SVS Securities - shut down?

johnburman

I logged in just now and the account values have not moved - they are wrong.  Saga, Shell and VOD show as 00.00 value.  I can not trade of course.  And there is no list of dividends received.  And no transfers out have taken place. And the request to pay out some cash t the bank made on their pdf form has been ignored for 14 days now.   

sweeter_strudel

johnburman said:

Other than Danie6 (who has some magic power, obviously), anyone else in the world "whose assets actually got transferred to a new broker" by ITI?

Nope. I'm doing two separate transfers for my trading and (part) of my ISA out of SVS/ITI to two different brokers. Both brokers have said we have sent ITI my transfer out request but have heard silence in return so far. That's at least two weeks or more.

There again, maybe my error was to try and transfer to ITI to do a few trades to tidy up my investments first. Rather than not signing up and initiating a transfer instead of the onboarding process. I got the impression Danie6 had never attempted the ITI on-boarding but opted to transfer at 24th July.

But there again on 23rd July  ITI had published diddly squat in terms of information or overview of what their processes were going to be.....

If only hindsight had been invented sooner.....

Tonyiti

I know free transfers have been extended, but when do custody charges kick in?

My2penneth

I started my transfers out of ITI at the start of August. If ITI have not been able to action the transfer by 23rd October then it will be unreasonable for them to claim custody charges. I reckon the financial ombudsman would agree.

johnburman

Are ITI going for the world record slowest transfer to a new broker? 

rnf11

My2penneth said:

I started my transfers out of ITI at the start of August. If ITI have not been able to action the transfer by 23rd October then it will be unreasonable for them to claim custody charges. I reckon the financial ombudsman would agree.

That is a looming and significant risk - given the present rate of zero progress on transfers out.

Did Da Vinci favour you with any sort of response after you'd contacted them recently?

My2penneth

There is a mention of not being able to access our assets here
https://www.financemagnates.com/forex/brokers/fscs-opens-door-to-further-claims-against-svs-securities/

It might be interesting for those invested in the more esoteric ( ie rip off) "investments" to have a peruse at the article.

My2penneth

rnf11 said:

My2penneth said:

I started my transfers out of ITI at the start of August. If ITI have not been able to action the transfer by 23rd October then it will be unreasonable for them to claim custody charges. I reckon the financial ombudsman would agree.

That is a looming and significant risk - given the present rate of zero progress on transfers out.

Did Da Vinci favour you with any sort of response after you'd contacted them recently?

I've heard nothing back from Da Vinci...but as the financial backer they have been made aware of this clusterf***. 

johnburman

You have told the FCA haven't you. P S if DaVinci are not regulated by the FCA I'm not sure why they should be too concerned about this shambles 

johnburman

PS I see Da Vinci invested in ITI FUNDS it says on their website not ITI Capital. Presumably a subsidiary or sister company.