SVS Securities - shut down?

GeorgieC

Some caveats on IB platform where I said it is quite good....
Margin rates on futures/options/CFD's are terrible - cross margining product to product is terrible - AIM offering is terrible (unless stock is listed on SETS rather than auctions/RSP) - depending on your product requirements, access to UK stock options is not great either

My2penneth

GeorgieC said:

shiznit76 said:

so can i just phone up, say sell all my holdings and transfer cash to my bank?

In theory yes, or you can just sell yourself and request the cash separately.
I have used Phoenix/IB platform a lot. Happy to walk you through it if you want to contact me.
Once you have a grasp on the IB platform it is actually very good. The issues are with ITI and the other side of the business....ie anything on QORT

Yep, I agree with the comments - the issues are with ITI, they are simply too small a company and have bitten off more than they can chew. Qort was a problem of their own making (stupidity).

Jools2001

Anyone here, got any further forward with their delisted  stocks from iti,
they want to charge me £12 for each stock to get in certificate form, bit of a joke if you ask me
after all the money paid to the administrator, shouldnt this cost off been covered in the fee i was charged by LC?
If i did take certificate form, is it easy to get them resold with a certificate if they were to relist in the future ( some hope!  lol )

thanks in advance 

Jools2001

GeorgieC

Jools2001 said:

Anyone here, got any further forward with their delisted  stocks from iti,
they want to charge me £12 for each stock to get in certificate form, bit of a joke if you ask me
after all the money paid to the administrator, shouldnt this cost off been covered in the fee i was charged by LC?
If i did take certificate form, is it easy to get them resold with a certificate if they were to relist in the future ( some hope!  lol )

thanks in advance 

Jools2001

Realistically it will be even more of an admin nightmare for ITI to administer anything that has been delisted. Contact Andy Knight at ITI and try and offset any cost against their admin cost / problems increasing. My bet is they will waive any charge but worth a try any which way... 

shawdon

It has been a very long and painful road since August 2019 but i am nearly clear of the nightmare. All 8 of my 10 accounts which i have requested transfers from ITI to HL have now been 100% completed including all shares and all dividends, so apart from the fact that the shares are now worth about half of what they were worth 18 months ago, i am very happy! The other 2 accounts were only requested a few weeks ago so i would expect those to transfer by January 2021 if i am lucky. 

A few words of advice to those still looking for their escape from ITI, be persistent in your communications as they will ignore most of them, use ShareSoc as they are battling hard on our behalf which is more than can be said for LC, the FCA or the FOS, complain officially to the FCA and the FOS, use your MP as leverage (i was lucky enough to have Dominic Raab so that may have focused a few minds at ITI) and include Rahul Agarwal, Chris Smith and David Moss in all your ITI comms.
Do claim compensation from ITI for their poor service, I like many others was sworn to secrecy but now that the cash is in my bank i can confirm that even though the amount is not huge, it is enough to make me feel happy that my struggles have been worthwhile and I did also receive an apology and an acceptance that they have fallen short on their service standards.

I have also been the victim of a serious data breach where all of the shareholdings on one my accounts was attached to an email sent by a hacker to a third party which i cannot divulge at this stage except to say that it is unclear whether the breach is the fault of SVS, LC or ITI. I can confirm that a detailed investigation has been completed by ITI who claim that it is not their fault, the ICO has of course been notified and may take further steps! Unfortunately the fact that the ITI website was not secure for the first 2 months does not help their case very much, despite repeated warnings.

Finally do check your figures very carefully as one of my dividends was incorrectly credited to another of my accounts which of course does not surprise me at all and shows how poor their systems are. Also all of my transferred accounts are still showing all of the shares and cash on Phoenix even though they were transferred out of ITI many weeks ago and i have not received any details about the dividends i have received so of course i cannot comply with HMRC requirements and more importantly neither can ITI who much be in breach of these as well as all of the FCA and LSE requirements.

I hope this helps others and reassures you that there is light at the end of the tunnel!

johnburman

I see you say:
 i have not received any details about the dividends i have received so of course i cannot comply with HMRC requirements and more importantly neither can ITI who much be in breach of these as well as all of the FCA and LSE requirements.
And i ma in the same position.  How do you get full statements of account from ITI?  By what obligation or Rule must  abroker give you a statement or tell you about yoru account?  There must be one; and if it is breached that is another complaint ....and potentially another FOS claim, no?

GeorgieC

johnburman said:

I see you say:
 i have not received any details about the dividends i have received so of course i cannot comply with HMRC requirements and more importantly neither can ITI who much be in breach of these as well as all of the FCA and LSE requirements.
And i ma in the same position.  How do you get full statements of account from ITI?  By what obligation or Rule must  abroker give you a statement or tell you about yoru account?  There must be one; and if it is breached that is another complaint ....and potentially another FOS claim, no?

Statements can be downloaded direct from Phoenix / IB platform - look in top left corner and click on Account Management (if i remember rightly).
If not call the dealing desk - they wont be happy but should be able to get statements for you virtually on demand. As for QORT statements...I wish you the best of British!!

GeorgieC

I forgot to say that QORT statements will be manually generated by Chris Smith and his team or I believe auto generated monthly. To be fair Chris is good at his job, knows his onions and is a genuinely nice person but is relatively new to ITI and has been hit with a baptism of fire.

Sheris

GeorgieC said:

I forgot to say that QORT statements will be manually generated by Chris Smith and his team or I believe auto generated monthly. To be fair Chris is good at his job, knows his onions and is a genuinely nice person but is relatively new to ITI and has been hit with a baptism of fire.

Clueless statements you have stated.

My2penneth

GeorgieC said:

I forgot to say that QORT statements will be manually generated by Chris Smith and his team or I believe auto generated monthly. To be fair Chris is good at his job, knows his onions and is a genuinely nice person but is relatively new to ITI and has been hit with a baptism of fire.

No problems once shares are in Phoenix - they are on someone elses platform. I having been using their reports since August and have posted screen captures on this platform. 

If Chris Smith (the bloke who blocked my phone when I tried to ring him) can produce statements from Qort - why can't we and why do I have to ask them many times?  

I've raised one FOS complaint against ITI Capital and am preparing two others - I am completely fed up with them.  I've sent them a summary of missing dividends and I await a reply before going down the small claims route (a la Rampage). 

p.s. my MP never even replied - I guess he is too busy doing other things.