SVS Securities - shut down?

RasputinB

Just some points. If the shares are in "Phoenix" then it is very easy for them to be transferred to IBKR as Phoenix is just a front end to IBKR. If any are on QORT then that is a different matter.
IBKR seem to have confirmed that there is some sort of streamlining in place for Phoenix transfers so the chances are that the only thing holding things up is ITI.
ITI must have inboxes bulging with transfer requests, email chasers, claims and threats. To get quick results you will need to do more than normal which is why I'd get an escalation to their legal lady.
IBKR warn that they are busier than usual as a lot of new accounts are being opened with them (or so they say).

jenwrendorset

Next update.  Nothing heard from ITI so tried again to phone them (02038898355) and after a lengthy wait the phone was actually answered this time.  Not the easiest person to understand but she finally found two of my six emails (I'm covering two accounts so everything is duplicated) however could find no mention of my request for share certificates (?) but I'll put that down to a possible limited command of the English language  (I'm being kind here) so she probably missed it.  She said that she would forward these emails to her colleague who deals with share certificates and I could expect a reply either later today or Monday, not holding my breath on that one, I shall probably end up looking at the skies for those pigs but maybe I'm doing her a dis-service but we wait to see.

El_D365

RasputinB said:

Just some points. If the shares are in "Phoenix" then it is very easy for them to be transferred to IBKR as Phoenix is just a front end to IBKR. If any are on QORT then that is a different matter.
IBKR seem to have confirmed that there is some sort of streamlining in place for Phoenix transfers so the chances are that the only thing holding things up is ITI.
ITI must have inboxes bulging with transfer requests, email chasers, claims and threats. To get quick results you will need to do more than normal which is why I'd get an escalation to their legal lady.
IBKR warn that they are busier than usual as a lot of new accounts are being opened with them (or so they say).

This is part of why it's so frustrating, the shares *are* in Phoenix, so I know that my holdings are already in an IBKR account.

If escalating it to their legal lady would speed things up, I most definitely want to try that.  Where might I look to find a contact?  Can anyone let me know either here or by private message?

El_D365

I got a reply from ITI already!;

We have recently amended our transfer procedure to IB and I have contacted IB regarding your transfer directly today.

Also please note that we have emailed IB on 08/08 with valuation of your holdings. However, we have not received response:

And just below they include a screen grab of an email header which doesn't contain enough detail to identify anything really, other than 'Hi Team, account transfer, valuation, and the date 08/08'.  No account numbers or my name visible.

I will wait until later today or Monday morning, and contact Interactive Brokers to ask if they've received any correspondence.

RasputinB

El_D365 said:

RasputinB said:

Just some points. If the shares are in "Phoenix" then it is very easy for them to be transferred to IBKR as Phoenix is just a front end to IBKR. If any are on QORT then that is a different matter.
IBKR seem to have confirmed that there is some sort of streamlining in place for Phoenix transfers so the chances are that the only thing holding things up is ITI.
ITI must have inboxes bulging with transfer requests, email chasers, claims and threats. To get quick results you will need to do more than normal which is why I'd get an escalation to their legal lady.
IBKR warn that they are busier than usual as a lot of new accounts are being opened with them (or so they say).

This is part of why it's so frustrating, the shares *are* in Phoenix, so I know that my holdings are already in an IBKR account.

If escalating it to their legal lady would speed things up, I most definitely want to try that.  Where might I look to find a contact?  Can anyone let me know either here or by private message?

From your subsequent post it looks like you now have both ITI and IBKR on your case so if they start communicating properly to each other your transfer should proceed quickly enough.
My thoughts on escalating to their legal team relate to having a legal claim pending. Anything less and it will likely be referred back to "admin". The link to a post I added earlier shows an example of how this was initiated. I did something similar (though because of my residence status I would not have been able to use the "Money Court" system) and the threat was enough to get ITI to quickly resolve my issue. Hopefully you (and others) won't now need to resort to such tactics.
Can you get contact info. to / from the individuals at both ITI and IBKR so that they talk to each other? 

El_D365

Quick update.

My holdings have been transferred over!  A very stressful month, and a valuable lesson learned.  Just because I wasn't actively trading, wasn't a good enough reason not to keep up to date with the reputation of my broker.  Thanks for the advice all.

kencom

As ITI are not answering the phones. Quick bit of advice required please?

To transfer cash/stocks out of ITI to my preferred broker (ii) do I:-

just reply to the email ITI sent me highlighting my cash/stock positions?

or

Do I have to fill in any particular form?

johnburman

Can't give you any advice on your query. But if iti are not answering their phones:

Complain to the FCA. And then to the FOS for compensation for AT LEAST the inconvenience caused by ITIs conduct 

kencom

johnburman said:

Can't give you any advice on your query. But if iti are not answering their phones:

Complain to the FCA. And then to the FOS for compensation for AT LEAST the inconvenience caused by ITIs conduct 

Thanks for the advice. But I really just want confirmation of the correct transfer method before the deadline.

johnburman

Let's all stop being nasty 

SVS are bust. ITI are incompetent but solvent. IWeb do their best. You need the FCA to force or at least encourage iti to carry out the transfer.