SVS Securities - shut down?

My2penneth

Just spoke to their dealing helpline. They are having server issues and their IT team "have been working tirelessly to resolve the issue".

However, what you really want to know is whether your SC account number is definitive so that you can start the transfer...
The dealer says that the SC number will be your account number going forward.

(I can hear the wheels at Royal Mail* gearing up for the increased letter load).

( * or "RMG" as they call themselves nowadays)

shiznit76

My2penneth said:

Just spoke to their dealing helpline. They are having server issues and their IT team "have been working tirelessly to resolve the issue".

However, what you really want to know is whether your SC account number is definitive so that you can start the transfer...
The dealer says that the SC number will be your account number going forward.

(I can hear the wheels at Royal Mail* gearing up for the increased letter load).

( * or "RMG" as they call themselves nowadays)

How do we got about transferring out in laymen's terms? Do we set up an account with another trader then have to fill our the ITI form, scan and email it back then ITI should transfer from our ITI account to the account with the new broker?

ronkswood

Perhaps everyone should advise LC that they wish to take up the option of a REVERSE TRANSFER back to SVS and to arrange an alternative means of distribution.
From experience, I can assure you that just the mention of it frightens them to death.

olderbutnowiser

My2penneth said:

I've put a complaint into LC at their Manchester office, it is clear that they have not ensured that ITI could handle the new customer base.

Thank you @My2penneth - you have been far more polite than I would have been!

My heart sank last August when LC were appointed. I have had previous with them when they were appointed administrators about 10 years ago of a football club I support even though they had zero knowledge of the business and had never dealt with a football administration before. Needless to say they were a disaster and never found a buyer for the club until one of the fans cobbled up a group of potential owners which LC then rapidly rubber stamped.

Quite why they were chosen here is anyone's guess but they have made a right horlicks of it. It was obvious that there would be little demand for a company whose clients were clearly split between XO clients, mainly UK based, and FX traders, mainly Chinese. Split them into the two parts however and there would have been plenty of bidders for the XO clients (from firms we had actually heard of) with the FX (and possibly the non-UK XO) clients going to the likes of ITI. That however would have required a modicum of common sense, something they are clearly short of.

CameronRiley

Just spoke with 'Customer Service'.  The bloke was super-apologetic and knows legions of people are seriously pi55ed off.  They know the problems and he was not in the least defensive.  He said login emails would be going out today and that the login for the platform is being worked on.

Wait and see I guess.

manted

ronkswood said:

Perhaps everyone should advise LC that they wish to take up the option of a REVERSE TRANSFER back to SVS and to arrange an alternative means of distribution.
From experience, I can assure you that just the mention of it frightens them to death.

Funny you say that. I was thinking of taking the action myself. ITI havent given anyone any confidence & if this short span is indicative, then reverse to LC & onwards might be a swifter option out of this !

Sheris

ronkswood said:

Perhaps everyone should advise LC that they wish to take up the option of a REVERSE TRANSFER back to SVS and to arrange an alternative means of distribution.
From experience, I can assure you that just the mention of it frightens them to death.

I will wait one week and then do a Reverse Transfer back to SVS, if there are no improvement with ITI
Has anyone seen Martin Lewis recent blog on Money and Mental Health !   

gibson81

shiznit76 said:

My2penneth said:

Just spoke to their dealing helpline. They are having server issues and their IT team "have been working tirelessly to resolve the issue".

However, what you really want to know is whether your SC account number is definitive so that you can start the transfer...
The dealer says that the SC number will be your account number going forward.

(I can hear the wheels at Royal Mail* gearing up for the increased letter load).

( * or "RMG" as they call themselves nowadays)

How do we got about transferring out in laymen's terms? Do we set up an account with another trader then have to fill our the ITI form, scan and email it back then ITI should transfer from our ITI account to the account with the new broker?

You need to ask your new broker to initiate the transfer over from ITI. Just like moving bank or mobile phone services now. 

shiznit76

So should just need to say to new broker that i want all my holdings from account xxxx transferred over? I thought i read in a previous post that had to fill in a form for ITI, is that just to make withdrawals?

shiznit76

ronkswood said:

kencom
I`ve completed a transfer form on the ii website.
ITI don`t do electronic transfer so you have to complete the form online then print it, out sign it, and return it to ii.  
If you haven`t already got an ii account it can be opened online, including  ID, in minutes, in joint names if you want. 

Did you have to fill out ITI's form for as transfer to new broker (II), or did new broker do it for you?