SVS Securities - shut down?

Danie6

So it could be more efficient rather to send the same email separately to ITI individuals than to just cc the lot of them? The only cc should then be the likes of FCA, FOS, etc for warning purposes.

manorhouse

Emillion1 said:

manorhouse said:

Emillion1 said:

manorhouse said:

ITI are by far the worse broker mob i have ever had to deal with , i do not know if it is incompetence or dishonesty.
I took part in a rights issue there was a scale back of excess application.
I was awarded 10 times less then with Iweb when i question just bamboozled and delayed .
I sent them IWeb allocation of scale back and the company RNS on it.
After being told every week we are looking into it two months pass then i am  told nothing we can do 
They have sent another offer  this time they have added this line 

 "Pro-ration rates processed by IBKR on over-subscriptions may differ from the general market rate."

Can anyone throw any light on IBKR ?
Are the using sub contractors ?
Buy the time the excess shares were allocated we had  already seen over 100% gain of the offered shares in the market .
Could "IBKR " have kept these for own gain ?
Would my allocation of been different if there was no premium  or indeed if the market share price had fallen below the offer price ?

How can you get scaled back in a rights issue?  which company was it?

I did write this .
 "there was a scale back of excess application".
Hopefully we are all here to help each other , i am only a blue collar worker so no FA.
But this i have experienced .
Sometimes you are given an extra opportunity to apply for more then you right .
This is scaled back sometimes , sometimes a company might issue even more shares to cover ( unusual )
I hope Masonic can throw some light he seemed more educated on this game then myself .
The company in this case was Scancell .

Manorhouse - Sorry, I wasn't trying to be rude.  Normally a rights issue is determined by the number of shares in issue and you receive an entitlement based upon your own share holding. Therefore should not be scaled back.  My guess is it was an Open Offer which can be scaled back.  I agree we are all here to help and am more than happy to do so in any way which I can.   

Emillion1
It was indeed an OO i just put Rights to help you understand
The main difference i think from experience is no trading nil paid and if you do not take up you are entitled to noting ( you might get a payment if a rights ).
You still get an entitlement and sometimes like this one ( and there's is further OO right now in this same share that you might find interesting to look at ) they give you opportunity to apply for more ( above your entitlement  )

It was this excess application which was scaled back more then other brokers were scaled back, and that news after it was known the market price for same shares was three times as high at time they announced  there scale back.
I smell a rat !

manorhouse

My2penneth said:

RasputinB said:

manorhouse said:

Can anyone throw any light on IBKR ?

Interactive Brokers U.K. Limited Registered Office: Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY.

Website: www.interactivebrokers.co.uk

ITI Capital's "Phoenix" is just a gateway to Interactive Broker's trading platform. If you were to go to the IB website, you could log into your account from there using your ITI username/passwd.  

The trading platform does not belong to ITI capital - they pay IB to use theirs.

Thankyou very much My2penneth
That explains a lot .... So they do indeed contract services out .
Interactive Brokers were a broker i looked at in August 2019 when all this kicked off , i was impressed at what i found the charges were low they were big .
No platform charge if you make two trades a month ( if not the cost of two trades ) and you do not even have to do that  if portfolio over 90k .
I mentioned my findings on here but "the big posters" were not so keen .
They do not do ISA acc i think i recall.
Has anyone transferred a share acc to Interactive Brokers ?
I wonder as they work together if this might be easier ?
Has anyone experience of using interactive Brokers ?

jenwrendorset

Latest update:  I actually managed to get my call to account management answered (this was on 13 October) and spent an hour having what seemed to be a very 'meaningful' conversation about missing dividends; missing transfers; and the non-action on a cash withdrawal request which had, initially, been submitted on 13 Sept and then two times since.  Came off the phone feeling slightly confident that I might actually be getting somewhere but too early to get out the bunting.  Fast forward to 15 Oct and the cash was in my bank account; L&G, BP, and GSK dividends all in their appropriate accounts and were for the correct amount - alleluia. Not been able to check with iWeb as to transfer situation as I've been away but that will be Monday's agenda.  So current situation is;  out of 3 accounts waiting to transfer, only one has been successful (.....mine as it so happens) - 2 accounts still waiting (the 4th account is a joint one and we're selling up once dividend appears in our bank account) and 4 more cash withdrawal slips submitted so let's see how long they take!  Had response back from my MP with an attachment he received back from FCA....hardly inspiring as expected.  I'm now close to the 8 week deadline so FOS complaints forms waiting to be sent although I have contacted them unofficially (making them a c.c. on all the emails) in the past.  The light at the end of the tunnel is still just a sliver but we're heading in the right direction I hope.

shiznit76

what number did you call accounts management on?

