SVS Securities - shut down?

LadyDawn

Hi all been reading your posts regarding SVS going into adminstration last year.
from what i gather all your assets have been moved to a new platform and its cost you all about 10k taken from your pot
This 10k will be reimbursed by the FCSA 
If the cost was 85K  each then is that the limit the FSCA will reimburse investors? 
Was SVS just for holding individual shares or did they also hold trackers and ETFs for you?
as a fellow investor with another platform, what have you learned now going forward?
thankyou in advance
Dawn

johnburman

Some good responses but the response from Thruglmir to the commetn "there is no 15 second buy/no buy [or sell] period for one known price" got me thinking.  Why not?
Question.  Are there other big/small/old/new brokers who do not have this facility? 

Trading 212 simply "offer" or 'submit' the buy price to the market and then you learn th etrue proce and get a full contract note (about 5 hrs later).
It is not ideal; and they have the rule that you can only buy up to 95% of funds deposited (but allow you to withdraw the rest immediately).  This messes up your ISA £20k limit, as you can never invest £20k, only 95% of £20k.  Weird.  But for ZERO commisison I will put up with it.  [presumably this is done to stop day traders who buy/sell all day]

coyrls

The 95% rule is a consequence of not being able to guarantee a buy price.

My2penneth

LadyDawn said:

Hi all been reading your posts regarding SVS going into adminstration last year.
from what i gather all your assets have been moved to a new platform and its cost you all about 10k taken from your pot
This 10k will be reimbursed by the FCSA 
If the cost was 85K  each then is that the limit the FSCA will reimburse investors? 
Was SVS just for holding individual shares or did they also hold trackers and ETFs for you?
as a fellow investor with another platform, what have you learned now going forward?
thankyou in advance
Dawn

Point 1 : The FSCS protects LOSSES up to £85k. Always Always Always make sure that you have FCSC cover. The broker/platform will state this. "No FSCS cover..no investy !"
Point 2: The length of time that we have not had access to our funds is virtually a full year give or take a few days. in this time, accounts have been frozen and - if one were relying on dividends to pay bills etc. - these have been frozen (building up in the background). Hence - one should have accounts with different brokers - at least if one goes into administration, you would get some income from the other.
Point 3: Sometimes big is best. Small brokers seem to run into problems (eg Beaufort Securities). 
Point 4: I hold ETFs and (a) tracker in my SVS accounts (as was). For some reason, the administrators have not been able to obtain dividend payments from the ETFs (iShares & SSGA). All other divis have been accounted for but it seems that when the shutters came down on SVS, iShares & SSGA couldn't pay into the accounts. The administrators are currently trying to resolve this (they might have by now but I've not seen confirmation). The iShares holdings are there and listed in the accounts but dividends are/were missing.
Point 5: We don't get any say as to where the accounts are to be transferred to ..I don't fancy ITI Capital (too expensive custody charges) and too small - I will be transferring away (another delay!).

You mention "if the cost was 85k each"...to incur that level of cost would (in the case of SVS where the assets were ringfenced) would mean that your individual holdings were "substantial". Note, "special administration" allows the administrator to use your funds to pay for their time (at £500+ per hr). If the FSCS hadn't "paid the bill directly" then it would have meant selling our assets. 

Carols101

I haven’t heard anything from ITI either. Has anyone?

manted

Their website mentions they will reach out on the 22nd / 23rd. So don't hold your breaths

BSS

I do not wish to stay on the ITI platform as their charges seem rather high. I have very little experience of other platforms so I would be grateful for any suggestions as an alternative. I do between 15- 20 trades a year and only in UK shares not funds. Many thanks in advance.

My2penneth

BSS said:

I do not wish to stay on the ITI platform as their charges seem rather high. I have very little experience of other platforms so I would be grateful for any suggestions as an alternative. I do between 15- 20 trades a year and only in UK shares not funds. Many thanks in advance.

I'd have a look at iWeb. Yes, there is a one off £25 opening fee but that's all.  They are backed by Lloyds and their fees are £5 for buying/selling.  There are no custody charges for the accounts -  a big positive point.  

(just to be clear -  I have both an ISA and a trading account with them - the total charge for opening was £25. You are not charged two lots of £25).  

My2penneth

I think the timescales for ITI getting in touch with us speaks volumes. I suspect that they will not be able to handle the transfer requests out.

I will not be staying with them..they are far too expensive. My accounts will be transferred to existing iWeb accounts and my wife's..I'm considering Interactive Investors (even though they have a £120 annual charges  (£10 per month) - offset by 1 free deal per month).

My2penneth

They must be listening 

TRANSFER TO ITI CAPITAL LIMITED: THE NEXT STEPS

 Further to our last Client Update published on 11 June 2020 and the communication issued to clients transferring to ITI Capital Limited (“ITI”) on 12 June 2020, we are pleased to provide more information regarding the anticipated timeline of the transfer over the coming weeks.

 Anticipated Timeline

11 June 2020: Completion of legal transfer of client assets and client money to ITI.

11 June - 23 July 2020 (inclusive): Completion of physical transfer of client accounts, client assets and client money between the Company and ITI.

22 – 23 July 2020: ITI to issue clients with temporary login credentials to complete the onboarding process, following which clients are expected to be able to access their transferred client assets and client money.