SVS Securities - shut down?

ahouse185

Following the advice from others on this forum, I have been able to log in to ITI using the ITI username and my own password - why could ITI not tell us this? My account says that onboarding is still awaiting approval despite the fact that i went through the initial process (successfully) on 24 July, so I cannot get a Phoenix account yet and nor can I withdraw money - by the way where is the form that one has to use to withdraw money?

Halty2

LEAR1 said:

Halty2 said:

I can't remember if I ticked the boxes but I definitely remember pressing the red button. I printed off the page showing my holdings and did that before closing, if I go into that account now I can't seen my holdings just a message saying "closure in progress". They say they will transfer the cash out immediately, no sign of that yet, they also ask for the name of the new broker, in my case I've asked Hargreaves Lansdown  to transfer my shares to them and have filled in the HL form to do that.

I wonder whether selecting the 'transfer out' option will in any way expedite your process? Essentially, it sounds like you're coming at it from both ends - formally notifying ITI you're wishing to transfer out as well as doing the necessary transfer-in paperwork with the intended recipient broker. Like many others, I decided not to select that closure option when on-boarding as the general consensus seemed to be that it would be best to initiate everything through the target broker (also HL for me), but alas HL seem to be snowed with other transfer-in requests and my paperwork doesn't seem to be moving anywhere fast...
Have you spoken with HL to see if ITI have reached out following your election to close your account?

Don't know, it depends if they do as they say. As part of the closure process there is a form to download fill in then upload, the first part is a withdraw funds request which is supposed to happen immediately. They got my instructions last Wednsday and so far nothing in my bank account. I am not suprised at that, I have another account and got the login email before this one where there was no option to close, cash from that hit my account today over a week since I put the withdrawal request in. I haven't been in contact with HL to see if they are progressing my transfer of shares, mainly because ITI don't apparently have the ability to communicate electronically with them so I had to get a form from HL and post it to them, I think they will probably have just got the form. I'm not suprised they are snowed under.

johnburman

When I spoke to HL lst week, they said that they were indeed running a backlog of transfers, but only (then) of a few days.

An idea is to spk to HL and explain what has been going on wih ITI and ask their senior guy to try and spk wiht the senior guy at ITI to expedite *all* the transfers to HL.  This is not as silly as it sounds because when the complaint to the FCA/FOS comes (and it will I bet), the complaint is intitially about HL not transferring in within the 30 days, not ITI failing to transfer out to HL!  Then they blame each other and we all let the FOS work out the compensaton for the delay!  Far better for ITI to batch transfer out to HL and HL batch transfer in from them.

I would love to kwow what % ITI thought would transfer out and what % actually do transfer?  My view is that both % are pretty high and very high respectively 

pafpcg

Halty2 said:

LEAR1 said:

Halty2 said:

I can't remember if I ticked the boxes but I definitely remember pressing the red button. I printed off the page showing my holdings and did that before closing, if I go into that account now I can't seen my holdings just a message saying "closure in progress". They say they will transfer the cash out immediately, no sign of that yet, they also ask for the name of the new broker, in my case I've asked Hargreaves Lansdown  to transfer my shares to them and have filled in the HL form to do that.

I wonder whether selecting the 'transfer out' option will in any way expedite your process? Essentially, it sounds like you're coming at it from both ends - formally notifying ITI you're wishing to transfer out as well as doing the necessary transfer-in paperwork with the intended recipient broker. Like many others, I decided not to select that closure option when on-boarding as the general consensus seemed to be that it would be best to initiate everything through the target broker (also HL for me), but alas HL seem to be snowed with other transfer-in requests and my paperwork doesn't seem to be moving anywhere fast...
Have you spoken with HL to see if ITI have reached out following your election to close your account?

