SVS Securities - shut down?

jenwrendorset

RasputinB said:

If shares are "stuck" with ITI Capital because your preferred broker won't take them wouldn't it be a good idea to ask Leonard Curtis what you can do?

Done that......their response, quick as it was, actually missed the point of my email.....they have contacted the Transfer Out team on my behalf to hurry along our transfers of both Phoenix and Qort accounts however in my email I explained (quite clearly I thought!) that iWeb won't accept the Qort account so now what happens - this is part of my response back to LC and I quote

"the problem is that  iWeb will NOT accept the Qort account as it only contains the delisted BNN shares and on the other hand, ITI Capital will not accept AIM shares in their Phoenix account so my question is:  what am I supposed to do, or more to the point what are you going to do about this.  We can't be the only ex-SVS clients to hold AIM listed shares - why was this problem not known before ITI Capital took on the responsibility. If, as I suspect, these shares are going to lay dormant in a Qort account until they are relisted am I going to be charged by ITI for holding this account - after what we've all been subjected to I sincerely hope this is not the case."

I've already submitted letters of complaint to FCA; FOS and my MP so not sure where else to turn.  I'm beginning to lose the will to live.

Monsieur_Bourse

What on earth is this about?

Anybody received one of these e-mails? It does not say to which account it is for, we have 4 phoenix accounts between us.

My2penneth

Monsieur_Bourse said:

What on earth is this about?

Anybody received one of these e-mails? It does not say to which account it is for, we have 4 phoenix accounts between us.

Looks a bit dodgy to me!  Was it addressed to you by name?
I've not received one.

As it is 8pm ....you've missed the deadline anyway of 17:59  or nearly 6pm in old money.

shiznit76

no for me on new Phoenix details, is it legit? 

Monsieur_Bourse

That's what I thought M2P, no it wasn't addressed to either of us, although I do not know how they could scam me, anyway as you say the deadline has expired. I can still log in to my Phoenix account, and as for my wife, well it has only been 9 weeks of 'in-progress', the new password did not work with her account.

Danie6

Eventually I now have a Qort account showing my recent dividends and also my shares in Atlantic Coal, which could not be transferred to IBKR because they were delisted. Then the company went belly up and the shares are worth buggerall. If I just leave them there I may end up paying ITI's holding fees for something that can only be thrown in the dust bin. So how about asking for a reverse transfer to see what LC will do with them? They also deserve a headache. I first want to transfer my dividends out of course.

SomeGuyinNZ

Monsieur_Bourse said:

SomeGuyinNZ said:

Have been reading this forum from Day 1, appreciate all the info here. 
Is there anyone who is non UK resident  (I'm in NZ) who has access to Phoenix yet? I was sent credentials a month ago but when I log in I still get "Your account application is pending approval". My wife hasn't even got to the stage where they create a Phoenix account - still only shows her QORT account.
Thanks all.

My wife and I live in France, to date I have access to my Phoenix account, although I think that it is an awful trading platform and to be honest not quite sure how it works. My wife does not have access to her Phoenix account, even though we created an account about 8 weeks ago, and then ITI created another account that is 'in progress', progress not being a word that I associate with ITI.

Merci Monsieur_Bourse. I am struggling to find a new broker to move to - every one I look at won't take non-residents (which was how I ended up at SVSXO in the first place as they were the only option). I'm not sure about Interactive Brokers - as I don't know whether I will come under the "UK" operation (what I'm really after is FSCS protection). Tried creating an IB account but can't progress as it turns out there's already an application in progress for me - which is ITI using IB in the background. Are you staying with ITI or have you got someone else you can transfer to? A little concerned that I might be stuck with ITI, their shocking service and custody fees.

Michael_Reynolds

SomeGuyinNZ said:

Is there anyone who is non UK resident  (I'm in NZ) who has access to Phoenix yet? I was sent credentials a month ago but when I log in I still get "Your account application is pending approval". 
I live in Australia and have had my login details for two weeks now but inspite of frequent promises from ITI still have no access to my Phoenix account

Michael_Reynolds

In the absence of a Phoenix account does anyone know how to print out the Quort holdings and valuations?

jh_aux

I’m in Australia, have a small portfolio (8 stocks) and some cash at stake. Was going to hang in with ITI, but no longer - need to move on with my life.  Successfully withdrew the cash last wk, via direct email to Abiola.Omotayo@iticapital.com with supporting form and copy of my UK bank stmt.  Here was my plea:

Dear Sir/Madam,  I am struggling to have ITI process the attached 'Cash Withdrawal Request' from my transferred SVS account.    PLEASE can you help.

I've sent the request previously, (4 weeks ago) to both 'accountmanagement' and 'customerservice' @ ITI Capital, but without success.  No response / no action. 

In the pdf here is the scanned form and my Bank Statement showing the bank and my account details where I would like funds transferred.

Please Do not close this ITI account.

If you could kindly reply with your confirmation, I would be grateful.

You are welcome to copy my text.  They will likely smell a rat!

Based on others’ comments for alternate online brokers for non UK residents, I checked out SaxoTraderGO and Trading212 and another based in Luxembourg.  I’ve even opened a demo ac in the Saxo platform (satisfying) and pretend bought my portfolio so I can look at it and dream.

I then asked via Abiola Omotayo to have my Qort and dormant/empty Phoenix Ac flagged “as wishing to transfer out”, appreciating that I would be entering a likely 3 month process, given what’s reported here.  Same day, I received a reply from Sabina.  She gets a mention, a few posts prior to this one.  And then I followed with my executed/scanned Transfer Out form, passport and bank stmt images.  The opportunity to download this form appears once your Qort is flagged as you “wishing to do a runner”.
I’ve elected for HL as the new broker [straightforward setup] (Note, I have strong UK connections and by the time my turn comes around for transfer, I’m hoping HL will have a track record in their dealings with ITI).  You must do your own research and choose a new platform to suit yourself.  I make no recommendation here.   Once with HL, I’ll probably slowly sell down, repatriate funds and buy a yacht!

I’ve analysed recent dividend activity (2 only small deposits) into ITI and I think I can allocate them.

Good luck with your endeavours.  I hope the above helps, and thanks again to the many contributors to this thread.  I’ll report again with any progress, my end.