SVS Securities - shut down?

My2penneth

Nbs222 said:

The reason I am worried is because this is what they did with our transfers , they just sent valuations with whatever was left  in Qort  after they had moved UK based stocks  into PX accounts , that's why some didn't had any stocks to transfer .

That looks like what they've done.  The ITI staff are probably in autopilot mode having made a start on the accounts of people who did not on board originally and are used to dealing with SC numbers only.  

Does this mean that we need to issue 8 transfer requests for a couple who hold a non ISA and an ISA account each..?  
There was no mention  of not being able to transfer shares to Phoenix (PX). Seems that shares which ITI say cannot be transferred would sit in limbo unless one actually did submit a transfer request for all residual shares in an SC  account and all shares in PX! Thus we would need to submit 4 forms per person !!

I have asked ITI previously as to what number to put on the transfer form and was told that it didn't matter as they could cross reference accounts.  ITI never told us they were just using the on boarding accounts as a temporary holding platform ( first mention I've seen is by Argawal in a private email to myself last week)....we all expected to be trading once on boarded at the end of July. Only last week I contacted the 8001 call centre and asked the same question ..which account is the one to quote?. The reply was that it didn't matter as the content ( shares holdings) should be the same in both accounts ( SC and PX).   Clearly incorrect information.

RasputinB

rnf11 said:

Rasputin B said .....

I think that saying too much at this stage could be counter-productive and allegations may be unfounded anyway.
We might all be in a much greater mess if ITI Capital was shut down by regulators.
At the moment it is possible to trade and it is possible to get cash out.
Looking back on previous posts I found that someone had sold all his holdings and taken the cash over a month ago.
https://forums.moneysavingexpert.com/discussion/comment/77504871/#Comment_77504871
Obviously that won't work for most of us so we have the nightmare of transfer to another broker (or staying with ITI).
Transfers can get messy even between good brokers so I am leaning towards a reverse transfer.
Meanwhile I'm going to check my portfolio for potential Corporate Actions.

My2penneth

leonde said:

I haven't even been given a Phoenix account yet - no idea if that makes a transfer easier or impossible. I just used the SC number.

You are "behind the curve "( quite a lot of peoplehad their Phoenix accounts assigned in early August,  6th or 7th from memory ). I was able to trade online by about 3rd September using Phoenix.  When you come to put your transfer request in, I would suggest quoting both SC and PX numbers for every account! 

Monsieur_Bourse

My2penneth said:

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.

I know that you have your own troubles M2P and what is happening to you at the moment I find incredible, but sadly now nothing surprises me when ITI Capital are involved. Could you tell me how you managed to bring up the above box on your Phoenix account, I have clicked on every link that I can find on the trading platform, but I have been unable to bring up this box. Did you access it from the home page of Phoenix on the left-hand side? There should have been 2 dividends paid into my account since our Russian friends took charge of my account, one dividend amount is correct, but is showing under cash, and one dividend payment is missing altogether.

My Qort account today is showing double everything, so nothing new there.

fmmajid

No the issue is they have had THREE MONTHS to transfer my holdings across to the Phoenix ITI account and have NOT done this.

My holding in IAG is not even showing in the Phoenix account; only in the old SVS account.

Nbs222

My IAG  holding is also in Qort account , they have only transferred UK registered shares to Phoenix accounts.

IAG  has registrar in Spain.

fmmajid

but what does that mean - are the IAG shares in the Qort account 'active'? Can they be traded?

Nbs222

I don't know , you can call ITI trader ask him to sell or find out if they can be traded.

My2penneth

Monsieur_Bourse said:

My2penneth said:

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.

I know that you have your own troubles M2P and what is happening to you at the moment I find incredible, but sadly now nothing surprises me when ITI Capital are involved. Could you tell me how you managed to bring up the above box on your Phoenix account, I have clicked on every link that I can find on the trading platform, but I have been unable to bring up this box. Did you access it from the home page of Phoenix on the left-hand side? There should have been 2 dividends paid into my account since our Russian friends took charge of my account, one dividend amount is correct, but is showing under cash, and one dividend payment is missing altogether.

My Qort account today is showing double everything, so nothing new there.

It's a pretty straightforward procedure in a few steps and only takes a minute to generate the report....

(1) Login to Phoenix and click on "REPORTS" (you can do this in 2 ways - either by clicking on the word which I've circled or by a drop down menu which is revealed when one clicks on the 3 horizontal bars on the left of the word Phoenix - I would actually suggest the 3 bars method is a better way as I've found that selecting "Reports" (circled) can sometimes cause problems).

(2) Next, click on the white arrow shown at (2) "Activity" 



Clicking on the white arrow brings up a smaller  dialogue box. There are various options regarding the period (I used Month to date) and one can also select to write the results out to the screen (HTML/View) as shown here or to save to a pdf file. 
Then click on the blue/white RUN button.

Clicking on Run generates a report from the Phoenix database. Click on the Expand All (circled text below)




Having clicked on the Expand All, look down the report for a section with the title "Change in Dividend Accruals".


Note the ex dividend dates and pay dates. The ones above have not yet been paid into my account but some should hit the account increasing cash balance pretty soon (25/09/20 the ASEI share holdings). I'll be logging on to check the cash balance increases!!

That's all there is to see what dividends have been captured within Phoenix. Of course, dividends before shares were transferred to Phoenix ("interim period") are not there. ITI Capital appear to be manually adding dividends received to the cash balance of the Phoenix accounts from dividends in the interim period. 

My2penneth

Nbs222 said:

My IAG  holding is also in Qort account , they have only transferred UK registered shares to Phoenix accounts.

IAG  has registrar in Spain.

It is unbelievable ( really) that IAG cannot be transferred....looking on the London Stock Exchange,  the company is registered in GB. 

I note companies located in Jersey are supported and have been transferred ( eg HFEL). 

Personally I think it is a case of laziness on the behalf of ITI and maybe Interactive Brokers.  If ITI were to contact I.B they could add it to their database. I've had similar problems before when a share was supported ( could be bought) in SVS' non ISA trading account but not in their ISA until I phoned them up and they added it in 15 minutes . 
There we were , lead to believe that Phoenix was the bees knees in share dealing and it can't even match SVS..tut tut!  ?...and that's why you've got shares left in your on boarding Qort accounts!

What really matters is what shares does your preferred new broker support?