SVS Securities - shut down?

HopefullyHelpfull

I on-boarded fairly early in the process an ISA. I withdrew some cash to my bank account successfully on two occasions. On 29th July I requested Iweb to transfer in the rest of my assets from ITI on the 4th August Iweb acknowledged they had contacted ITI to initiate. Up to now Iweb have told me they had heard nothing from ITI about the transfer. I chased and FORMALLY COMPLAINED to ITI accounts compliance and named managers by email a number of times in recent weeks. I heard no response until today. Today I was invited by email to login and execute an account closure and transfer request process to Iweb, ITI said they had not heard from Iweb regarding my request to transfer in hat email. The login and closure process was typical of the experience with all else ITI so far; information requested and required to proceed that was not relevant to the action I required taken was required in the forms,  ID information needed to be re-submitted. The account closure forms generated to print, complete, sign and submit online were not clear and included "back office" detail blank boxes (to complete or not?) the process was not clear to me as a customer. I contacted Iweb and have submitted my signed closure/transfer form from this process with very clear transfer statements and account transfer references hand written and signed for as an instruction from me. I also sent this completed closure/transfer form to both accounts at ITI email address and Iweb broker transfer email address. I'll now rest, wait and see. Hopefully I might have real control of my SVS assets for the first time in 13+months around the end of next week with Iweb. Anyone for a wager on this? Wishing everyone else a good weekend and as early a resolution to this problem as they can possibly achieve.

johnburman

All. If you want to transfer out of ITI must you first close your account by filling in the account closure online form?
I was told so by iti new staff member of 2 weeks. It is rediculous but I'm at my wits end with these people. 

adeel26

johnburman said:

All. If you want to transfer out of ITI must you first close your account by filling in the account closure online form?
I was told so by iti new staff member of 2 weeks. It is rediculous but I'm at my wits end with these people. 

Can you please share the link for the form closure. 

I don’t understand why on earth they will ask to close an account and then initiate a transfer request. 

manted

adeel26 said:

johnburman said:

All. If you want to transfer out of ITI must you first close your account by filling in the account closure online form?
I was told so by iti new staff member of 2 weeks. It is rediculous but I'm at my wits end with these people. 

Can you please share the link for the form closure. 

I don’t understand why on earth they will ask to close an account and then initiate a transfer request. 

ITI must change your account status on the onboarding app so that you can submit the closure form. You will need to get in touch with them via email or the support centre.

Michael_Reynolds

Jamesram
You have put in a great deal of very hard work. Thank you from all of us for this

Sadly I'm afraid right now we are in a very bad situation. In the last few days I have sent numerous complaint emails but all parties have shut down. I can't any longer get any answers from Andrew Poxon (one of the joint administrators) at LC. To be honest all I've ever got from him is platitude (don't worry Dear) responses. LC have got their pot of gold over GBP 9m in booked hourly fees and now aren't being paid for the work they are doing. This entire transfer process to ITI stinks to high heaven and I can't see that anyone is now protecting our interests. It's exactly six weeks this weekend since the offical logins were sent out and there has been virtually no progress on the transfer process. What I find most extraordinary is ITI Capital's unwillingness to provide any form of mass update bulletins. They really are not making any effort to help themselves by not communicating? Either they simply didn't do the Due Diligence required to ensure that they had the capabilities to effect this onboarding process or they have quite blindly gone ahead with their bid knowing that it would take many months to complete. Either way it's fairly obvious that they don't have the professional expertise to provide even a half decent service to SVS Clients. LC and the FCA are jointly responsible for this mess but getting them to accept responsibility could take years. Meanwhile we all remain in a permanent state of Limbo. The stress and anxiety at 67 years old is the worst I've ever experienced in my life.

shiznit76

i can't get my head round having to close my account before transferring out.  that just sounds absurd 

desertorchid123

shiznit76 said:

i can't get my head round having to close my account before transferring out.  that just sounds absurd 

But its not true though. You don't need to, it is up to your new provider to intiate the transfer. The trouble is ITI are not putting resources into responding to these requests. Closing your account wont hasten this process.

My2penneth

I ran one of the standard reports in Phoenix....covering the period " this month". Information on dividends. 

sweeter_strudel

My2penneth

Very well done finding that nugget about getting details of incoming divis.

I just wish I could actually log in to my Phoenix accounts!

Clairabella

To say that I am stressed by all this is an understatement.  I’ve lost thousands of pounds due to not being able to sell when my shares were high. 

Many thanks for all the contributors to this forum, I have followed the thread avidly but, to be honest, I don’t understand most of what I’m reading, other than I’m not alone in struggling to make sense. 

I inherited my shares, put them with SVS and was quite easily, even as a complete novice, to sell buy more or withdraw dividend. Now I find myself completely at loss. I applied to board ITI then had the FAQ email saying if you didn’t want to, ask for status to be changed, I requested this via email, I had no response,  I have now, seemingly, just managed to on board with ITI but I want to move to a broker with a simple, user friendly system. My shares and dividend look correct on the dashboard albeit down by many thousands due to the market. Please can someone explain, in simple terms, what I need to do now? I just need to move to an easy to use broker. Thank you.