My2penneth

In terms of payments received into my Qort account  I am in the process of reconciling "numbers that correspond to a dividend".
So far, I can see that our  Qort (SC or holding accounts) have received dividends:

BP  13/10/20
LGEN 13/10/20 (in 2 accounts, mine & wife's)
Aviva 13/10/20 (in 2 accounts, mine & wife's)
Pennon 03/9/20
IMB 10/08/20
SOI (received but didn't note the date - doh!)

Still a few I can't reconcile (HFEL, SLA , BATS & RDSB  ....the latter having the spurious Enititlement Shares "note" of zero value). 

I get the feeling that ITI are batch loading dividends as you will note the appearance of BP/LGEN/AV on the same date. 

shiznit76

are those unfortunate enough to still have a Qort account finding that their values of holdings are still wrong?

Danie6

manorhouse said:

My2penneth said:

RasputinB said:

manorhouse said:

Can anyone throw any light on IBKR ?

Interactive Brokers U.K. Limited Registered Office: Level 20 Heron Tower, 110 Bishopsgate, London EC2N 4AY.

Website: www.interactivebrokers.co.uk

ITI Capital's "Phoenix" is just a gateway to Interactive Broker's trading platform. If you were to go to the IB website, you could log into your account from there using your ITI username/passwd.  

The trading platform does not belong to ITI capital - they pay IB to use theirs.

Thankyou very much My2penneth
That explains a lot .... So they do indeed contract services out .
Interactive Brokers were a broker i looked at in August 2019 when all this kicked off , i was impressed at what i found the charges were low they were big .
No platform charge if you make two trades a month ( if not the cost of two trades ) and you do not even have to do that  if portfolio over 90k .
I mentioned my findings on here but "the big posters" were not so keen .
They do not do ISA acc i think i recall.
Has anyone transferred a share acc to Interactive Brokers ?
I wonder as they work together if this might be easier ?
Has anyone experience of using interactive Brokers ?

I have successfully transferred my stuff to Interactive Brokers and am currently studying their training courses. Their platform is very comprehensive indeed, but you need a post graduate university degree to understand all its features. To get on top of it all will probably take some time.

RasputinB

manorhouse said:

Has anyone experience of using interactive Brokers ?

I have an account with Interactive Brokers but I funded it with USD and have only bought US stocks. They emailed me a few weeks ago warning that "due to Brexit" they might have to change the jurisdiction of my account (I am not a UK resident). As I have another stockbroking account with a US broker I asked them (through an on-line form) to arrange a transfer of all my holdings and cash from Interactive Brokers to them. They emailed me confirmation straight away and they started the process on a Monday. Interactive Brokers emailed me on the Monday afternoon to say that they had received transfer instructions. On the Tuesday the stocks (all US high market cap.) had been removed from my Interactive Brokers account and they appeared in my other account on the Friday of the same week.

The main reason I went to Interactive Brokers in the first place was because they were paying a much better rate of interest on USD cash but that subsequently fell to zero.

I can't recommend Interactive Brokers for UK shares as I did not trade any UK shares but they may be an easier transfer route for those with holdings on the Phoenix platform.

manorhouse

RasputinB said:

manorhouse said:

Has anyone experience of using interactive Brokers ?

I have an account with Interactive Brokers but I funded it with USD and have only bought US stocks. They emailed me a few weeks ago warning that "due to Brexit" they might have to change the jurisdiction of my account (I am not a UK resident). As I have another stockbroking account with a US broker I asked them (through an on-line form) to arrange a transfer of all my holdings and cash from Interactive Brokers to them. They emailed me confirmation straight away and they started the process on a Monday. Interactive Brokers emailed me on the Monday afternoon to say that they had received transfer instructions. On the Tuesday the stocks (all US high market cap.) had been removed from my Interactive Brokers account and they appeared in my other account on the Friday of the same week.

The main reason I went to Interactive Brokers in the first place was because they were paying a much better rate of interest on USD cash but that subsequently fell to zero.

I can't recommend Interactive Brokers for UK shares as I did not trade any UK shares but they may be an easier transfer route for those with holdings on the Phoenix platform.

Thank you very much Danie6 & RasputinB
Danie6 i am uk based are you , is there anything else i need to be aware of ie .. you can hold sterling , are you charged a min £10  fx fee for $ divs changed to sterling for example . ( Like ITI )