SVS Securities - shut down?

Ackman

Hi jamiex, basically the 'Account Type' says 'Individual' rather than what I presume should be something like 'ISA'. This appears to then be helpfully confirmed by Nbs222 post above where they say the normal (non-ISA) account status is showing as 'Awaiting your decision' - which is what my one is showing, whereas the ISA account status has 'On-Boarding Submitted'.
But happy to be proved wrong if anyone else has other info on this!

BSS

I have still not had a communication from ITI but I have been looking at how I transfer my account to IWeb. I noticed they will not accept cash transfers.

"If you want to transfer investments from another broker into your Share Dealing Account then you need to complete, print out and post a transfer form.

Please note, we do not accept partial transfers so if you decide to transfer from another provider then you will be transferring your full account. We also do not accept cash transfers."

Out of interest, Jarvis X-O do accept partial transfers and will accept cash.

masonic

BSS said:

I have still not had a communication from ITI but I have been looking at how I transfer my account to IWeb. I noticed they will not accept cash transfers.

"If you want to transfer investments from another broker into your Share Dealing Account then you need to complete, print out and post a transfer form.

Please note, we do not accept partial transfers so if you decide to transfer from another provider then you will be transferring your full account. We also do not accept cash transfers."

From the iWeb S&S ISA transfer form:

That last sentence effectively means there is no difference between the 'Cash only' and 'Stocks and residual cash' options for someone not wishing to transfer any stocks - in both cases you would sell everything in advance and could select either option. Perhaps that's what the rather confusing message about not accepting cash transfers is referring to.

BSS

Thanks Masonic. The comment I quoted came from the Broker transfer section on iWeb, not the ISA transfer which is not relevant to me. It is my 12 months accumulated dividend cash I am interested in. However, as this whole process is probably going to take a long time and I would like access to that cash as soon as possible I shall probably open a full account with ITI and withdraw the cash while I'm waiting for the transfer to happen.

masonic

BSS said:

Thanks Masonic. The comment I quoted came from the Broker transfer section on iWeb, not the ISA transfer which is not relevant to me. It is my 12 months accumulated dividend cash I am interested in. However, as this whole process is probably going to take a long time and I would like access to that cash as soon as possible I shall probably open a full account with ITI and withdraw the cash while I'm waiting for the transfer to happen.

There would be no point even considering transferring cash directly between unwrapped accounts using a formal transfer process. Withdrawing to a linked bank account, then depositing to the new account can be done within 1 week. It is unlikely a direct transfer of cash could even be started by the time the withdrawal/deposit process is completed. It takes iWeb 1-2 weeks from postage just to acknowledge receipt of a paper transfer form (I've done two transfers to iWeb recently (as I run down some old IF ISAs)). The only reason to consider paper based transfer processes is if the tax status of the money needs to be preserved.

ascension92

Like a lot of you had hassle filling in the form, & finding my holdings, probably at the 10/11 attempt. In the end ticked every box.
My transfer request to my new broker IS IN.
If this is now the last time I need to post THANK YOU all for a very interesting and informative thread. Especially masonic.
Will still keep watching.
Good luck to you all.

My2penneth

I note that my ITI account is referenced as SCxxxx , where xxxx was the old SVS account number. I wonder if ITI will reallocate the account a new number once on boarding is complete?

I only ask as I am keen to transfer "all" to iWeb and I'm wary that they may change the account number. 

My2penneth

Taking a flyer - I prepared the iWeb transfer forms using the current existing SC numbers as my ITI Capital account code.
Going through the very simple iWeb transfer procedure, it would appear that one can transfer shares and residual cash to iWeb. .(Thinking about it, why not, as this is exactly what has just happened from SVS to ITI.)



Note, it is one form for ISA transfers and a second form for standard trading account (non ISA) but the procedure is the same and there are less boxes to tick for the non ISA.

manorhouse

Not a good start for me tried to  log in this morning with temp log in details sent yesterday just before midday .
A message came up they would send a txt and an email to proceed neither came i moved on as i am busy and have to do other things .
15 mins later email comes with a code they state last 6 mins .
I went back to site  it asked for my email the code i checked all correct but it failed .
Replied to email that they sent with code...... that failed .
Phone lines not open until Monday .
Is it correct you can not have a normal ( UK .. £ ) acc with interactive brokers if anyone knows that ?
Fenco is much the same as degiro ? opinions please  ( degiro  are ok i have been using as main acc for a few years )
But they charge for transfer in .
And i do not wish to have even more funds with them .
Trading 212 seem to have a limited list of companies you can deal in ?
I know all the others mentioned already but any other ideas  would  be appreciated .
I wish you all good luck .
I would love to see my SVS accs and compare how it looks after just being left alone compared to the one i have been dealing in .
I have had no contact about rights issues or OO i guess we had to swallow this before now.
But the MTO one is going on now will i get a chance to take up ?

Nbs222

Ackman said:

Hi jamiex, basically the 'Account Type' says 'Individual' rather than what I presume should be something like 'ISA'. This appears to then be helpfully confirmed by Nbs222 post above where they say the normal (non-ISA) account status is showing as 'Awaiting your decision' - which is what my one is showing, whereas the ISA account status has 'On-Boarding Submitted'.
But happy to be proved wrong if anyone else has other info on this!

No, there are no  indicator on   ITA  accounts to say  one is an ISA account , I just  assumed,  as the ITI account number 'SCnnnnn'  where 'nnnnn' was my SVS ISA account number.

Has anyone's status changed from 'on boarding submitted' .

Could anyone see their stock holdings where the account status is 'on boarding submitted'.