SVS Securities - shut down?

englishmas

Thanks masonic for your response, let's see what ITI does with my account.
You are right in saying that by  investing in the market one should think for long term , unfortunately the my advisory account portfolio build up by SVS was very risky, would you believe it that four of my holding gone in to liquidation since last August and remaining holding  also looks very risky.  Now  I wait and see what I get in the end of the nightmare.

NZPK

I am still struggling to get an account with another broker that will accept me as a non UK resident expat. HL state UK resident or overseas forces only. I've emailed them to check anyway. IWeb the same.
Has anyone here been through this? I don't want to be stuck with ITI and their .25% custodian fees. That's too big a hit when compared to the very low fee ETF funds I own. 

bowlhead99

NZPK said:

I am still struggling to get an account with another broker that will accept me as a non UK resident expat. HL state UK resident or overseas forces only. I've emailed them to check anyway. IWeb the same.
Has anyone here been through this? I don't want to be stuck with ITI and their .25% custodian fees. That's too big a hit when compared to the very low fee ETF funds I own. 

Aren't there investment services in your country of residence that offer access to ETFs with a lower custodian fee? Why use a UK broker at all?

NZPK

There are and I use them also but I have UK income and am likely to return to the UK in the future to live so I want to avoid currency exchange in each direction for the bulk of my assets and then the monthly exchanges for each chunk of income that I want to invest. There are other tax and relationship property considerations unique to my New Zealand residential status that makes it better for me to keep my GBP assets in the UK.

gibson81

Does anyone know what would happen to dividends received once you have initiated a transfer? Presumably these would land in your new account as cash?

masonic

gibson81 said:

Does anyone know what would happen to dividends received once you have initiated a transfer? Presumably these would land in your new account as cash?

This is a common occurrence when accounts are transferred. Residual income is transferred across separately if the cash balance of your account has already been transferred when the income was received.

johnburman

It seems to me that for the 'complex' clients either overseas or non-XO, ITI may be an option
But for XO clients their charging structure simply does not justify staying with them.  I wonder if they will have  a simpler (and cheaper) structure?  I doubt it. ITI are suited to the big players not the XO clients.  I really wonder if they can cope with the influx of the new clients, most of whom will want to transfer out.  Will there be long delays for this?     

My2penneth

I wrote to the special administrators on 25th April. 

Question
Could you please confirm that if I wish to transfer my assets to another broker after they have been transferred to the "new broker" it will be under the 6 months waiver agreement that you have negotiated...and the new broker will not be charging a £25 per line  transfer fee?

REPLY

Thank you for your email.  That is correct.  If (through your preferred broker) you instruct the nominated broker that you wish to transfer away from them within the first 6 months of your account being transferred to them, they will execute the transfer for you without charging any exit fees.

Yours sincerely

for and on behalf of

SVS SECURITIES PLC 

Craig Harrison

For the Joint Special Administrators

My2penneth

I noted I was some dividends missing (ETFs such as iShares & SSGA) - Another email to the special administrators to query this.

REPLY

Thank you for your email.  I can confirm that the dividends relating to the iShares on your account and the ETF on your wife’s account are amongst a number we are currently chasing the registrars concerned to transmit to us.

When SVS Securities PLC was placed in special administration some of the usual channels used by registrars to submit dividends due to client accounts were either cancelled or suspended and the Joint Special Administrators are continuing to work with a number of registrars who have not yet put alternative payment methods in place. Please rest assured that we are continuing to chase these dividend payments for you and are looking to clear the whole backlog of outstanding dividend payments prior to the transfer of accounts to the nominated broker in mid-June.

Your client statement on the Client Portal is as at 7th May 2020, but I am aware that dividends received on 7th May 2020 may not have been included in the data-cut when these statements were produced.  I can confirm that since the issuing of the statements, the following dividends have subsequently been credited to your account:

(list of dividends and amounts - I have edited out!)

At the point of transfer to the nominated broker, you will be able to request an updated statement from us for all your accounts detailing all transactions on your account between the issuing of your 7th May 2020 statement and the point of transfer.  Simply email us on this email address at the time and we will be able to supply a full transaction history from inception to transfer for all your accounts.

Yours sincerely

for and on behalf of

SVS SECURITIES PLC

Craig Harrison

For the Joint Special Administrators

masonic

leonde said:

masonic said:

leonde said:

Unsettling news about ITI Capital's past incarnations. Puts me in two minds about whether it is worth using them to sell stocks from my portfolio I don't want in order to save the extra expense from transfer out fees.

If you initiate a transfer out promptly, there will be no transfer out fees. Selling unwanted holdings would be a good idea though, as stock transfers can take 2-3 months to be completed in normal times. Get your portfolio into a state where it can be left alone for a while before initiating the transfer out of ITI.

No fees? Is that something Leonard Curtis have arranged/that the FSCS guarantees? Great news if so.

It is part of the agreement LC has negotiated with ITI. It's been mentioned a few times in this thread, along with the introductory period where ITI will match SVS's old pricing model.