SVS Securities - shut down?

masonic

ascension92 said:

So we have 3 months from the settlement date, being 23 Jul 20 to move from ITI if we wish without charges, including "custody"? Views please.

Yes, you have 3 months if you want to avoid paying the custody fee, or 6 months to avoid just the exit fees. My view, which I've expressed a couple of times already now, is that clients should not delay initiating a transfer out to a cheaper option. Make any necessary adjustments to your portfolio as soon as you can and get that transfer application in with your chosen broker.

ascension92

masonic said:

ascension92 said:

So we have 3 months from the settlement date, being 23 Jul 20 to move from ITI if we wish without charges, including "custody"? Views please.

Yes, you have 3 months if you want to avoid paying the custody fee, or 6 months to avoid just the exit fees. My view, which I've expressed a couple of times already now, is that clients should not delay initiating a transfer out to a cheaper option. Make any necessary adjustments to your portfolio as soon as you can and get that transfer application in with your chosen broker.

Thanks masonic, saves me going back through yours & rnf11 quotes. I was basically after confirmation it's from the settlement date & not today which was my belief.

pafpcg

pafpcg said:

desertorchid123 said:

I am not particularly impressed with this choice of broker. They may well provide an excellent service but there is little information on them or customer reviews, I for one had never heard of them and their latest accounts don't show a particularly profitable outfit. I would like to know what criteria where used to choose them.

.....  It's possible they were chosen from a short-list of one:  looking at the 143 pages of this thread would surely make any prospective broker think twice about taking on this bunch of penny-pinching complainers!

Well, I wasn't too far from the right number on the short-list of brokers: it was two!

The Transfer-FAQs document just issued by LC outlines how ITI were selected.  From an inital 100+ expressions of interest, eleven initial offers were received which was whittled down to three final offers, one of whom dropped out.

pafpcg

And now the problems will start to emerge...

From the ITI "Welcome" letter:
"Registration
 As part of the registration process, ITI will contact you in due course with instructions on how to register for an account. This process will require you to have a form of valid non-expired Government Issued Photo ID, such as a Passport or Driving Licence and a Bank Statement/Utility bill dated within 3 months prior to date of registration."

I have a joint SVS account but my joint account-holder does not have any form of "valid non-expired Government Issued Photo ID" - she won't be able to register with ITI!

johnburman

eleven initial offers were received - love to know who they were and whay they did not proceed?

My2penneth

Talk about dragging it out...wanting ID.  

gibson81

Great news on the progress of the transfer. Looking forward to 23rd July already!!

manted

My2penneth said:

Talk about dragging it out...wanting ID.  

I hope they start asking for ID etc before the 23rd of July and not on the day ! 6 weeks for all steps should be more than enough time for them to complete all necessary checks !

pafpcg

Comments on ITI
I've been to look at the ITI web-site to look at their Retail Client registration process and other issues.

1.  The sign-up process looks straightforward enough.  It appears to me that ID verification takes place after sign-up - the T&Cs aren't specific about the verification documentation requirements.  Interestingly, the sign-up screen asks for a mobilephone number to allow SMS/text messaging for two-factor authentication - the mobilephone number defaults to the Indian international dialling code!

2. Cash withdrawals won't be as simple as with SVS:  rather than a form in the SVS online system to specify how much to withdraw to the nominated bank account with funds credited two days later, with INI there's just a blank PDF form which has to be printed, all the INI account details, bank account details, amount required etc written in, then signed, then scanned and e-mailed to INI;  the request will then be actioned within two working days and funds sent via BACS (another two days minimum).  With critical data such as account numbers having to be transcribed at least twice, the chances of errors are much increased.

EDIT 19-June:  Oops! - SVS accounts being transferred to ITI (not INI)

My2penneth

If their cash withdrawals system is so dated then one can only imagine how long it is going to take to transfer to another platform!