SVS Securities - shut down?

ititis

I have now initiated a transfer to HL, so fingers crossed. Thank you to everyone who has posted experiences and tips on this  board - it has saved me a lot of time and stress. The FCA and LC should be ashamed and embarrassed that they allowed this fiasco to happen.  Unbelievable that assets were allowed to go to ITI without someone checking they had compliant procedures and processes in place.

My2penneth

@Silly Donkey
You should have been charged £7.95 for each sale. If you read through earlier pages you will see other cases of folks being charged £ 7.95 per line to buy/sell ( myself included).

Edited to remove reference to ITI employee 

Quick search on £7.9 ( some people thought it was £7.99)
Example
page 274 johnburnham
page 258 "ITICAPITAL" 

johnburman

it is £7.95 per trade not £7.99/  My mistake there.  
Anybody got any news on any tranfers actually being progressed *by ITI Capital* to your new broker?

PS - S&P500 closed at a record high yesterday.  Just thought I woudl mention if for those passive investors wiht ETFs that follow that index to cheer them up.

adeel26

johnburman said:

it is £7.95 per trade not £7.99/  My mistake there.  
Anybody got any news on any tranfers actually being progressed *by ITI Capital* to your new broker?

PS - S&P500 closed at a record high yesterday.  Just thought I woudl mention if for those passive investors wiht ETFs that follow that index to cheer them up.

I am transferring the cash and shares to XO. They contacted ITI on 26 July 20. Till last week they haven’t heard anything from them. 

johnburman

adeel26 - sensible chap.  And you were quick in your request too.  You say:

I am transferring the cash and shares to XO. They contacted ITI on 26 July 20. Till last week they haven’t heard anything from them. 

So where do we stand this week; and what are you doing about it?  When will you complain to the FSA?  The usual time for transferring a shares ISA should be 30 days. 

adeel26

johnburman said:

adeel26 - sensible chap.  And you were quick in your request too.  You say:

I am transferring the cash and shares to XO. They contacted ITI on 26 July 20. Till last week they haven’t heard anything from them. 

So where do we stand this week; and what are you doing about it?  When will you complain to the FSA?  The usual time for transferring a shares ISA should be 30 days. 

Actually on 3rd August we all got a communication from ITI Capital regarding  various things. XO contacted ITI via a different channel and I informed XO to send email to accountmanagement@iticapital.com for the transfer and it was done on the same date so I am guessing they have till 3rd September for the time. I haven’t heard anything back from XO so far this week guessing it’s the same update as of last week. 

pafpcg

ibs1947 said:

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....

I suggest you read ITI's Terms of Business before you agree to them!  That's what those tickboxes are there for - they include your agreement that ITI can use unregulated markets for dealings on your shares and that ITI can use your shares for the benefit of ITI and other ITI clients (sounds to me like ITI lend shares).  Having read those Terms of Business, I certainly don't want to use ITI and I did not tick those boxes before I selected the "No" option (to enable a transfer-out immediately).

pafpcg

leonde said:

ibs1947 said:

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....

I went with the on-boarding before that option was available, but I believe from following the thread you should probably go with the second option. I think you may still be asked for ID in any case.

Yes, if you select the option not to open an account with IT by selecting "No", you'll eventually (seven days in my case) be asked to complete a closure and withdrawal form (which will appear on your ITI account the following day).  That form will ask you to specify your bank account details for ITI to send the cash balance from your ex-SVS account and which broker you want to transfer your holdings to.  ITI also asks for photo-ID and a recent bank statement which you upload with your signed form.  I leave it to you to decide whether you comply with that request or you just submit a transfer request to your preferred broker to start the transfer-out process of both cash and shares from ITI to your new broker, which you have to do anyway whether you send ID documentation or not.

[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!

My2penneth, you're a star! I never saw the earlier posts, and was amazed to see the communication that you've just pasted in... I'll write to {Name removed by Forum Team} straightaway and ask them to refund the difference, several hundred pounds... 
Much appreciated, 
Cheers!

9406824

Sent withdrawal form on Monday - cash arrived this morning I’m back Account.
are they finally getting their act together?