SVS Securities - shut down?

FairDinkum

Weren't we supposed to have emails by today enabling us to register and access our funds? I haven't had one.

My2penneth

FairDinkum said:

Weren't we supposed to have emails by today enabling us to register and access our funds? I haven't had one.

Nope, still waiting. 
I opened up a trading account with ii last week. The whole process took 15 minutes or so. How long will it take to transfer my ITI Capital holdings to ii I wonder? 

shiznit76

Glad I'm not the only one still waiting. This whole process has dragged on for nearly a year, not massively surprised it's still going

FairDinkum

Thanks for the responses. I was feeling very alone! Has anyone had an email inviting them to access their money?

pafpcg

Would it make sense to start a new thread to deal specifically with ITI Capital covering registration of our new accounts and the process of withdrawing cash, selling holdings and the transfer out to a new broker's platform?  Then we can leave this thread for any problems with the SVS administration process (and all the speculation about individuals' preferences for a replacement broker).

PS: No sign of anything from ITI as of 10:55.

pafpcg

leonde said:

pafpcg said:

Would it make sense to start a new thread to deal specifically with ITI Capital covering registration of our new accounts and the process of withdrawing cash, selling holdings and the transfer out to a new broker's platform?  Then we can leave this thread for any problems with the SVS administration process (and all the speculation about individuals' preferences for a replacement broker).

PS: No sign of anything from ITI as of 10:55.

I'd be against that just because it would mean checking two threads instead of one.

I agree with you but the split will have to happen eventually - anyone with an ITI account would expect to find a thread entitled "ITI" so that SVS can fade into obscurity.  I just thought that now would be the most opportune moment to make the move.  Unless someone can rename the thread's title to include "ITI Capital"?

PS: still nothing for me as of 11:50, but still another twelve hours remaining to be within their own deadline!

My2penneth

This doesn't exactly augur well if they can't manage an automated sign up. I also get the feeling that once we upload our details then someone will be reviewing the docs and then opening up the account. How long will that take! 

My2penneth

I just noticed on the ITI website
"We will contact all transferring SVS clients individually with specific instructions on how to complete the registration process for their new accounts with ITI between 22-23 July 2020."

My2penneth

Just a note for those considering transferring away from ITI. This was from LC.

"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."

So, don't tell ITI that you want to move during the registration process

Danie6

Since the SVS collapse I have discovered that UK stockbrokers have no appetite for South African residents like me. So, in anticipation of trouble ahead I went through the process of applying for an ITI account in good time before my assets get transferred, fearing that I might get caught in in red tape with my ID documents being unacceptable, etc., trapping my assets again at another address. However, there was no problem and I now have an empty account with an account number, and sent ITI a mail yesterday requesting that they load my assets into this account. Then I got a reply within about two hours to say that I will be able to view my portfolio today. So far, however, I just get a message on the account dashboard saying that there is no information at this time. Suppose I'll have to wait till tonight?