SVS Securities - shut down?

[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?

9406824

Sent withdrawal form on Monday - cash arrived this morning In bank Account.
are they finally getting their act together? 

pafpcg

Nbs222 said:

From FAQ of 18-aug-20

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.

Much of the text of the FAQ has been cut-and-paste from ITI's "What happens next" email of 3rd August.  The steps in the process of immediately closing & transferring-out were numbered in the original, but in the FAQ text the numbers have been deleted.  Unfortunately, the reference back to "point 6" remains.  Step 6 in the original is "If you are also transferring assets (stocks), please ask your Broker to initiate a transfer request and send it to accountmanagement.com".

Sadly, it's just another example of the standard of ITI's internal checking of what they say to clients.

johnburman

ITICAPITAL you are a lucky man: I sent withdrawal form week before last.  Heard nothing. Still heard nothing .  No money in bank account.
Are they finally getting their act together? Answer NO.

AND pafpcg
you are very right to point out the T&C - and I do not like stocklending either.  But for a lot of the longer term ISA XO clients they want to perhaps do th eodd trade but get all shares and cash over to the new broker ASAP.  The transfer will be delayed (obviously - it is ITI Capital after all) but you dont want to be left in a SVS-like limbo. So my view is to accept and then transfer ASAP - no delay.  But why are not ITI Capital transfering out faster? 

pafpcg

Please don't identify ITI staff by name unless you have obtained the individual's permission to quote them.  If you haven't, I suggest you edit the posts to anonymise them.  We don't want forum moderators to wipe this thread because of a transgression of forum rules.

But keep up the good work in relating experiences and events!

Nbs222

Is there anyway of asking ITI whether they have started  transferring out  for the transfer requests received from other brokers.

manted

Linked question to @pafpcg, @My2penneth  and others on this thread.
Its still not clear from yesterdays email if its mandatory for us to reset our accounts and ask to transfer out !?
Whats wrong with following the industry standard process and letting the broker receiving the transfer to let ITI know ?
(Also, two of my holdings are now showing up as zero value - BATS and an ADR. No sign of the BAT dividend either, but will not hold my breath)

My2penneth

manted said:

Linked question to @pafpcg, @My2penneth  and others on this thread.
Its still not clear from yesterdays email if its mandatory for us to reset our accounts and ask to transfer out !?
Whats wrong with following the industry standard process and letting the broker receiving the transfer to let ITI know ?
(Also, two of my holdings are now showing up as zero value - BATS and an ADR. No sign of the BAT dividend either, but will not hold my breath)

Nothing and - as it is std procedure - why should we deviate? It would just be an excuse to delay things if we "interfere". 

As for dividends....these should be being received by ITI now. 

ADR - American Depository Receipt which is for US investors. https://www.investopedia.com/terms/a/adr.asp
(I think at one point I had VOD ADRs which were worth $800k in total .... I'll take it if you insist ITI    )

I've still got erroneous Shell holdings (I checked the ISIN codes). 

gonzo7

I found this forum a few weeks back and the knowledge that there has been a general fiasco in relation to ITI as opposed to me in particular has, in a strange way, been helpful!  I would like to thank contributors for sharing their experiences and helping to shed light on the situation.  I thought I would offer my experience and intention.

I had 2 accounts with SVS, one an ISA and one not.  When presented with the question did I want to open an account with ITI I responded yes, but for no particular sound reasons. 

The assets seemed to transfer across satisfactorily to ITI.   The assets remain in Qort accounts (beginning SC…..) for which on-boarding is approved; I have 2 Phoenix accounts which are declared open and they have neither cash nor assets.  The ISA account is not indicated as an ISA account; I have messaged them twice about this but no response received.

I’ve had no statement from anyone (LC or ITI) regarding the various dividends of the last 12 months or so but the cash balance seems to be in the right ballpark. 

Just in the last 24 hours or so all my shares disappeared from my holdings leaving cash only.  I stayed calm and thankfully they have now returned.

I intend to move both accounts (in specie, as cash and current shares) to IWEB.  I had hoped that ITI would declare my ISA account as such on the website before transfer but, in the continuing absence of this indication and of a response to my messages, may now take the risk that this is flagged elsewhere on their systems.  I am going to submit a transfer request to IWEB only.  I accept that this will take weeks/months. 

That’s where I am.  Thanks again to other contributors.