SVS Securities - shut down?

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?

FairDinkum

My2penneth said:

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?

I was wondering if the disabled login might be a good sign!! Thanks for the response.

pafpcg

3rdParty said:

Haven't posted to this site before.  My elderly parents had Shares and some Cash with SVS and are now trying to; access these via ITI?  and then transfer them to a local broker who they can visit in person.  I'd be so very grateful if someone could give me a succinct procedure for gaining access to holdings at ITI and then transferring these to another broker.  This seems to be very complicated and is becoming very distressing for them.     

Have you received the email from ITI entitled "ITI Capital – What happens next" sent on  3 Aug 2020 17:46BST?  That describes the choices and procedures you have once you've successfully logged into your ITI account and can see the list of securities and the cash which should have been transferred from the SVS account. 

When you've logged-in, at the bottom of your holdings list, you will be presented with a red bar which reads “Do you want to transfer your current positions to ITI?” By answering Yes or No, you'll have two basic options:

"Yes":  you'll have to go through the process of "on-boarding" to create a trading account at ITI from which you can request your parent's local broker to transfer from your new ITI account to a new account under your preferred broker's oversight.  Refer to the posts by My2penneth on the 13th at 3:19pm & at 11:18pm on pages 263 & 264.

"No":  ITI will freeze your ex-SVS account but will, after you've completed a closure & withdrawal form, transfer any cash balance to your nominated bank account and hold the securities to await a transfer request from your preferred broker.  I refer you to my post above (at 11:30am) for more details.

One final point, if it's a joint account in both your parents' names, there's no need to worry - ITI will treat the account as if it were a sole account in the name of the first named individual.

sweeter_strudel

My Phoenix accounts are now both showing as "inprogress".

Any idea what that means - no cash, no shares in either yet.....

My2penneth

sweeter_strudel said:

My Phoenix accounts are now both showing as "inprogress".

Any idea what that means - no cash, no shares in either yet.....

A few of us are at the next stage - Phoenix status = Open.....

(and we still can't see anything.)

rnf11

pafpcg - 11.30:

A most useful post re the closure process, and the warning re the blackout. Thanks for posting it

   3 points arising from that and others' recent posts.

1. I am expecting to be able to transfer stock together with any cash to another broker  - in both the ordinary and ISA accounts. So it should not be made obligatory by ITIC to have to withdraw cash from an ISA to a bank a/c before any transfer out is done - as it would thus be lost to the ISA system.

2. The matter of denoting the ISA accounts - has anyone seen their ISA specifically identified as such yet?. I raised this with ITIC "Account Management" last week but still no response from them.

3. Can anyone shed any light on the unorthodox requirement to provide photo iD? Never encountered this before in UK financial dealings, and cannot see what they could compare it with, what they actually intend to do with it, or why they should really need it at all. So it just looks like yet another personal security risk with ITIC, and so yet another red flag.

sweeter_strudel

My2penneth said:

sweeter_strudel said:

My Phoenix accounts are now both showing as "inprogress".

Any idea what that means - no cash, no shares in either yet.....

A few of us are at the next stage - Phoenix status = Open.....

(and we still can't see anything.)

Darn it. I thought I had missed Open and Inprogress meant my share holdings were being loaded.

It did cross my mind that they may have to get every Phoenix account loaded for all customers before allowing trading rather than be accuaed of favouring first movers....

Absolute farce all of this....

Nachhaltig

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. 

This has been my experience as well today. I had gotten tired of waiting for my shares to be transferred from their Qort platform to Phoenix and so I traded by phone. Their IT system for trades over the phone seems to be rather antiquated. A lot needs to be done 'by hand' by the person at the trading desk, including sending out contract notes (I don't have mine yet). It took a long time to get through to the trading desk, their phone system hangs up on you after 3 minutes and I had to call many times, but the person who took the call eventually was very pleasant. I didn't think there was any point in pouring contempt on the poor person as ITI's failings are not his fault. All I wanted was to sell some shares I had been wanting to sell for almost a year and then move on to a better place. Thanks to Masonic and My2penneth in particular for their advice.

johnburman

I have giving up on ITI.  Has anybody heard form their nre brokers about the transfer to them from ITI.  A couple of days I posted that when I spoke ot a new broker my request sent 31 July had not been processed bu tthat the first request they sent on 23 July (quick off the mark that chap!) had not been responded to either by ITI. 
We need to get the transfers moving - wonder what the FCA is doing about this delay?