SVS Securities - shut down?

MK62

Hmmm, so the FX and Discretionary clients haven't even started the onboarding process at ITI yet.......makes those 5* reviews look even more phoney now than they did earlier.......

Nbs222

From FAQ of 18-aug-20

• --------------------------------------------------
  
• I have onboarded as a client, but I’ve now changed my mind and want to transfer out.
  Please notify accountmanagement@iticapital.com, we will reset your status and you will need to follow the steps in the previous point.

----------------------------------------  

previous point step

• I want to leave ITI Capital, how do I move my cash and assets?
  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?” Please select “No”.
  ITI will then approve your withdrawal request.
  You are then able to login to the portal and click “submit closure form”
  Please fill in the relevant details of the transfer.
  Download, sign and upload the form and any relevant identity documentation required by us to authorize the transfer
  If you are also transferring assets (stocks), please ask your Broker to initiate a transfer request and send it to accountmanagement@iticapital.com
  If it is a cash transfer to your own bank account, we will action this immediately
  If it is a broker transfer, we will action when instructions are received from your existing broker as described in point 6.

-------------------------------------------------------

I don't know where point 6 is

------------------------------------------------------

Also

With ISA account I don't want to  transfer  cash to my bank account but to be sent to existing broker along with assets.  It's not  clear if this will happen automatically.

What about transfers that has already been initiated

We have now one extra month for free transfer to 23-feb-21

Sheris

rugby7170 said:

If Leonard Curtis get a bad reputation it could ruin their business.

Look at the situation we are all in with the present moment and many months to follow, L&C have made the issues to where we are now, I feel a slight bit of sorrow for ITI, they may have paid thousands or even one pound for SVS, we will never know ?
L&C have made themselves what they are. 
Take the blinkers off and look outside the box.   
        

My2penneth

I think it was a case of ITI or no one based on what we know and have discussed so far on this forum. I'm guessing that ITI never thought they would get the gig and thus were caught napping. The daft thing is, when speaking to the dealers (especially Harry Callaghan) , they seem very keen to resolve issues and have always come back with answers - a lot more responsive than those in charge!   

Anyway, the transfer forms for all my and the wife's accounts are submitted and hopefully - one day - they will end up elsewhere. 

ITI had half-a-chance - they blew it! (being honest, I was not going to stay, their custody charges are way too steep). I wonder how many people have read the rate card and worked out how much they charge to manage our assets? 

[Deleted User]

Hi - my last post because I've asked the MSE forum to remove me permanently from the system. I haven't followed any posts since this time last week, so please excuse me if I'm repeating what others have already informed you of. But it's possible that some people would be interested in hearing of my last experiences. I onboarded without problem two and a half weeks ago, but maybe a week later than the first bunch of you. I then had difficulties trying to get my application to be put onto the Phoenix trading accepted, first because of a mobile phone number issue, and then secondly because the system automatically flagged up another issue with my application. Both would have been simple to sort out if I could have got hold of customer services, but I was getting nowhere slowly, and I never managed to get my Phoenix application registered. After a week I decided that the angst and likely long delays coming trying to sort the issues wasn't worth the suffering compared to the expense involved in liquidating my portfolio by using their traders. I worked out the exact charge and had expected a large cost of nearly £3000 for getting their traders to sell my stocks, based on trading fees plus 0.01bps or whatever I had been told, and on top of that there would have also been the loss involved in not being able to time each of my sales according to favourable price movements in the market if I had been doing it myself. But it was doing my nut in, trying to sort the issues out, and I realised that sometimes daily fluctuations in Stockmarket prices for my portfolio (sometimes losses, sometimes gains) could be more than what it would have cost me to use their traders to bow out. So mid last week I called their trading line. Took a few calls to get through, but then I got hold of a helpful trader. He told me that the cost would be a flat fee of £28 per stock sold, because I hadn't yet migrated onto the Phoenix trading platform, which it worked out much much 5x cheaper than what I had braced myself for. He efficiently sold all my stocks, informing me as he went along of what price he was being offered, so I had some measure of control, deferring a couple to the end of the list when the price seemed temporarily too low. In fact I was very happy with the prices obtained. It then took a further two days for the agreed trades to complete (standard delay for all trades/brokers as far as I know), and for him to write up my sales onto my portfolio record. so on last Friday afternoon when I logged in, I saw that it had been done. I emailed in my completed withdrawal form along with a recent bank statement (both properly scanned as PDF files) late Sunday night/early Monday morning asking for a CHAPS transfer (£10) as the fastest way to get the cash, and was pleasantly surprised to see that by the end of the day that Monday the cash was sitting in my bank account, and at the same time  I received a friendly email from ITI telling me that it had been sent. So I'm out of the situation, very glad to be free of SVS after 13 months.
Last thing I'd say: although ITI overall hasn't managed the onboarding situation well (putting it mildly, although some sympathy for them if it was an unexpected  IT failure), the three times that I've had some sort of contact with one of their staff (customer service sorting out my telephone number, the trader, and the person who transferred my money) they have all been very helpful, very efficient and very pleasant. So please treat them as good people in a tough situation if you're dealing with them!
Best of luck to all of you, and lastly I've been extremely grateful to many of you for the information and advice that you've given over the year, and to have let me known that I wasn't the only one in such a messy situation! Thanks (and goodbye!)... 

