SVS Securities - shut down?

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.

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.