SVS Securities - shut down?

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 ?

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.