SVS Securities - shut down?

johnburman

Whatever our different views in the past masonic is 100% right with this:

To get your assets out of ITI as soon as possible, initiate a transfer or transfers through your new broker without delay.

AND
If you have to perform some trades while your assets are held at ITI, or wish to just sell up and withdraw the cash, then I'm afraid you will just have to persevere with setting up your Phoenix account(s), but this is not necessary if you just wish to transfer elsewhere.

My suggestion is to request to transfer away form ITI to your new broker ASAP.  Then you can worry about all the rest.  

My2penneth

englishmas said:

Thanks masonic 
I have onboard and phenix account set up , I can sign  on by usi g onboard account details and can see my holding and icon for phenix account .  On boardaccount shows all my holding while phenix shows zero.
Now I am stuck as there is no active icon there ,  like to to draw cash or trade.
Please advise how to withdraw the cash .Thanks

To withdraw CASH you need to fill in the form available on the ITI website (the link has been posted before..several times).
If you intend to withdraw cash to your bank or building society, then I suggest that you include a copy of the latest statement (less than 3 months old).  If you intend to withdraw cash to the same bank/B.society that you on-boarded with, then I would simply remind ITI capital when you complete the transfer form. 

To cash in on  SHARES, it would probably be best to wait until the shares have been transferred to the Phoenix account. At which point you can sell the shares if you want and then withdraw the cash using the form described above. 

Alternatively, you might wish to transfer your shares to another platform (let's call this Broker X)....You will need to fill in a transfer request form obtained from Broker X , fill it in and send it back to Broker X. Then wait...... it might take quite a few weeks (supposedly 30 days but they will be using Covid 19 as a reason to take longer).

johnburman

ITI Capital have not responded to Broker X for any transfer requests going back to 23 July.  How do I know - I spoke to Broker X this morning and they told me! 
ITI Capital did not pick up their phone on their support line 40 mins ago when I tried to call them.

rugby7170

"To cash in on  SHARES, it would probably be best to wait until the shares have been transferred to the Phoenix account. At which point you can sell the shares if you want and then withdraw the cash using the form described above."
I got the phoenix account all set up and can see my portfolio BUT I can't see how I can sell shares . Help !!

My2penneth

The website seems to not be sending out the OTP login codes?

9406824

I’ve had enough,transfer forms being posted today to both iWeb and ii.

they say cash should be transferred within 1-3 weeks and shares 6-8 weeks.
wish I had of done this 2 weeks ago but was waiting to use cash to buy more shares in my isa and then transfer out.

ahouse185

My2penneth said:

The website seems to not be sending out the OTP login codes?

I logged in 15 minutes ago and received an OTP, however my account is still "under review " after over two weeks, hence I cannot create a Phoenix account and I am beginning to get seriously concerned as to whether I will ever get access to my assets again.
I find the level of incompetence quite unbelievable compounded by the fact that  ITI seem quite unable to communicate with their new clients; an updated message on their website might help. The current message is dated 5 August and makes just a passing mention to the need to reconcile accounts, quoting a week. I have been waiting two and half weeks so far. 

johnburman

Complain to the FCA. They will not take on individual complaints but will collectively if there are regulatory issues. 
On 2 occasions today the service desk did not pick up my calls. The promised call back has not occurred but it is only noon I suppose. This if it applies to others and it is a persistent state of affairs is regulatory malfeasance. The FCA should be told. BTW one obligation of a regulated company is to TREAT CUSTOMERS FAIRLY. How is ITI doing that,? 

pafpcg

At last!  A response from ITI a few hours short of exactly seven days since I submitted my closure request using the "non-boarding" transfer-straight-out procedure.  Unfortunately, the message, received by email and in the Support Centre list of tickets, doesn't say how I can proceed! 

Here's the Support Centre ticket:
Date: 11 Aug 2020   
Type: Request    
Category: Closure/ Withdrawal Details Submitted (Doc Based KYC)    
Status: Details Required    
Remarks: Kindly complete the withdrawal application along with providing a photo ID and a recent bank statement.    

So where is this withdrawal application form and how do I submit it?  Can anyone help?

Jools2001

pafpcg said:

At last!  A response from ITI a few hours short of exactly seven days since I submitted my closure request using the "non-boarding" transfer-straight-out procedure.  Unfortunately, the message, received by email and in the Support Centre list of tickets, doesn't say how I can proceed! 

Here's the Support Centre ticket:
Date: 11 Aug 2020   
Type: Request    
Category: Closure/ Withdrawal Details Submitted (Doc Based KYC)    
Status: Details Required    
Remarks: Kindly complete the withdrawal application along with providing a photo ID and a recent bank statement.    

So where is this withdrawal application form and how do I submit it?  Can anyone help?

pafpcg said:

At last!  A response from ITI a few hours short of exactly seven days since I submitted my closure request using the "non-boarding" transfer-straight-out procedure.  Unfortunately, the message, received by email and in the Support Centre list of tickets, doesn't say how I can proceed! 

Here's the Support Centre ticket:
Date: 11 Aug 2020   
Type: Request    
Category: Closure/ Withdrawal Details Submitted (Doc Based KYC)    
Status: Details Required    
Remarks: Kindly complete the withdrawal application along with providing a photo ID and a recent bank statement.    

So where is this withdrawal application form and how do I submit it?  Can anyone help?

In same boat as you, ,"non-boarding" transfer-straight-out procedure., but only did this yesterday, not done wifes yet,as wanted to see how long it takes, but tempted to do hers as well,. as its taking  everyone else sooooooo long!!  This  ITI shower is absolutely diabolical,
anyone staying with them, must be off their heads!!