SVS Securities - shut down?

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.

Researcher16

I haven’t posted before but I have been reading the comments on this forum since the outset.  I am very grateful for the shared information as, like others have mentioned, this has been a very stressful process made less so by the shared experiences.  

In my household we had three accounts with SVS (held by me, husband and son), not great sums (although significant to us) as mostly our shares were savings held for dividend income whilst bank interest rates are low. 

Our experiences (good and bad) so far:

My account: login details provided and onboarding started on 24th July.  I was anxious about the insecure and poorly worded site and sent an email to accountmanagement@iticapital.com as follows “I am being asked several questions at the outset that I don't see the need for and there are misspellings such as "Pensionor Goverment Benifits" (each of those 3 words is miss-spelt). The login website also seems insecure.”  I never received a reply but after seeing messages on this forum, I went ahead and uploaded documents.  This required both passport and driving licence for photo id.  When I tried to upload a selfie using my phone, I had an error message when going to the link provided by the ITI website as others experienced.  I managed to provide a selfie instead using my laptop camera. The onboarding then progressed without further delay.

On 27th July I downloaded the ITI cash withdrawal form as a pdf.  I was able to fill this in using the fill and save option in adobe reader (free) and I emailed this form to them so no need for printer or scanner. The cash appeared in my bank account on 31st July.

I have applied for the transfer of all my shares by posting a transfer request form to my other broker (Equiniti).  Equiniti have confirmed the request and they will manage the transfer process.  I shall update when this is complete.  I have used this broker for a few years (ironically, I transferred most of my shares from Equiniti to SVS when Equniti introduced a custody fee).  Their transaction fees are £12.50 and their custody fee is based on % value of shares up to a maximum of £40 per year.  However, I have found them to be reliable and to respond to enquiries promptly.

Husbands account: uploading straightforward around the same time using the benefit of my document uploading experience.  He received an email yesterday stating “Your Phoenix account application has been received and is currently processing”

Son’s account: subject to the long delay others have experienced, finally provided with login details email (with a better explanation of the process) on 2nd August.  He is away at the moment so unable to complete the onboarding as phone selfies still seem to be unacceptable.

johnburman

4 and 6 weeks is longer than I have been told. It is longer for shares and cash than just cash though. And even longer for international shares.