburman

Has anyone actually been transferred over to a new broker yet? There has been a lot of talk but have there been any actual transfers? 

ahouse185

Like Michael Reynolds, I am also in Australia. I am hearing from sources that  ITI are having problems creating Phoenix accounts for offshore clients because of new regulations which require the source of one's wealth to be known. I do not know if this is correct or not.
At the moment, I can finally see my portfolio and my cash balance but a cash withdrawal application has been ignored so far.

Scottcollier

shiznit76 said:

Just logged in to ITI and only one of my holdings showing in my Qort acc the others have vanished! This is getting really tedious

I'm in the same position - I'm hoping that means they will soon be available in my Phoenix account....

shiznit76

Scottcollier said:

shiznit76 said:

Just logged in to ITI and only one of my holdings showing in my Qort acc the others have vanished! This is getting really tedious

I'm in the same position - I'm hoping that means they will soon be available in my Phoenix account....

Has this just happened today for you?

What concerns me is that being in the process of broker transfer is that my shares are not in my account when the transfer takes place or if in the Phoenix account which has a different account number than the Qort, would that put me back to square one?

My2penneth

ahouse185 said:

Like Michael Reynolds, I am also in Australia. I am hearing from sources that  ITI are having problems creating Phoenix accounts for offshore clients because of new regulations which require the source of one's wealth to be known. I do not know if this is correct or not.
At the moment, I can finally see my portfolio and my cash balance but a cash withdrawal application has been ignored so far.

ITI are having difficulties..full stop. Your cash wd application is probably in a pile awaiting processing.

Thinking about it..ITI Capital ALREADY have your shares so it is a bit late to be demanding to know where they come from! What are they going to do with them...?

If they have your shares in the "holding bay" of the on boarding account then I guess (and it is a guess) that they will get round to transferring your shares into Phoenix eventually.  Has Mike Reynolds seen any shares in their Phoenix accounts?  Have any non UK residents seen shares in their Phoenix accounts?