SVS Securities - shut down?

adeel26

Just got approved. Can see cash now and the shares. They asked me at the start that Will I be transferring to another broker and I ticked yes. Cant see now the process to transfer. 

helencary

Advise please
is it best to say I want to transfer initially to another broker  or leave it for a while. Will I be charged a transfer fee? I would like to tidy up my account by selling a few shares before transferring ideally. 

LEAR1

With reference to the time it is likely to take ITI Capital to transfer my ISA assets elsewhere, is there another way to do this-
Theoretically, could one obtain some form of certificate / proof of an ISA cash balance (assuming all holdings sold to cash) and then withdraw the funds to pay them over to another broker with that proof to preserve the ISA status? I'm pretty certain that this won't work, given the ISA rules and framework, but I thought there could just possibly be exceptional circumstances (such as this) where the monies are removed for a very short period of time to simply expedite a transfer - perhaps with some sort of HMRC consent? Do any of the more experienced investors on this forum know, or be able to share a view?

dm01_2

When you get the welcome email and you log in initially, it says don't need to agree these terms unless using them and also do you want to transfer onto our new platform yes/no? If I want to transfer out my SVS shareholding and cash, do i tick yes or no? and do i agree terms even though I don't want to use them? I have emailed the company but don't expect a quick response so just wondered what other people chose and what options came next.

pafpcg

helencary said:

Is it best to say I want to transfer initially to another broker  or leave it for a while. Will I be charged a transfer fee? I would like to tidy up my account by selling a few shares before transferring ideally. 

It will be difficult  for anyone on this forum to give you the definitive answer - your best course, I believe, would be to pose that question to ITI directly (info@iticapital.com / hello@iticapital.com / accountmanagement@iticapital.com).  But don't expect a quick reply - a couple of days probably.

If you definitely want to withdraw a cash balance or sell some of your share holdings, then, according to the email from ITI on 13-July in the sixth step of their instructions: "6. Initiate a Broker Transfer request or begin using your account to trade, deposit and withdraw", you would NOT select the broker transfer.  But check with ITI if you want certainty.

gibson81

I have managed to 'onboard' to the ITI platform. None of my shares are listed but there is a cash balance displayed for my non-ISA exSVS account. No cash balance for my ISA account as yet. 

My2penneth

Finally got a link ...but only one of the two accounts has been transferred (my non ISA account). 

Looks like I've got over half a million dollars of Vodafone stock (W.T.F). according to their records (for the avoidance of any doubt - I haven't!). Why are the values all shown in dollars despite the window stating the currency is in GBP?

Why didn't they answer the phone when I rang and held on for 8 mins?

Why are some of the holdings shown as GBxxxxxxx (a number) and not the company name? 

manted

I can see cash on the dashboard right now. However, the securities value doesnt show up. I also didnt get a prompt asking if I wanted to transfer out. Got the same tick boxes as leonde.
Also, some of the tick boxes are dodgy - Why do you want to use my securities in securities financing transactions - lending out my securities ?
Also why would they want to register these assets in any name ?

My2penneth

I tried to contact them again by phone...eventually went to voicemail.

My2penneth

I'm guessing that the next step is to create a Phoenix Account to allow trading...maybe this will also allow mony transfer in and out?

(nope...I tried to create an account but it won't let me...my application is being reviewed)