SVS Securities - shut down?

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. 

desertorchid123

Clairabella said:

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. 

You need to open a an account with a broker of your choice- look at review sited for something simple that meets your needs. Once open you can complete a transfer in request. This may be slightly different broker to broker, but typically you will need to complete a form and send to them with details of the ITI accounts you are transferring in from. In theory, that should be it. This can often take a few weeks but most brokers will keep you well informed of which stage of the process you are at. Unfortunately (unless I am wrong!) I don't think anyone has got beyond the stage of requesting a transfer in  due to the inadequacies at ITI.

My2penneth

Clairabella said:

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. 

desertorchid123 has outlined the procedure which is the same as I would have offered.

As regards your on boarding account, the value of the shares shown is not reliable. The main point is that they are all there. UK Share values though have generally dropped.

Initiate a transfer with your new broker as soon as possible.  You might have to fill in 2 ( very similar) forms and post back to your new broker. One form for an ISA and one for a non ISA. The forms will be available on your chosen  new brokers website. I said start the process as soon as possible because you don't want things to drag on and thus incur ITI's onerous custody charges. 

The transfer forms only need basic info such as the ITI address ( although iWeb have added it to their pull down selection so you don't need to type it in or find it from the ITI website), the ITI ac out numbers,  your National Insurance number.

I would suggest a transfer to a bigger trading platform ( my choice would be iWeb ....a total of £25 joining fee which covers both the ISA and non ISA accounts,  low dealing costs (£5), zero custody charges, backed by Lloyds ). Moving money to or from iWeb is via your bank or building society account ( really easy to use). Buying and selling shares is so straightforward that no explanation is needed. Buying shares on ITI....I REALLY do not like ( order filling).

If you open up an account (s) with your new broker, you will be given account number. You then instruct the new broker to transfer everything from ITI.  

( as an aside, I opened up a new account with another broker ( Interactive Investors...not to be confused with Interactive Brokers)...the process took 10 minutes....none of the malarkey we had on boarding with ITI)

adeel26

Sorry if this has been answered before in the forum chat!

I don't remember if I selected NO as an option while  setting the up the account with ITI. I went through the normal process of credit check and was given access for the dashboard. 

As per portal user guide we have to select no if we want to transfer it to another broker "https://iticapital.com/assets/pdf/ITI-Customer-Portal-User-Guide-V1.0-upd.pdf" can anybody confirm how that can be done now. as I am unable to see this choices required to submit the closure form. 

manted

adeel26 said:

Sorry if this has been answered before in the forum chat!

I don't remember if I selected NO as an option while  setting the up the account with ITI. I went through the normal process of credit check and was given access for the dashboard. 

As per portal user guide we have to select no if we want to transfer it to another broker "https://iticapital.com/assets/pdf/ITI-Customer-Portal-User-Guide-V1.0-upd.pdf" can anybody confirm how that can be done now. as I am unable to see this choices required to submit the closure form. 

you would need to ask ITI - via support center in the dashboard or via email to revert your account. Mention you want to transfer away

sweeter_strudel

What do yous fancy my chances are with a partial transfer of an ISA out of ITI?

 I wanted to spread my risk between two new brokers so have asked for a transfer out of some but not all of my ISA share holdings. The idea, when that was completed, was to then start a second transfer request of the remaining ISA shares to its second destination.

I feel doomed just trying to describe it. Don't fancy going down the "request closure" route as that is not the norm for any other losing broker and who knows what would happen to the second half of my ISA. Ordinarily I would want to be able to trade every available day up to the start of the transfer - even in normal circumstances that can take weeks. In ITI that seems to take an unknown time, so far measured in months.....

Monsieur_Bourse

Excellent post Michael Reynolds, it seems that nobody cares anymore, surely this must come to a head very soon, but to date I see little evidence of this happening.

Like yourself I am experiencing high stress levels tempered with very high levels of anger, after being unable to now trade either my or my wife's account for over 13 months and have to sit back and watch profits disappear and losses widen, this is making me very angry indeed. I know that the facility to trade via the telephone is there, but how can you trust this bunch of incompetent clowns to actually credit the trade to the right account. On top of that it would seem that contract notes are not issued or if they are like everything else with ITI they take a very long time. I think that it has been reported by one poster that even after he received a contact note the totals were wrong. On top of this I do no want any share transactions to be in limbo when now I think that it is only a matter of time before ITI are forced into adminstration.

johnburman

Have a look at the RULES for members of the London Stock Exchange. 

ITI are in breach of lots... Rule 1020 for a start.
Complain to the LSE Head of Risk.