SVS Securities - shut down?

olderbutnowiser

My plan is to do nothing with my new ITI accounts and just watch to see what if anything changes.

I am currently on-boarded with both my accounts and Phoenix  is apparently approved but of no interest to me. The number of shares are correctly quoted and the cash is that which LC transferred at the end of July. I am waiting more in hope than expectation to see if any August dividends appear in the cash statement. I requested a transfer out over a week ago but nothing seems to have happened yet.

Whilst the delay before I can access my shares will be even longer than the 12+ months we have already endured, this way I won't be giving ITI any fees as I feel they don't deserve anything at all,

helencary

sweeter_strudel said:

helencary said:

On a plus note I have been able to sell shares today with ITI. I spoke with a very nice gentleman who seems as frustrated as we all are. 

Hi HelenC,
Curiosity - did you sell a share within a trading account or ISA? And I presume your account was On-Boarded according to the ITI portal at the time?

Hi, 
The trade was from my Isa, in fact two, was trouble free. I wanted to have my account in order and stress free before moving to another broker. 

Nbs222

Hi HelenC

Has the proceeds from the sell credited to your cash balance in ISA.

helencary

Nbs222 said:

Hi HelenC

Has the proceeds from the sell credited to your cash balance in ISA.

I haven’t checked yet to be honest but I have the exact time traded, with whom and the exact amount I should have written down. I’m prepared for it not to show for a few days until trade plus two as it all seems a bit antiquated with their system of depositing,withdrawing money and with the Phoenix accounts still not up and running. 
My stress levels have reduced and am now hopefully in a position to just wait for a transfer out. 

helencary

helencary said:

Nbs222 said:

Hi HelenC

Has the proceeds from the sell credited to your cash balance in ISA.

I haven’t checked yet to be honest but I have the exact time traded, with whom and the exact amount I should have written down. I’m prepared for it not to show for a few days until trade plus two as it all seems a bit antiquated with their system of depositing,withdrawing money and with the Phoenix accounts still not up and running. 
My stress levels have reduced and am now hopefully in a position to just wait for a transfer out. 

I also took snapshots of all my holdings on there, including the date,  just in case I in counter problems later

MK62

A modicum of progress here........requested a full cash balance withdrawal on 5/8/20.......landed in my bank this morning (balance is still showing on ITI though)....so now just got the shares with ITI, no more cash.

My ITI Account is at "Onboarding Approved" - Phoenix account status changed to "Open" on 11/8......but still showing as zero holdings - so I guess that's a case of waiting....and waiting....will give it another week and if no progress, will send a transfer form in for iWEB.....I suspect that will mean another few months of waiting, but I guess you have to draw a line at some point...

PS - I though the withdrawal process was archaic, but then along comes the deposit process....you can only smile....ruefully...

Nbs222

My expected dividends except VOD  since 23-jul-20 have been  credited , showing either in the main GBP cash balance or separately .

I have also received cash  into my bank from non isa account , though  the amount is still  showing  as cash balance in my SC account.  Probably they are keeping records on a spreadsheet  and will update the account later.

Like Helencary I am relieved   and  little bit optimistic .

FairDinkum

Not receiving OTP this morning. Anyone else?

pafpcg

user1168934 said:

I have just logged on to my ITI account and it all seems very confusing, can someone clarify please. I just want to access my account and when it is up and running I would later like to transfer to another broker.

1. After login and going to an account it says "Do you want to transfer your current positions to our new platform?". Obviously there are a bunch of T&C and declaration to tick. Is that the way to go if I eventually want to transfer to another client and just want access to my account for now?

2. In one of my accounts the "Portfolio Value" seems absolutely incorrect - although the shares and their quantities are correct. Is anyone else having this problem. Should I just go ahead with the transfer thing in point 1 above or do I need to contact ITI?

My2penneth has answered your Question1 if you wish to change your portfolio before you transfer to a new broker.  If you wish only to check what has been transferred from SVS to ITI, without making any changes to your holdings before you make a transfer, then you have a choice: either
- tick your agreement to ITI's terms of business and say "Yes" to the transfer to ITI's platform (as described by My2penneth)
 or
- do not tick the agreement to ITI's terms of business and say "No" to the transfer to ITI's platform.

Have you received the email from ITI entitled "ITI Capital – What happens next" sent on  3 Aug 2020 17:46BST?  That email outlines what happens depending on your answer to the Yes/No question.  (It would have been so much easier for everyone if ITI had issued that email before 24-July.)

I've been down the "No" route and it's pretty straightforward (with two provisos - it took seven days for ITI to respond to the "No" request to close the ITI account and allow an immediate transfer;  after sending their OK response message, the facility to complete the required closure & withdrawal form did not appear in my ITI account until the following day).  The closure form asks for your bank account details for them to send any cash balance in your ex-SVS account and the name of your new broker.  ITI also require photoID and a bank statement to be uploaded with your signed closure form, but you don't need to go through the ID palaver for "on boarding" using HooYu.  I submitted my closure form on Wed 12th and it was acknowledged by the ITI web-site immediately limiting access to only the initial web-page and no access to my holdings, so make sure you've taken a copy of your cash balance and the list of your securities before submitting the closure form.  Then submit a transfer-in request quoting your ITI account code (SC????) to your preferred broker for them to liaise with ITI.

Who knows which is the faster route to complete the transfer to a new broker....

My2penneth

FairDinkum said:

Not receiving OTP this morning. Anyone else?

I had that yesterday at 6pm. I tried many times. I could login this morning though. I wonder if ITI are making batch changes to accounts which temporarily disable logins?