We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
SVS Securities - shut down?
Comments
-
gibson81 said:For those transferring out, has anyone actually received a response from their broker that ITI have acknowledged the request?
I initiated mine at the start of the month and it is now nearly September. Still nothing....Received a letter from IWeb this morning, stating that ITI Capital had not responded to them - after three weeks have passed.It states that the process is that IWeb have to get a valuation from ITI Capital, and then the transfer itself begins, taking two or three weeks to complete.What we know so far:- ITI Capital's on screen valuations are fantasy- ITI Capital have three or four people to handle a paper based process for, at a guess, say 5,000 ex SVS clients.So, do the math....Where's the popcorn?
0 -
Researcher16 said:
I haven’t posted before but I have been reading the comments on this forum since the outset. I am very grateful for the shared information as, like others have mentioned, this has been a very stressful process made less so by the shared experiences.
In my household we had three accounts with SVS (held by me, husband and son), not great sums (although significant to us) as mostly our shares were savings held for dividend income whilst bank interest rates are low.
Our experiences (good and bad) so far:
My account: login details provided and onboarding started on 24th July. I was anxious about the insecure and poorly worded site and sent an email to accountmanagement@iticapital.com as follows “I am being asked several questions at the outset that I don't see the need for and there are misspellings such as "Pensionor Goverment Benifits" (each of those 3 words is misspelt). The login website also seems insecure.” I never received a reply but after seeing messages on this forum, I went ahead and uploaded documents. This required both passport and driving licence for photo id. When I tried to upload a selfie using my phone, I had an error message when going to the link provided by the ITI website as others experienced. I managed to provide a selfie instead using my laptop camera. The onboarding then progressed without further delay.
On 27th July I downloaded the ITI cash withdrawal form as a pdf. I was able to fill this in using the fill and save option in adobe reader (free) and I emailed this form to them so no need for printer or scanner. The cash appeared in my bank account on 31st July.
I have applied for the transfer of all my shares by posting a transfer request form to my other broker (Equiniti). Equiniti have confirmed the request and they will manage the transfer process. I shall update when this is complete. I have used this broker for a few years (ironically, I transferred most of my shares from Equiniti to SVS when Equniti introduced a custody fee). Their transaction fees are £12.50 and their custody fee is based on % value of shares up to a maximum of £40 per year. However, I have found them to be reliable and to respond to enquiries promptly.
Husbands account: uploading straightforward around the same time using the benefit of my document uploading experience. He received an email yesterday stating “Your Phoenix account application has been received and is currently processing”
Son’s account: subject to the long delay others have experienced, finally provided with login details email (with a better explanation of the process) on 2nd August. He is away at the moment so unable to complete the onboarding as phone selfies still seem to be unacceptable.
Update:
My broker, Equiniti, initiated my shares transfer request more than 3 weeks ago. Today Equiniti sent me a message "To date, we have not received a response to our transfer request from your current provider. We would be obliged if you could therefore contact them to establish if any further information is required from you which may have delayed their response to the transfer request.”
My son’s account still has a status of “on-boarding submitted” and a request for cash withdrawal from his account 10 days ago has still not been fulfilled.
0 -
I see the dismay has now reached Trustpilot too.The word is spreading....0
-
rnf11 said:gibson81 said:For those transferring out, has anyone actually received a response from their broker that ITI have acknowledged the request?
I initiated mine at the start of the month and it is now nearly September. Still nothing....Received a letter from IWeb this morning, stating that ITI Capital had not responded to them - after three weeks have passed.It states that the process is that IWeb have to get a valuation from ITI Capital, and then the transfer itself begins, taking two or three weeks to complete.What we know so far:- ITI Capital's on screen valuations are fantasy- ITI Capital have three or four people to handle a paper based process for, at a guess, say 5,000 ex SVS clients.So, do the math....Where's the popcorn?0 -
Researcher16 said:Researcher16 said:
I haven’t posted before but I have been reading the comments on this forum since the outset. I am very grateful for the shared information as, like others have mentioned, this has been a very stressful process made less so by the shared experiences.
In my household we had three accounts with SVS (held by me, husband and son), not great sums (although significant to us) as mostly our shares were savings held for dividend income whilst bank interest rates are low.
