SVS Securities - shut down?

Brynismydog

When SVS was stopped from trading, I was left with 2 trades that were not settled. It was suggested by LC that when account was unfrozen to use new broker. Judging by whats going on now have little confidence.  I did approach Barclays who I have an account with but got nowhere and also called some stockbrokers but again did not get any where due to fees etc.
Must be other people in same position ? Any advise please ?

masonic

simp888 said:

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.  

Not during the period they have agreed to match the SVS fee structure, but after that period has expired, yes you'd be moved onto their rate card pricing.

johnburman

Which simp888 means, as masonic has pointed out, that in the longer term ITI Capital will be more expensive than SVS ever were.  Which is why clients are leaving/will leave ITI for other brokers. 

helencary

Brynismydog said:

When SVS was stopped from trading, I was left with 2 trades that were not settled. It was suggested by LC that when account was unfrozen to use new broker. Judging by whats going on now have little confidence.  I did approach Barclays who I have an account with but got nowhere and also called some stockbrokers but again did not get any where due to fees etc.
Must be other people in same position ? Any advise please ?

I also had an unsettled account with Svs. I managed to sort mine out with Peel Hunt and get them transferred to a new trading account with ii. I had to pay for them again with ii and get the money refunded by Svs. Was your trade refunded? 

manted

@My2penneth - here's the W8Ben form, it was prefilled up for me - 
Go to Phoenix, account settings using the 3 bars on the left, when you see your name click on the i button.(edited for spelling)

helencary

I have today received the cash to my bank  that was residue in my iti account. A week after I submitted the withdrawal form but at least it’s arrived. 

Brynismydog

Thanks for reply, the funds have been refunded, shares are not showing on my account but still classed as unsettled.  Was it just standard fees for settlement?

DiggerUK

I have never dealt with SVS. Skim reading this long thread I am surprised to have seen no information of this episode in the news. They do not appear to have been an insignificant outfit.
Are there more such cases in the offing? How widespread? Is it a  warning of similar to come. Thanks, DiggerUK..._ 

My2penneth

From the Sept 2019 rate card ( latest one on their website), the ISA management fee ( what are they " managing "?) equates to £300 per year on a £100k ISA ( 30 basis points).....every year.
https://www.omnicalculator.com/finance/basis-point
There looks as though there is a 25 basis point charge on assets...as a " custody fee". This will be a charge of £250 per year on other assets ( Based on £100k of shares and/or cash held in a non ISA). I assume that they won't apply this 25 basis point charge to the ISA on top of their "management "  charge.
Seriously,  ITI, with these charges, how the heck are you making losses?
Crap service and expensive ...what a combination! 

My2penneth

I see my Phoenix accounts are now marked " open" but they are empty.