Don't know, it depends if they do as they say. As part of the closure process there is a form to download fill in then upload, the first part is a withdraw funds request which is supposed to happen immediately. They got my instructions last Wednsday and so far nothing in my bank account. I am not suprised at that, I have another account and got the login email before this one where there was no option to close, cash from that hit my account today over a week since I put the withdrawal request in. I haven't been in contact with HL to see if they are progressing my transfer of shares, mainly because ITI don't apparently have the ability to communicate electronically with them so I had to get a form from HL and post it to them, I think they will probably have just got the form. I'm not suprised they are snowed under.

May I enquire when did you "click on the red button" to request closure of your ITI account for transfer elsewhere and then when did you get access to the form?  Did you get any notification from ITI by email or did you just have to keep logging-in the check the status?  I submitted my request to close last Tuesday, but my account just displays the acknowledgement of the request for closure with a status message "we'll get back to you soon"!

pafpcg

johnburman said:

.....
  Far better for ITI to batch transfer out to HL and HL batch transfer in from them.
......

In that sentence, just substitute "SVS/LC" for "ITI" and "ITI" for "HL" and I defy you not to smile!  Gallows humour....

My2penneth

ITI can't easily transfer from ITI to ITI ! 

My2penneth

pafpcg said:

My2penneth said:

Just musing!
If there are 20,000 clients - how many have 2 accounts or more?
Now if they all have even 10 holdings in their accounts, that is 20,000 x 2 x 10 = 400,000 manual transfers.

What is an SVS "client"?  Are there:
- 20,000 individuals (or pairs in joint accounts), some of whom have multiple accounts giving an aggregate number of trading accounts well in excess of 20,000 (40,000 if the average number of accounts per client is two)
OR
- 20,000 trading accounts held by fewer than 20,000 clients (10,000 if the average number of accounts per client is two)?

We know (from the SVS client list published by LC in April) that the number of equity holdings is 73,830, so a one-by-one reconciliation is a maximum of 73,830.

That SVS client list should also be able to reveal the number of trading accounts, but that will take me a short while to analyse.

UPDATE:  From my analysis of the SVS client data, there are:
-  2,200 unique securities (based on the GBxxxxx codes).
-  10,851 unique accounts with one or more securities.  Whether these are "clients" (with one or more trading accounts sharing the same "Client Code"), or individual trading accounts (with several belonging to any one client), it's not possible to be certain without knowing the SVS definition of a "Client Code".  [When LC gave access to the SVS data to allow us to check our holdings earlier this year, did we all get just one code (eg C123456)? Or did those with multiple accounts get individual codes for each account?  I only have one account, so I don't know the answer.]

I have two accounts as does my wife. We both received just the one client code each.  

ronkswood

ahouse185 said:

Following the advice from others on this forum, I have been able to log in to ITI using the ITI username and my own password - why could ITI not tell us this? My account says that onboarding is still awaiting approval despite the fact that i went through the initial process (successfully) on 24 July, so I cannot get a Phoenix account yet and nor can I withdraw money - by the way where is the form that one has to use to withdraw money?

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

ReaderGuy

It's hard to believe at this point that ITI Capital have any intention of returning people's money and investments to them.

What's concerning about the process is that the FSCS seems to have washed it's hand of this matter and is of the opinion "job done, nothing to see here".  I've been trying to transfer an ISA out to another broker - so I can't just perform a cash withdrawal. I also can't get an update from ITI as the tickets have sat for weeks unanswered.  There's no visible progress whatsoever, and it's not clear that ITI have preserved the ISA wrapper for the assets that they've moved across as they aren't explicitly marked as ISA in the portal.

It's an utter disaster, that it's looking increasingly likely will need a lawsuit to resolve.  My faith in the FSCS has been completely destroyed by this, as there's no evidence to suggest they've done anything to stand over this process.

englishmas

I respect masonic views regarding LC about holding them resposible for the mess and the pain we all are currently going throug.
But in the end LC  was given resposibility by the FCA to carry out proper admin work and they are paid a large amount to do this work 
I  am not a legal  person but surely  LC has to hold resposible for all the mess as they were  paid to provide a good service which suely they failed  to do so.
Can we go back to LC to ask thm to help us out? Any suggestion