Our experiences (good and bad) so far:
My account: login details provided and onboarding started on 24th July. I was anxious about the insecure and poorly worded site and sent an email to accountmanagement@iticapital.com as follows “I am being asked several questions at the outset that I don't see the need for and there are misspellings such as "Pensionor Goverment Benifits" (each of those 3 words is misspelt). The login website also seems insecure.” I never received a reply but after seeing messages on this forum, I went ahead and uploaded documents. This required both passport and driving licence for photo id. When I tried to upload a selfie using my phone, I had an error message when going to the link provided by the ITI website as others experienced. I managed to provide a selfie instead using my laptop camera. The onboarding then progressed without further delay.
On 27th July I downloaded the ITI cash withdrawal form as a pdf. I was able to fill this in using the fill and save option in adobe reader (free) and I emailed this form to them so no need for printer or scanner. The cash appeared in my bank account on 31st July.
I have applied for the transfer of all my shares by posting a transfer request form to my other broker (Equiniti). Equiniti have confirmed the request and they will manage the transfer process. I shall update when this is complete. I have used this broker for a few years (ironically, I transferred most of my shares from Equiniti to SVS when Equniti introduced a custody fee). Their transaction fees are £12.50 and their custody fee is based on % value of shares up to a maximum of £40 per year. However, I have found them to be reliable and to respond to enquiries promptly.
Husbands account: uploading straightforward around the same time using the benefit of my document uploading experience. He received an email yesterday stating “Your Phoenix account application has been received and is currently processing”
Son’s account: subject to the long delay others have experienced, finally provided with login details email (with a better explanation of the process) on 2nd August. He is away at the moment so unable to complete the onboarding as phone selfies still seem to be unacceptable.
Update:
My broker, Equiniti, initiated my shares transfer request more than 3 weeks ago. Today Equiniti sent me a message "To date, we have not received a response to our transfer request from your current provider. We would be obliged if you could therefore contact them to establish if any further information is required from you which may have delayed their response to the transfer request.”
My son’s account still has a status of “on-boarding submitted” and a request for cash withdrawal from his account 10 days ago has still not been fulfilled.
0 -
The withdrawal form is here: https://iticapital.com/assets/pdf/Limited_Withdrawal_Form.pdf
Download it and complete it using the fill and sign option. Then it needs to be emailed to customerservice@iticapital.com.0 -
Thank you John Burman for the FCA direct complaint information. I will lodge a complaint today. I have dividends which were paid over to ITI capital on June 24th which still haven't been credited to my account and more dividends due this month. I have sent literally hundreds of emails to ITI and all I get is an occasional empty promise. Frankly I no longer believe that ITI capital which is owned and staffed almost exclusively at a senior level by Russians has the professional capability to resolve this matter. As a retired accountant myself I would also question their financial stability. I have been in regular contact with the two LC partners responsible for the JSA. who stand in the wings watching but appear to do nothing. Together with the FCA they should be monitoring this situation VERY studiously? It's a complete mystery to me how LC who have now been paid GBP 5 million in fees by the British tax payers could possibly have selected ITI as a fit and responsible successor to SVS. The FCA and the high court approved this sale. A month after sending out login details to 18,000 clients there is ZERO progress accessing our trading accounts or our cash. Worse than that monies paid by LC are missing from ITI accounts. That is tantamount to criminal fraud. Quite honestly I think we have to face facts. It doesn't look good at all. We are effectively back where we were at the beginning of Aug 2019 and we may have to consider some type of class action. I simply don't understand the lack of media attention and why the FCA continue to apparantly stand by their decision to approve this sale to IT Capital?
3 -
I have some news to share!I just looked at my previously empty Phoenix account and it now has the cash balance of my account in it. Not only that, but that amount has grown by an amount equal to my missing VOD dividend, so I think that confirms that our Qort 'accounts' are just dummy pages with the information given from LC to ITI in them. At least this shows that the dividends aren't completely missing and I hope it gives some of you a little reassurance even if you haven't seen yours yet.My stocks have not arrived in the account yet, but i have already asked for a transfer of them, so they might not bother (if they've got any sense).I'll let you know of any further developments.2
-
This is the form that can be used to complain about the regulators. I made use of it. https://www.fca.org.uk/about/complain-about-regulators/form
I have written to the FCA, the Ombudsman, Leonard Curtis, Trustpilot, several wealth management publications, Da Vinci Capital and my favourite financial investigative journalist.
We are going through this ridiculous trauma because the administrators felt obliged to get money for the purchase of clients; our interests were not adequately considered.0 -
Forgot to say, I've got 4 times margin without even asking for it.... tempting!0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards