SVS Securities - shut down?

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. 

snipkin

Researcher16 said:

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.

Thank you, Researcher16, for your excellent summary of your experience with ITI 'onboarding'. I wish I had known about the Adobe Reader 'fill and sign' option - it would have saved me a lot of time. It can even import an image of your signature... You taught me something! Thank you for posting.

helencary

Can someone tell me how where I can find the cash withdrawal form on the ITI Site please? 

My2penneth

helencary said:

Can someone tell me how where I can find the cash withdrawal form on the ITI Site please? 

https://iticapital.com/assets/pdf/Limited_Withdrawal_Form.pdf


Google is a wonderful tool!

helencary

Thank you 

sweeter_strudel

Well impressed with Researcher16, you seem to be progressing very well.....

My own progress update...?
I now have two accounts, ISA and Trading, showing as Approved - the ISA has only taken from the 24th July till now, hmmmm.....
Neither of my Phoenix accounts are live... the one I started at noon last Friday is still Pending Approval 96 hours on and counting. The one I started yesterday evening is still Pending Approval. The second one with values all at zero is listed within my ITI Login. The Trading and ISA accounts are showing OK values for cash, and incorrect share holding valuations.

englishmas

I would appreciate 8f any one can tell me thT are the advantage / benifit of opening the Phenix account as you canot transfer your on board holding to this account ( may be I am not understaning this)
Thank you

supremetwo

To add insult to injury, the complete SVS client list (probably disgruntled ex-employee) is 'out there'.
Been getting such as UK PROPERTY DEVELOPMENT emails to email addresses that were set up for SVS and no other.

BSS

I have still not received my login details and have been in contact with Leonard Curtis about this. They are trying to help.  I plan to transfer to iWeb and have already sent them a transfer form using my old SVS account number. However I would like to access my dividend cash which has accumulated over the year. Does anybody know if I can do this without going through the frustrating process of setting up a trading account which I definitely don't want to do this if at all possible as most of you seem to be finding it very difficult. Basically can I just log-on, find the cash transfer form and give them my bank details? I really would be very grateful for any help or suggestions as I am beginning to panic ever so slightly!