SVS Securities - shut down?

clash_man

If I ask my preferred platform to transfer my 2 accounts from ITI, is there any problems with the cash balance also moving with the shares?
Thanks

My2penneth

clash_man said:

If I ask my preferred platform to transfer my 2 accounts from ITI, is there any problems with the cash balance also moving with the shares?
Thanks

Not with iWeb...example below ("to transfer cash or investments")
But when you fill in the transfer form it should stipulate... You will need to check with your new broker unless it says so on the transfer request form.

clash_man

My2penneth said:

clash_man said:

If I ask my preferred platform to transfer my 2 accounts from ITI, is there any problems with the cash balance also moving with the shares?
Thanks

Not with iWeb...example below ("to transfer cash or investments")
But when you fill in the transfer form it should stipulate... You will need to check with your new broker unless it says so on the transfer request form.

I am with IG so hopefully similar format

rugby7170

This is what I got this morning when I thought I'd have look at my account to see if anything else had happened

"401 - Unauthorized: Access is denied due to invalid credentials.

You do not have permission to view this directory or page using the credentials that you supplied."

Speechless unless I can use a few choice swear words....all starting with F.

My2penneth

My transfer request forms were sent to Interactive Investors (ii) earlier this week. I received an email this morning which showed a bar chart indicating a completion date of 7 weeks. I however expect much longer as ii have not allowed for ITI....!


Oh, and ITI have sent me ANOTHER Phoenix account login email and a different username.  

My2penneth

Current status 
Two "approved" accounts ( ISA and non ISA)
Two "pending" Phoenix accounts...one was opened 3 days ago ( 48 hours to approve)

sweeter_strudel

Try to revert to the original email from ITI..... Use that link, and their supplied original password.....

johnburman

I wonder if we should now be monitoring how our transfers out of ITI to other brokers progresses.  7 weeks is far too long when the norm seems - used to be - to be 2-4 weeks, albeit longer for "international stock."  I wonder where 7 weeks comes from?

So a usual transfer out with a request made on or about 1 August should be completed around 24th August depending on the account and what it contains.
One point.  Remember the above assumes there is no delay in the new broker requesting the account form ITI.  I have confirmed that the transfers (and there are more than one) have all be received and actioned by the new broker (there is a short delay in this with HL).  Covid and the volume of transfers will slow things up I an sure. 
If, as I expect, ITI delay the transfer at their end (I'm simply of the belief that they do not have the staff), I intend to:

complain to the FCA  (anybody have the best email address for this)
request compensation (likewise for the email address)
Thoughts?

My2penneth

johnburman said:

I wonder if we should now be monitoring how our transfers out of ITI to other brokers progresses.  7 weeks is far too long when the norm seems - used to be - to be 2-4 weeks, albeit longer for "international stock."  I wonder where 7 weeks comes from?

So a usual transfer out with a request made on or about 1 August should be completed around 24th August depending on the account and what it contains.
One point.  Remember the above assumes there is no delay in the new broker requesting the account form ITI.  I have confirmed that the transfers (and there are more than one) have all be received and actioned by the new broker (there is a short delay in this with HL).  Covid and the volume of transfers will slow things up I an sure. 
If, as I expect, ITI delay the transfer at their end (I'm simply of the belief that they do not have the staff), I intend to:

complain to the FCA  (anybody have the best email address for this)
request compensation (likewise for the email address)
Thoughts?

I started down the FCA complaint route - but it seems to be geared towards giving the company the chance to make things right....which might be possible IF one could actually contact them. (side note - I tried to contact their dealing line (option #2) twice this morning - no one answered). 
The concern I have is that we should contact FCA AFTER we've extracted our assets...what would happen if the FCA were to say "freeze everything and for LC to find someone else" ? 

Here's a part of the email from ii.  I wonder if iWeb (I'm transferring some to iWeb and some to ii) will also say 7 weeks?


 

ronkswood

johnburman said:

I wonder if we should now be monitoring how our transfers out of ITI to other brokers progresses.  7 weeks is far too long when the norm seems - used to be - to be 2-4 weeks, albeit longer for "international stock."  I wonder where 7 weeks comes from?

So a usual transfer out with a request made on or about 1 August should be completed around 24th August depending on the account and what it contains.
One point.  Remember the above assumes there is no delay in the new broker requesting the account form ITI.  I have confirmed that the transfers (and there are more than one) have all be received and actioned by the new broker (there is a short delay in this with HL).  Covid and the volume of transfers will slow things up I an sure. 
If, as I expect, ITI delay the transfer at their end (I'm simply of the belief that they do not have the staff), I intend to:

complain to the FCA  (anybody have the best email address for this)
request compensation (likewise for the email address)
Thoughts?

From Interactive Investor 
It only takes a few minutes to complete the online form, and once you’ve submitted your instructions we’ll take care of the rest. Typically, completion times can be up to 4 weeks for cash transfers and 6 weeks for stock transfers, but could be longer as the process is mostly reliant on action by your existing provider whose timeframes can be variable.