SVS Securities - shut down?

coyrls

Speaking from the outside, I think it is likely that you will have to complete the full ITI on boarding process to activate your account before it can be transferred. Transfer requests should be initiated from the receiving platform but I think it is likely that when these requests reach ITI (from the receiving platform) they will be rejected if your ITI account has not been fully activated.

gibson81

shiznit76 said:

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?

Yes, there is a PDF form on the ITI website for withdrawing cash from your account.

ronkswood

shiznit76

Your new broker will do everything once you have completed their transfer form. They will contact ITI you don`t need to.

flustered

For what it's worth, I have just got off the phone to Leonard Curtis and the man I spoke to said that he was aware of ITI Capital's "IT issues".  He said that LC are also as much in the dark as we all are.  They hope to have more news today.  I mentioned my particular issue which is that if the SVS account is in my wife's married name but her ID documents are in her maiden name, then ITI's onboarding process will not work.  The LC man said that he is preparing a spreadsheet of those customer issues that they are aware of and will send that to ITI.  I asked him to include my specific issue and he said he would. 

My2penneth

shiznit76 said:

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?

One I prepared earlier - page 170 of this forum.
(This is my completed iWeb form which says transfer "Everything from ITI to an iWeb account").

completed other than signed and my account numbers "redacted".

If you post today, it won't arrive at iWeb until tomorrow at best. iWeb won't immediately start to action the transfer. The whole process might take 4 to 6 weeks but with ITI involved...who knows. 

I've transferred ISA's before to iWeb. Even simple  cash ISAs  (not shares) can take a few weeks to transfer. 

snipkin

shiznit76 said:

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?

A pdf form emailed back to ITI is only necessary if you wish to take out any cash you may have out of your ITI account. To transfer away from ITI to another broker you need to do this via the new broker you are transferring to using your ITI 'SCnnnnn' account numbers as reference with ITI. Hope this helps.
I am going to move to Jarvis XO, iWeb and Hargreaves Lansdowne - going to split my holdings between three brokers so I am not totally f***ed if one of them goes the way of SVS. I have set up accounts with two of them already and will instruct them via their websites to take over my ITI share holdings onto their platforms.
We seem to be confident that the ITI 'SCnnnnn' account numbers will be our actual account numbers 'going forward' when the on-boarding process completes.

desertorchid123

Thank you for everyones contribution to the discussion in what would be a VERY stressful time without knowledge of similar experiences. 

shiznit76

Cheers for info.
I will wait for onbaording to finally be completed before initiating a transfer, try keeps things as minimally complicated as possible. Is it only the shares that get transferred this way or cash too? I have some dividend money sitting in my account, would i nned withdraw that using the ITI pdf itself? 
They don't make these things easy!

olderbutnowiser

desertorchid123 said:

Thank you for everyones contribution to the discussion in what would be a VERY stressful time without knowledge of similar experiences. 

You are so right. It would be a nightmare if we were all floundering in the dark. This forum is about the only thing that comes out of this disaster with any credit.

ronkswood

shiznit76
Just instruct new brokers to transfer everything including cash