SVS Securities - shut down?

My2penneth

SteveJohnson56 said:

I gave uploading the first of several accounts forms after 4 hours late last night and emailed further complaints to LC and ITI Capital to sort the confusion, mess of their creation out.
It is just not right when as a client I am asked to sign a  'Cash Withdrawal Order' with a sub-section titled  Cash Withdrawal/Transfer Request Details, showing £0 no stock, whilst giving my bank details which I hasten to add I did not.
It's almost tantamount to fraud on their behalf. 
I can see and have screenshots showing I do have assets/cash in my three accounts but as others have said it is worrying they will withdraw cash from an ISA .

My2penneth or anyone else I take it the form  you downloaded and signed during the 'Closure Form' process did yours show as £0 zero cash and no stock?

This has become very stressful and sole destroying dealing with shITI Crapital.

#SteveJ56
We have 4 accounts - 2 for me and 2 for the wife. 

Bit of background first - I emailed ITI about my accounts (with account refs) and they emailed back to say that "we've made mods so that the next time you log on to your wife's accounts it will come up with the closure request screen.

To answer your question - I started to fill in the on screen form but I was not happy with the instructions to "close" accounts and I noted that balances were incorrect, misleading and in conflict between Qort and Phoenix. Thus, I stopped in my tracks. (If we log on to my wife's accounts now we get prompted to CLOSE accounts...I will not do this).

(many attempted phone calls & emails followed with ITI - especially to the new South African call centre which is extremely noisey !!)

I did note that I was apparently giving the instruction to close accounts that contained a list of zero stocks - where the shares should have been listed , it was empty.

I've posted screenshots previously ....many pages ago. I've had all the usual things that many report - shares missing, negative shares, valuations twice what they should be, valuation of zero.  

RasputinB

My2penneth said:

This thing about dividends.....when HMRC get involved it will get very sticky for ITI senior management.  

I had an issue with another stockbroker about errors on their Consolidated Tax Advices and they said (among other arguments) that the CTA document "isn't a document we are regulatory obliged to send out to customers" and therefore if overseas dividends were incorrectly classified as UK they weren't responsible!

My2penneth

ITI have done something right...Looking through the Phoenix reports I noted that they have refunded overcharges on dealing costs. My account cash balance has increased by £27.30 and there is a note to say "Incorrect Commission"

My2penneth

Dividends
One can see from the Phoenix screenshot that all dividends in accruals ("pending") are clearly noted with all the info one would expect (company, XD, pay date, qty, amount).

What is missing in the information on dividends received between 23rd July handover from LC and the subsequent migration of shares onto Phoenix. Once shares are migrated onto Phoenix, dividend issues I think would be resolved. It's just that interim period where we haven't a clue what dividends have been captured.

My2penneth

If one runs the Report "MTM" , it lists out shares in your accounts and when they were added, It shows that ITI have been adding shares in batches (which is what I suspected). 

johnburman

My2penneth said:

If one runs the Report "MTM" , it lists out shares in your accounts and when they were added, It shows that ITI have been adding shares in batches (which is what I suspected). 

Which means that the "valuations" give to the new brokers pending a transfer to them will be wrong.  Hence the delay by ITI in completing the transfer.  But howm much longer do we have to wait?

My2penneth

If you combine the Qort + Phoenix accounts,  then you should hopefully have a "full set" of your shareholdings.  The ones that can't be migrated to Phoenix being held in the holding account.  

Geeba

My broker is AJ Bell and today has seen some positive headway regarding my transfers (1 ISA and 1 dealing; both initiated by the broker on the 5th Aug and 13th Aug respectively).  Yesterday they confirmed by email that they have arranged Trade and Settlement dates of my assets for the 18th and 21st September respectively.

Today both my accounts have been credited with the stocks that respectively appear in my ITI Qort accounts.  Currently no transfer of the stocks moved from Qort to the Phoenix accounts, but I suspect that could be more complicated given the ability to actively trade those stocks with ITI (which I've not done to avoid muddying the waters). And no cash components have been transferred yet.

Not that I currently intend to but I've checked to see if I can sell any of the transferred stocks via AJ but can not and I suspect that is a restriction in place until the entire transfer is complete and agreed, but at least there is unbelievable progress!

Hope this brings some relief to you all that there may be a glimmer of light at the end of the very long and very dark tunnel!

Of course I may have become delusional and am dreaming all of this, but so far all of the pinching is actually painful! ;-) 

toad333

My2penneth said:

toad333 said:

Hi guys

I’m an overseas client. Was open-minded about ITI, but have now opened an account with Interactive Brokers in the US. No cheap options for British expats in the U.K.

I think I will sell everything and transfer the cash to Interactive Brokers. Not sure if they transfer to accounts
outside the U.K.

And still waiting for access to my account! 

If you go to the IB website you can log on to your ITI Phoenix account....so why not simply ask ITI to transfer you free of charge to IB?

Cheers for that information. Still don’t have a Phoenix account yet. Uploaded required documents over a week ago. 

I have some boohoo shares, which I think are AIM. Am I right in thinking these can’t be traded on Phoenix?

shawdon

A bit more pressure being applied by ShareSoC today:
 Mark Bentley wrote:

 I have not had a meaningful response to my email to ITI, other than an acknowledgement, promise to revert with a proper response and a request not to copy the FCA in! I shall ignore the latter request - glad I've touched a nerve.

 I have send a chasing email today, saying:

 I am disappointed not to have heard anything further from you about this matter. The SVS clients continue to be very frustrated and annoyed about the lack of communication from ITI.

 In the absence of a reasonably prompt response to their concerns, ShareSoc will have to consider what further action can be taken to obtain a satisfactory resolution.

 In the absence of a response early next week, my step will be to contact the FCA directly to get their suggestions on how this can be resolved. In the absence of a satisfactory response from them, the next step will be to pursue parliamentary and press channels to increase the pressure on the FCA to act.