SVS Securities - shut down?

pafpcg

My2penneth said:

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.

And so the schedule for getting access begins to slide!

The email also includes this:

Once you have received your login credentials from ITI on or around 22/23 July 2020, you will be able to visit their website and be guided through the following steps to begin using your account:

1. Login to the ITI website using the temporary login credentials provided;
2. Select your username/password to access your account(s) going forward;
3. Either Agree to or Decline ITI’s Terms of Business;
4. Follow the on-screen prompts;
5. Upload identification documentation to verify your identity;
6. Initiate a Broker Transfer request or begin using your account to trade, deposit and withdraw.

If ITI can't register accounts for the ex-SVS clients before 22-July, I don't hold out much hope for an early exit from ITI.  I dread what's going to happen to their system in the scramble to register and then immediately extract our assets...

I expected that ITI would use the period between 11-June and 22-July to contact ex-SVS clients to set-up their accounts in an orderly, leisurely, manner - it seems I'm unduly optimistic.

PS: What if we don't agree to ITI's Terms of Business or can't provide identification documentation?

PPS: Surely a transfer from ITI to another preferred broker requires the preferred broker to initiate the transfer (not ITI)?

masonic

pafpcg said:

PPS: Surely a transfer from ITI to another preferred broker requires the preferred broker to initiate the transfer (not ITI)?

Presumably they are just saying they will accept a transfer request from your chosen broker from that date onward (so you could not initiate one now).

pafpcg

masonic said:

pafpcg said:

PPS: Surely a transfer from ITI to another preferred broker requires the preferred broker to initiate the transfer (not ITI)?

Presumably they are just saying they will accept a transfer request from your chosen broker from that date onward (so you could not initiate one now).

You're being too charitable!

The first five steps are clearly functions of their online account, so step 6 "Initiate a Broker Transfer request" implies that the transfer initiation is also done within their online account.  But if one's feeling charitable, then step 6 could be read as something that could be done after the ITI account is activated and maybe not even using the ITI system.

For anyone unsure about what will be required to initiate a transfer from ITI to a preferred broker/platform (eg IWEB, H-L, AJBell, etc), the first step (assuming you've already opened an account with your preferred broker) will be to complete the transfer request form at the preferred broker, specifying all the necessary details to uniquely indentify your account at ITI.  Therefore, registering at ITI will (probably) be necessary to obtain the ITI account name and identifying account number.  I'd also expect that ITI will demand some form of approval from the account holder to permit the transfer from ITI.

masonic

pafpcg said:

masonic said:

pafpcg said:

PPS: Surely a transfer from ITI to another preferred broker requires the preferred broker to initiate the transfer (not ITI)?

Presumably they are just saying they will accept a transfer request from your chosen broker from that date onward (so you could not initiate one now).

You're being too charitable!

The first five steps are clearly functions of their online account, so step 6 "Initiate a Broker Transfer request" implies that the transfer initiation is also done within their online account.  But if one's feeling charitable, then step 6 could be read as something that could be done after the ITI account is activated and maybe not even using the ITI system.

For anyone unsure about what will be required to initiate a transfer from ITI to a preferred broker/platform (eg IWEB, H-L, AJBell, etc), the first step (assuming you've already opened an account with your preferred broker) will be to complete the transfer request form at the preferred broker, specifying all the necessary details to uniquely indentify your account at ITI.  Therefore, registering at ITI will (probably) be necessary to obtain the ITI account name and identifying account number.  I'd also expect that ITI will demand some form of approval from the account holder to permit the transfer from ITI.

It's highly unlikely such a facility (to transfer out) exists in their online account. Back in the olden days, there used to exist two valid mechanisms for transferring an ISA, the current one and one where you approach the existing ISA manager and instruct them to transfer to the new ISA manager. Essentially the latter just involved an extra step where the existing ISA manager forwarded to the signed ISA transfer authority to the new ISA manager for agreement to accept the transfer, and not many ISA managers supported it (as who would go to the extra trouble to help a customer leave them?), so it was deprecated some years ago. For non-ISA accounts, I don't think such a facility has ever existed.

BSS

Thank you Leonde and my2penneth for your suggestions for an alternative platform to ITI. Does anyone else have experience of Jarvis X-O? As I will only be dealing in shares, I like their low fee structure but I read on their website that you have to email them to withdraw cash from your account which seems a bit archaic and probably delays the process. All other platforms I have looked at uses an online system for this. They also charge if you wish to move your account to another platform which is not the case on iWeb.  Any comments gratefully received.

Thrugelmir

BSS said:

Does anyone else have experience of Jarvis X-O? As I will only be dealing in shares, I like their low fee structure but I read on their website that you have to email them to withdraw cash from your account which seems a bit archaic and probably delays the process.

Service is excellent. Easy to ring directly through to the dealing desk if neccessary. Online withdrawl was due a month ago. Some technical issues need to be ironed out before it goes live. Though has been possible for income to be paid out from GIA's and ISA's by default on a quarterly basis if required.  

pafpcg

BSS said:

Thank you Leonde and my2penneth for your suggestions for an alternative platform to ITI. Does anyone else have experience of Jarvis X-O? As I will only be dealing in shares, I like their low fee structure but I read on their website that you have to email them to withdraw cash from your account which seems a bit archaic and probably delays the process. All other platforms I have looked at uses an online system for this. They also charge if you wish to move your account to another platform which is not the case on iWeb.  Any comments gratefully received.

See my posts on 18-June on page 150 of this discussion thread here: https://forums.moneysavingexpert.com/discussion/comment/77306634#Comment_77306634
When the online withdrawal facility will be available is known only to Jarvis - the "test" facility keeps reappearing  & disappearing every few days in my JarvisX-O account but Jarvis responded "soon" when I queried again last week when we could expect it to become operational.

Otherwise, in my limited experience with JarvisX-O over the last four months, I've been satisfied with their service.

My2penneth

Out of curiousity, is ANYONE thinking of staying with ITI?

johnburman

For XO clients there is absolutely no reason to stay. For those who want to trade in exotic products there may be a reason. I'm uncertain about the FX clients. SVS seems to have lots of overseas FX clients and I wonder if those are the clients ITI wants to keep and why it bought SVS from the administrators. 

olderbutnowiser

johnburman said:

For XO clients there is absolutely no reason to stay. For those who want to trade in exotic products there may be a reason. I'm uncertain about the FX clients. SVS seems to have lots of overseas FX clients and I wonder if those are the clients ITI wants to keep and why it bought SVS from the administrators. 

I don't think there is any doubt that the FX clients (mainly Chinese we are led to believe) is the reason why we ended up with ITI. In my opinion, LC should have divided the client base into two categories, XO and the rest. That way there would have been a lot more interest in the XO accounts and we would doubtless have ended up with a decent option that would have been more palatable, at least for a short time.

As it is, I have no confidence in ITI and am aiming to move away asap. The problem with that is doubtless there will then be several more months before we can access our shares.