SVS Securities - shut down?

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. 

eastlondonkent

surprisingly I got my cash transfer into my UK account yesterday just after 2-3 days I emailed back my bank statement for ITI to action the transfer. Could it be my luck or it was a small amount less than a grand! Next is to get my share holding transfer to other platform, I agree with the other posts here, ITI would never get it right! 

My2penneth

When (when) we finally get access to Phoenix, will we see the dividends paid into our accounts since LC handed over the reins?

(they will have to keep track otherwise how will keep HMRC happy for non ISA holdings?).