SVS Securities - shut down?

My2penneth

KingGBK said:

Hi all, not sure if this has already been said in the forums but I just opened an account on interactive investors and guess what comes up, my two iti pheonix accounts lol! So ITI is just a white label company using interactive broker for their back end!

There is Interactive BROKERS which provide the ITI "Phoenix" trading account and Interactive INVESTOR who are a completely different company.

IB
https://www.interactivebrokers.co.uk/en/index.php?f=1338

ii
https://www.ii.co.uk/?gclid=CjwKCAjwnef6BRAgEiwAgv8mQV82mEyltSG0noRoCQn2CZpzVZ5xmO2nRVDt40ANy6sE4sOs_Na4SxoCffEQAvD_BwE

ITI use the IB platform - as shown here on the ITI website. And it does indeed look as though you can login from the Interactive Brokers website login page using the ititi number & password!! (but it looks no different than logging in via the ITI Phoenix login portal.) 

My2penneth

So....as Interactive Broker appears cheaper than ITI Capital and ITI capital runs on the IB platform...it begs the question, why didn't LC chose Interactive Broker ?? 

https://uk.stockbrokers.com/guides/share-dealing-accounts





There is also a review of interactive investor here (note, ii and not IB).

https://uk.stockbrokers.com/review/interactive-investor

pafpcg

My2penneth said:

So....as Interactive Broker appears cheaper than ITI Capital and ITI capital runs on the IB platform...it begs the question, why didn't LC chose Interactive Broker ?? 

Because ITI Capital offered more money?

[The email from "Valeriya" in ITI's compliance team this morning to Michael_Reynolds includes:
"As you may be aware ITIC has been working closely with the Administrators (Leonard Curtis) for the purchase and migration transfer of SVS clients to ITIC."
They bought us!]

My2penneth

pafpcg said:

My2penneth said:

So....as Interactive Broker appears cheaper than ITI Capital and ITI capital runs on the IB platform...it begs the question, why didn't LC chose Interactive Broker ?? 

Because ITI Capital offered more money?

[The email from "Valeriya" in ITI's compliance team this morning to Michael_Reynolds includes:
"As you may be aware ITIC has been working closely with the Administrators (Leonard Curtis) for the purchase and migration transfer of SVS clients to ITIC."
They bought us!]

And it is as simple as that! They will argue that the charge to the FSCS was thus minimised. 

gibson81

shawdon said:

Copy of an email sent to my account manager at HL to try to support our case and get some more details from one of our escape routes out of this mess:
Xxxxxxxx,
Is there any progress yet on any of my 8 transfers requests?
I would also like to know if HL have managed to get any accounts transferred from ITI yet for any other clients.
This is now becoming a very big story and will soon involve escalation to parliament for one of the select committees to start asking questions. 
I will be seeing my MP, Dominic Raab, the foreign secretary, next week to raise the matter personally particularly as this has implications for UK/Russian relations as this is basically a Russian company Misusing UK taxpayer funds.
Please can you give me a detailed timeline of exactly what actions ITI have taken in reply to our requests to get the accounts transferred as I think we are nearing the point where they are exceeding the allowed timescale for actioning the transfers.
If you can give me the contact details of the senior manager at HL who can provide Additional Support in pursing our case against ITI that would be very much appreciated.
Thanks again for your support in trying to get my accounts transferred as soon as possible.
Xxxx xxxxxxx

I received a message from HL this afternoon to say that ITI had acknowledged my transfer request and sent over a valuation. They couldn't give a timescale but at least progress is being made. I submitted my transfer request in early August.

snipkin

Jamesram said:

Well this should sort everything out then. Or keep those pesky clients at arms length anyway!

