SVS Securities - shut down?

OAP1952

What ITI are saying about the time required to transfer out.

In the course of an email discussion with ITI's account management team to confirm the closure of my account and the transfer of holdings to my external broker, I asked what sort of timescale I could expect.  The answer came back:

"Transfers can take up to 31 days to be completed.
You may contact the transfers team at ITI Capital for an exact time scale, which will be dependent on their current workload."

The transfer clock for my account started ticking on Tuesday, so we'll know in a month how accurate this prediction has proved!

manted

OAP1952 said:

What ITI are saying about the time required to transfer out.

In the course of an email discussion with ITI's account management team to confirm the closure of my account and the transfer of holdings to my external broker, I asked what sort of timescale I could expect.  The answer came back:

"Transfers can take up to 31 days to be completed.
You may contact the transfers team at ITI Capital for an exact time scale, which will be dependent on their current workload."

The transfer clock for my account started ticking on Tuesday, so we'll know in a month how accurate this prediction has proved!

Thanks for this information. Some of us have been waiting for a month already - been 20 days for me.
Have you closed the account as per their instructions ? I have done that - even though i don't agree in principle with closing account before transferring out

shiznit76

so to transfer your shares out you need to close your account with ITI first? That sounds bonkers

rnf11

leonde said:

I understand there's a form that needs downloading and fill in - where can I find that? Thanks.

On ITIC's latest instructions, and according to others who have done similarly - after the "No" is pressed on the "red bar", then a form is supposed to become available.

But.         Guess what.     It doesn't.      So still no progress.       Even though the intended receiving broker has been active.

Are we going to end up having to involve the Police before it all evaporates completely?

Sheris

rnf11 said:

leonde said:

I understand there's a form that needs downloading and fill in - where can I find that? Thanks.

On ITIC's latest instructions, and according to others who have done similarly - after the "No" is pressed on the "red bar", then a form is supposed to become available.

But.         Guess what.     It doesn't.      So still no progress.       Even though the intended receiving broker has been active.

Are we going to end up having to involve the Police before it all evaporates completely?

Same problem hear, told ITI and L&C, still unable to see accounts. how can anyone agree to any terms.  

My2penneth

shiznit76 said:

My2penneth said:

shiznit76 said:

i have put in a broker transfer using my Qort account number, if by the time ITI get round to doing this and my shares have transferred in to the Phoenix account by then will i be back to square one?

I was told by ITI that I could use the SC account number or the Phoenix account......we shall see! 

I take it you transfer is still nowhere near complete?

Iweb transfer forms sent August 4th. LOST.
Replacement transfer forms sent signed for delivery August 15th..not located.
30 days tomorrow! 

manted

leonde said:

Ah yes, reading the pdf document "ITI-Customer-Portal-User-Guide-V1.0-upd.pdf" I can see the form is all filled in online and then submitted.

I'm in two minds about whether to email them to get them to close my account on my behalf - I don't really see them replying to my email in any case.

Yes, you would need to email account management - at-least that's what worked in my case. They responded quickly (took them one day), and reverted my account. I did not get any red bar, that process has now changed. You simply need to fill in the form (i know you need printer or adobe form filler) and send ID and address proof. (Again !) I know how that feels. Some of the questions on that form don't make any sense - like move from CREST to __ etc. You can leave those blank.
I'm still able to login and check the holdings - the closure was in progress until this afternoon.
Now its moved to Approved status & a new ticket has been created automatically for them to action.

My2penneth

snipkin said:

Michael_Reynolds said:

[...] Why the hell was SVS deregulated? I had an account for 7 years and never saw any sign of financial impropriety? As far as I'm aware LC didn't find any misappropriation during the tortuous one year period Aug 19-Aug 20 for which they have been paid GBP5m in fees by the British tax payers? This is the most extraordinary story! One thing I do  know is that right now NO ONE appears to be protecting our interests..

Why was SVS deregulated?? Someone who is much more knowledgeable about this might like to answer the question from Michael_Reynolds quoted above (from a few days ago). Indeed, one or two other contributors have spoken about doing a 'reverse transfer' from ITI back to SVS!! And I thought they no longer existed?

So. instead of all this special administration nonsense over the last 12 months why could we not have continued on the SVS platform last August 2019 - under strict supervision by FCA or whoever - and been able to still trade whilst doing an orderly exit from SVS over, say, a 6-month period? Probably because there was no money in that for the likes of LC...

Well, it's all water under the bridge now and we have to deal with the situation as it is - but for how much longer will it be allowed to continue in its current shambles? It's amazing that there is, from my layman's point of view, no effective and swift regulation of the financial industry. Anyway, the point about SVS above is something that I wondered about.

All covered here
https://citywire.co.uk/wealth-manager/news/fca-failed-wealth-firm-took-cash-for-steering-clients-to-dodgy-bonds/a1258153?section=wealth-manager

SVS Securities are gone, finito! A reverse-transfer would be to take back assets from ITI Capital into the arms of Leonard Curtis as special administrators.  

sweeter_strudel

ITI progress..... sigh sigh sigh

Utter ineptness continues. My jealousy over My2Penneth actually managing to trade via Phoenix is enormous. Well done, you have won this marathon of frustration.....

I have two Phoenix account as showing as Approved in my ITI login. But when I try to log in to my Phoenix accounts I am refused and they sit at "Pending Approval" and cheekily promise they are active within 48hrs - I think I have now been waiting four or five weeks. And now my second account transfer request broker has emailed me and said ITI are ignoring them too, silence after 21 days .... and suggest I get in touch with ITI direct to ask them to do my transfers out.

I just hope that, if they really are going, line by line through every stock holding alphabetically and allocating them to Phoenix accounts, that if I ever get access everything will be present and correct.

How naive is that!?!

I wonder if I'll be able to trade by Christmas (2020).....hmmm, or maybe 2011?

My2penneth

Just a note:
I've been using my Phoenix accounts now for the last couple of days - watching them slowly fill up with the accrued dividends and shares (the shares are being added to as ITI decide to dole them out to holders). I have no idea where dividends have come from based on ITI's Phoenix data...just a lump sum of monies in £ and $. (i also see no euros). 

The Phoenix accounts start with the letters "ititi" followed by a number.  

I would say that looking at the on boarding accounts is now a waste of time. What I see in in my on board accounts is (as we all know) - nonsense. Things look more sensible in Phoenix. 
 
Current Status 
Account #1 (27 shareholdings)
7 shareholdings still missing - mostly iShares (3), LGEN, RDSB and 2 recent purchases via the broker (which, strangely, are visible in the on boarding account)
Account #2 (10 shareholdings)
1 shareholding missing (CNA)
Account #3 (26 shareholdings)
1 shareholding missing (GBDV)
Account #4 (26 shareholdings)
2 shareholdings missing (TFGS & PEYS)

cash balances seem reasonable as though dividends have been received but I haven't checked them off against my records.

(edit: @sweeter_strudel  - I emailed ITI about the overcharging at full client rate - their software doesn't know we are ex-SVS on the £7.95 rate - quelle surprise). 
If you do want to trade with ITI until your account is moved, then you will need the HandyKey software (from the Android * playstore)...which is easy to install and use. 
It has taken from July 23rd to get to this state though! 



* I guess the Apple version is from the Apple store..dunno, never had an iPhone.