ibs1947

Hi help needed,do I have to tick all the boxes  under confirmation and under declaration or do you proceed to do you want to transfer your current positions to our new platform, I am going to transfer my shareholding away from ITI. Thanks in advance....

My2penneth

@Silly Donkey
You should have been charged £7.95 to sell each of your holdings.  IF ITI Capital had on boarded properly you could have sold for £7.95....I would ring them and tell them they have overcharged you!

[Deleted User]

 administrators should not incur costs returning assets to investors that exceed the value of those assets. - Knock yourselves out, financialservices industry.

Is this fiasco really still going on?

Danie6

bnet said:

Danie6 said:

Yesterday I got the first reply to my numerous emails. ITI wanted my account number at Interactive Brokers which makes me think they are working on the transfer. I wish them the best of luck and success with their effort and gave it to them. As for my ITI account it still shows "no data available" and I still cannot create a Phoenx. I have also submitted six cash transfer forms since 27 July 2020 with no results, which I now accept as normal. Otherwise I just continue praying. What else?

I was also thinking about transferring everything to Interactive. How did you do that? I though you had to wait until have access to their platform. I mean, I have no intention of staying with such a !!!!!! broker after all, so if I can initiate the process before they are able to solve their technical issues... it would be great.

I started from my account with IB. There is a transfer request procedure that I have completed for each share. I understand they request the transfer from ITI but you must also contact ITI and ask them to contact IB. IB presented me with a note with instructions which also bears their email address that ITI must contact. I then emailed the note to the ITI customer services and account management addresses and asked them to get in touch with IB. A day later, which was yesterday, I got a mail from ITI asking for my acc no at IB. I take it as a positive sign.

[Deleted User]

My2penneth said:

@Silly Donkey
You should have been charged £7.95 to sell each of your holdings.  IF ITI Capital had on boarded properly you could have sold for £7.95....I would ring them and tell them they have overcharged you!

Yes, agreed, had I been successfully on the Phoenix trading platform and sold them myself it would have then cost me around £150 to sell all my holdings rather than around the £550 spent on telephone trades. So I took a £400 loss on the fact that ITI weren't able to get their act together. But I'm not bitter, and I don't see it that way. Instead I see it as a £400 charge to have had my portfolio returned to me, which is nothing to what I was thinking I was going to lose when I found out about SVS going bust at the beginning of August last year.   
In fact, had I chosen to transfer to another broker like the rest of you, it would have cost nothing to be reunited with my portfolio. But I had experience of transferring another stock late last year (a £1250 unsettled trade with SVS) which surprisingly took nearly 2 months to sort out, lots of phoning to get it moving, unusually long perhaps, but a taster of the hassle that a person might (or might not) have to go through to get reunited with their portfolio sitting in ITI, with lots of negative emotions and time spent along the way chasing it up. I suspect that given the number of clients wanting to transfer portfolios, and the fact that ITI don't seem to be on the electronic transfer system (if I've got that right), and the likelihood that ITI will first prioritise registration and then getting people onto their Phoenix Trading platform (and yesterday's update shows how surprisingly far they still have to go with that), well, I think that transfers might take a long long while, and I'm willing to take the hit for all the anguish and annoyance saved...  whereas the liquidation route effectively took 3 working days to see me re-united and back in control of what I had invested through SVS... albeit at a cost. But happily the investments were good ones, and despite the year's wait, they had risen in value significantly, which is now locked in, I'm back in control and no longer worried about the market facing a major correction and wiping out that profit. I had planned to sell everything anyway. So I've no complaints, and I'm just grateful to ITI for having facilitated their return...
I also feel for you guys, deep sympathies for what you're having to go through... I don't have ISAs to protect because I live outside the UK, otherwise I also would be waiting for a transfer to happen. So I hope it happens asap for you... and My2penneth, thanks for several of your earlier posts which I found very useful, very enlightening.