I note that the above post is 'for 6 months long'. I hope they are not envisaging this process to drag on for that long?? However, with '137 applicants' they should have no problem in filling the post quickly.
Anyway, as autumn softly arrives, it looks like I am to experience yet another week's passing with no change in the status of any of my accounts, Phoenix or otherwise, plus no progress whatsoever in my transfers out to other brokers... Have ITI actually done anything for us this week?? Or even over the last few weeks?

shiznit76

gibson81 said:

shawdon said:

Copy of an email sent to my account manager at HL to try to support our case and get some more details from one of our escape routes out of this mess:
Xxxxxxxx,
Is there any progress yet on any of my 8 transfers requests?
I would also like to know if HL have managed to get any accounts transferred from ITI yet for any other clients.
This is now becoming a very big story and will soon involve escalation to parliament for one of the select committees to start asking questions. 
I will be seeing my MP, Dominic Raab, the foreign secretary, next week to raise the matter personally particularly as this has implications for UK/Russian relations as this is basically a Russian company Misusing UK taxpayer funds.
Please can you give me a detailed timeline of exactly what actions ITI have taken in reply to our requests to get the accounts transferred as I think we are nearing the point where they are exceeding the allowed timescale for actioning the transfers.
If you can give me the contact details of the senior manager at HL who can provide Additional Support in pursing our case against ITI that would be very much appreciated.
Thanks again for your support in trying to get my accounts transferred as soon as possible.
Xxxx xxxxxxx

I received a message from HL this afternoon to say that ITI had acknowledged my transfer request and sent over a valuation. They couldn't give a timescale but at least progress is being made. I submitted my transfer request in early August.

does the valuation show the number of shares you hold in each company? Do HL run this past you before agreeing the deal?

Jools2001

Well today, ive sent in my ISA transfer request to my current isa provider  X-0.............

Im not waiting any longer for iti shambolic plc, to confirm the closure of my account,as ive been waiting since August 10th
and despite  promises from Davis Moss it would be sorted now, he cant even be arsed to reply back to me,after 8 days,
obviously David Moss is a bot used by iti to simply delay any information im asking!
Complaint went into ombudsman last week as well, so looks like im in for the long run, but longer they take
the more compensation i will be asking for, as i could of sold, and rebought most of my shares,at a lower price
10 times over,in the time ITI have dragged out my transfer, and no doubt i could of made all my losses back from the last 13 months!
Lets hope when this is all finally sorted the Ombudsman chuck the book at ITI, but their is more chance of me   getting my shares transferred out next week, then that happening,and ITI know it! Absolute crock of !!!!!! they are!!!!

Researcher16

Update:

My son has still not had cash from his ITI account.  Withdrawal was requested more than three weeks ago and withdrawal forms were re-sent a week later copying in other people from ITI as well as a further email this week all to no avail.

There has been no progress so far with transferring shares from our three accounts to other brokers.  Not one of us has had any correspondence from ITI, generic or otherwise, despite chasing emails and tickets raised on each account. 

I emailed LC pointing out several of the issues many of us on this forum have shared and the lack of communication from ITI.  I had a prompt reply with some platitudes and suggesting I contact Chris Smith at ITI to expedite the share transfers and cash withdrawal.  I have sent two emails to Mr Smith a few days apart and an administrator from LC has also sent an email on my behalf but I have had not a dicky bird from ITI.

I contacted Equiniti Shareview to see if they had had any correspondence from ITI (Equiniti initiated my share transfer request on 3rd August).  Equiniti sent a message today informing me that “Our transfer team managed to speak to someone at ITI Capital yesterday who confirmed that they are currently going through a merger and have a significant backlog but unable to advise how long”.

johnburman

gibson81 writes:
I received a message from HL this afternoon to say that ITI had acknowledged my transfer request and sent over a valuation. 

This is important.  Now we need our new brokers to accept the valuation - it's nothing to do with us the client - and then ITI SHOULD remit over the "shares" you the client own.  In practice this is dealt with by Crest for UK stock, but there are other custody companies that can do this [others will have to opine on this] .  The new brokers must not delay

Then how quicky can ITI do this?  They have said 24 hrs, but one doubts this
Then we have the discussion to find your 'missing' shares or dividends.  I can not believe ITI will have got this right. but LC correctly transferred ALL shares over to ITI in July: nobody on this forum has suggested to the contrary.