SVS Securities - shut down?

snipkin

My Phoenix accounts are still 'Pending'. For my non-ISA share account I am seriously considering selling all the shares via ITI's telephone dealing and then withdrawing all the cash and depositing it with my broker of choice and buying the shares again. It would incur a fair amount of dealing costs of course. But it would be much quicker. Transferring intact accounts to other brokers looks like taking a very long time (unfortunately I believe there is no alternative with an ISA account).
At least both ITI's telephone dealing service and cash withdrawals seem to be working - the latter with some delay but much quicker than trying to transfer a whole account which seems to be progressing very slowly (if at all) at the moment - going by others' accounts on this forum.

Nbs222

my2 penneth wrote

bought shares with funds in a third account.

The shares you bought are they appearing in your SCnnnnn account , and are they showing as transactions

olderbutnowiser

@shawdon

Still waiting for VOD to show up. My understanding is that brokers have to apportion the divis between all their clients so with a popular share like VOD and ITI being bogged down, I can see this taking some time.

My2penneth

Nbs222 said:

my2 penneth wrote

bought shares with funds in a third account.

The shares you bought are they appearing in your SCnnnnn account , and are they showing as transactions

No and No.
I currently have no visibility of the shares , when bought, how much etc or even if I own them. I bought them via the dealer.
I asked - "will I have visibility of the details" - he replied "no". I cannot help but think he misunderstood (let's be generous..) but if there is no traceability then HMRC will want to get involved (where's the tax)- that will be a big problem for ITI Capital.

When I eventually get access to Phoenix, I will expect to see full traceabilty on all buys /sells and dividends. If ITI Capital are not doing this then the FCA will definitely get involved ( i just hope my funds have been transferred before).
 

Nbs222

Thanks my2penneth

I was hoping to sell some from my SCnnnnn account but if there is no visibility then it's going to cause confusion.

englishmas

Hi 
I have told my ITI account manager that for trading my shares the fee will £27.23.
I thought we will be paying the same rate as SVS  for the three months. 
As any one traded and what they charge d you?

Sheris

johnburman said:

Excellent letter of complaint 

Very well statement of truth, well done to you.

My2penneth

englishmas said:

Hi 
I have told my ITI account manager that for trading my shares the fee will £27.23.
I thought we will be paying the same rate as SVS  for the three months. 
As any one traded and what they charge d you?

£7.95 

I bought shares this week and there was no problem/ no argument about the fee ( £7.95  plus the standard 0.5% tax).

Someone here almost got charged £20 + £7.95 but tgey told the broker that the fee should only be £7.95 . They were also only charged £7.95

9406824

If dealing line tries to charge £20 plus £7.95 dispute this charge and they will do it for £7.95 plus stamp.

simp888

ITI rate card says that they charge an ISA management fee of minimum £7.50 per quarter. So if staying with ITI I presume SVS customers will be charged this as well.