SVS Securities - shut down?

johnburman

Researcher 16 says .....ITI are "currently going through a merger...."   Could this be real?  Is it at the request of the FCA I wonder if it is?  Or is it they are just passing over the XO clients to a new broker ...again perhaps at the request/demand of the FCA?

SteveJohnson56

On-boarding 2 Qort accounts showing as empty of cash & shares, Phoenix has some of the shares as of today, most worrying the cash has vanished into a Black Hole, but that is the norm so I'll try not to worry. Requested a cash withdrawal from one account yesterday,  Researcher16  son has been waiting 3 weeks with no sign of the cash, does not bode well.

Jamesram

Johnburman maybe the so called "merger" is just the receipt of the SVS accounts?

Anyway, I thought the Interactive Broker revelation today was just amazing- the transfer of UK investor ( mainly- respect to Aussie based friends) to a Russian based broker using a US based trading platform aimed primarily at professional investors. That explains the US markets based Phoenix peripheral info and the lack of FSE 250 and Aim info- FTSE 100 available but well down the list of markets.

I do not believe that many SVS investors were "professional"- if they were, SVS was never the best platform to use. I believe we are basically people with ISA's and a trading account for occasional trades, who benefited  from SVSc reasonable £7.95 (was once £5.75 I recall)  trade fee with no custody or inactivity fees c/f HL for instance on ISA custody fee  and £11.95 trade fee for infrequent traders.

Have we  been sold down the river by the FSCS pressurising LC to get "best price" - thats whats being said, and its hard to see another reason for ending up with ITI.

Sheris

johnburman said:

Researcher 16 says .....ITI are "currently going through a merger...."   Could this be real?  Is it at the request of the FCA I wonder if it is?  Or is it they are just passing over the XO clients to a new broker ...again perhaps at the request/demand of the FCA?

Very good point to what is going on behind the scene, for the very first time today I have been able to my accounts with ITI.

shawdon

shiznit76 said:

shawdon said:

It’s double your money day today! Most of my accounts are now showing double the correct valuation of shares and cash and one of them is still missing 90% of my shares and cash. still no answer at all from the ITI management team and of course still no escape allowed to HL. It’s a “hotel California” company, “you can check out but you can never leave”!
Has anyone actually managed to escape with their shares yet?

i take it you never got one of the Tuesday evening emails about your transfer being processed?

No Tuesday evening email received so still waiting in vain hope

shiznit76

SteveJohnson56 said:

On-boarding 2 Qort accounts showing as empty of cash & shares, Phoenix has some of the shares as of today, most worrying the cash has vanished into a Black Hole, but that is the norm so I'll try not to worry. Requested a cash withdrawal from one account yesterday,  Researcher16  son has been waiting 3 weeks with no sign of the cash, does not bode well.

This is pretty standard regarding shares going AWOL then reappearing... For ITI that is

My2penneth

How about a transfer from ITI to Interactive Brokers...!
ITI could go to the trouble of loading accounts onto the IB trading platform at which point IB take over!  

Sheris

Jamesram said:

Johnburman maybe the so called "merger" is just the receipt of the SVS accounts?

Anyway, I thought the Interactive Broker revelation today was just amazing- the transfer of UK investor ( mainly- respect to Aussie based friends) to a Russian based broker using a US based trading platform aimed primarily at professional investors. That explains the US markets based Phoenix peripheral info and the lack of FSE 250 and Aim info- FTSE 100 available but well down the list of markets.

I do not believe that many SVS investors were "professional"- if they were, SVS was never the best platform to use. I believe we are basically people with ISA's and a trading account for occasional trades, who benefited  from SVSc reasonable £7.95 (was once £5.75 I recall)  trade fee with no custody or inactivity fees c/f HL for instance on ISA custody fee  and £11.95 trade fee for infrequent traders.

Have we  been sold down the river by the FSCS pressurising LC to get "best price" - thats whats being said, and its hard to see another reason for ending up with ITI.

Martin Lewis gave a big thumbs up on his tele programmer some 8 to 9 years ago about SVS, so that was good recommendation for me, had no problems other than a little bit of pushing in certain shares, just ignored, doing very well with my thoughts of the markets, even better than the so called professional's, The FCA where fully aware of the the problems in 2018 with SVS and they did not keep a eye on the problems, allowed clients to continue with business until the it was far to late.
SVS with the correct management and if the FCA done there job in the first place, we would not be in the situation today, L&C and now the FCA are all pointing the blame at one another with ITI having to deliver that was not there in the first place.             

Jamesram

"Brokerage firm for institutional investors and professional clients, offering an in-house developed trading platform which is scalable and stable, enabling clients to confidently process high volumes at ultra low latency." see first para of text below:

Yes but thats just LIES is it not? The Phoenix platform as we now know is a long established US product operated by Interactive Broker.

This screen capture is from Linkd In - is there no end to this duplicity, or after weeks of this, am I just going paranoid/bonkers?!!

Jamesram

Email to David Moss Compliance Officer

"COMPLAINTS PROCEDURE: Complaint of LIES and MISREPRESENTATION by ITI Capital

Dear Sir

On its LinkedIn page ITI Capital states that it is a "Brokerage firm for institutional investors and professional clients,  offering an in-house developed trading platform which is scalable and stable, enabling clients to confidently process high volumes at ultra low latency."  Yes but thats just LIES is it not- ITI Capital did not develop anything?

The Phoenix share trading platform offered to clients BY ITI Capital is a long established US product developed by and operated by Interactive Broker. Interactive Broker offers better terms than ITI Capital for most traders- ITI Capital in my opinion is just a Russian personnel linked parasite of the unwary, and the poor ex SVS securities clients who were forced into its clutches by the Administrators of SVS.

Under your own home page for Private Clients you state "We’ve created Phoenix so you can trade the world through a single, truly flexible, next-generation platform"

But ITI Capital has not created Phoenix has it David? thats another  blatant LIE.

Not only have I been misled by these  misrepresentions, I wonder how far the Special Administrators, FCA, FSCS and the Court may have been influenced by this sort of distortion.

Anyway, I raise this as serious new complaint and I expect it to be dealt with under the Complaints Procedure

Regards James Ramage"

OK its late, I have had a beer, but I am hopping mad about all this.