SVS Securities - shut down?

Jamesram

Shawdon hope you will please forgive my slightly irreverent "reply" to your serious message to David Moss of 4.20 yesterday, if you saw it. Certainly no disrespect or offence intended to you- might have got  a bit carried away.

James

shiznit76

so i take it ITI will sell any AIM holdings we have as instructed  seeing as can't trade them on Phoenix? 

My2penneth

shiznit76 said:

so i take it ITI will sell any AIM holdings we have as instructed  seeing as can't trade them on Phoenix? 

And all this has become apparent after on boarding?  Surely,  if you plan to transfer to another broker isn't it more important to know what the new broker can trade? ITI are just a temporary holding platform...why don't ITI "cut and paste" our holdings to our preferred broker?

What about all the people who elected not to migrate to Phoenix and asked ITI to move accounts?  
So, the question from me is:
From where are shares  being transferred to a new broker,  from within Phoenix,  from within the on boarding account or from both? 

Nbs222

As I said on Friday (page 362)  my transfer requests were from SC accounts  and  ITI  sent  valuations from my SC accounts to IWEB on 08-sep-20 but on that day there were only 6 items left in the SC account , others had migrated to PX account.

If we fill another Transfer request for PX account , then what guarantee  is that by the time ITI come to process them they would   have moved to SC accounts or somewhere else.

Also I believe  you can only  have  one ISA account , if your SC account is  marked  as ISA then you can't have PX account as ISA with the same provider, can you?.

I would expect this would be the case for all 250 valuations they sent to IWEB and also to other brokers.

shawdon

Jamesram said:

Shawdon hope you will please forgive my slightly irreverent "reply" to your serious message to David Moss of 4.20 yesterday, if you saw it. Certainly no disrespect or offence intended to you- might have got  a bit carried away.

James

James,
No problem at all I found it hilarious and we need a bit of humour in these stressful times. I like your style and determination to get things sorted, we need more people like you and me to keep the pressure on these clowns At ITI and LC.
My 10 accounts with SVS (5 names x 2) ran into 7 figures so apart from losing nearly 40% of it in the last 13 months due to the COVID crisis, I am very keen to get my hands on the 60% balance before another crisis emerges!
My HL account manager tells me that there is some slow progress with some accounts being moved over from ITI so hopefully i won’t have to wait too much longer although it does not help that most of my accounts are still showing as incorrect on the dashboard and one of them is missing 90%of the shares, they have just vanished into thin “Russian “ air!

johnburman

I'm sorry to have to repeat this but why are we worrying about 'new' ITI accounts etc. Why? Do you want to stay with these people? Surely not. All should apply to transfer and push them to transfer. You can argue about dividends shares errors etc. later.
I repeat I'm not prepared to use any broker.. Or bank or professional person.. who doesn't answer the phone or call me back when they say they will. Period. 

sweeter_strudel

shiznit76 said:

so i take it ITI will sell any AIM holdings we have as instructed  seeing as can't trade them on Phoenix? 

Don't do anything rash. I have lots of AIM shares and you can get quotes for all of them to sell / buy on Phoenix. Someone on here (actuallygo back a couple of pages)  bought shares on Phoenix and was then told by ITI that those shares couldn't be bought or sold on Phoenix - including some FTSE100 shares! 

Sadly I can't access my SVS / Phoenix accounts at the mo.... yes,  been locked out  for weeks.  So  can't do any house keeping. AIM shares can be transferred to your new broker - without selling them!

ITI have no idea what they are doing - start, middle, end of story. Don't believe anything that they say, including making out you are a millionaire by multiplying all your share holdings and getting their values all wrong.

My2penneth

Marianne Tamworth 5* review ( 4 previous reviews...all created this week ).
Mark Samuel's 5* review ( one review listed)
Joanne Page 5* ( 6 reviews , all in the last 2 weeks)
Trent Jones 5* ( 1 review)
Kevin Donaldson 5* ( 4 reviews, all 2 weeks ago)
Etc!
I've a good mind to set up some dummy accounts myself to counter these FAKE reviews.

Message to ITI...no amount of 5* fake reviews will help ...your card is marked with The Fools as well now! 

My2penneth

sweeter_strudel said:

shiznit76 said:

so i take it ITI will sell any AIM holdings we have as instructed  seeing as can't trade them on Phoenix? 

Don't do anything rash. I have lots of AIM shares and you can get quotes for all of them to sell / buy on Phoenix. Someone on here (actuallygo back a couple of pages)  bought shares on Phoenix and was then told by ITI that those shares couldn't be bought or sold on Phoenix - including some FTSE100 shares! 

Sadly I can't access my SVS / Phoenix accounts at the mo.... yes,  been locked out  for weeks.  So  can't do any house keeping. AIM shares can be transferred to your new broker - without selling them!

ITI have no idea what they are doing - start, middle, end of story. Don't believe anything that they say, including making out you are a millionaire by multiplying all your share holdings and getting their values all wrong.

Course they'll sell em for you...for a cost.  
I'm starting to also suspect that ITI have lost data as to our shareholdings...why else would they ask me what shares should be in my accounts....they should know !

The FTSE100 shares were Hargreaves Lansdowne (~8bn market cap) & Relx (~35bn market cap).  I also checked my iShares ( missing) could be traded on Phoenix.?.of course they can.

There is no excuse for not initiating transfer out to another broker...unless they lose the transfer paperwork for a third time ( GDPR issues !)

johnburman

I had thought that ITI were delaying transfers out of incompetence but i now wonder if it is because they have incorrect or inaccurate data on our shareholdings. Remember what went to them from LC was correct data... Our shareholdings were correct... But now could be corrupted or inaccurate. All a bit worrying.