SVS Securities - shut down?

shiznit76

if working correctly, will/ should ITI migrate my holdings from the Qort account in to the Phoenix one?

My2penneth

shiznit76 said:

if working correctly, will/ should ITI migrate my holdings from the Qort account in to the Phoenix one?

Yes.

Nbs222

Just received email from ITI regarding my transfer, it doesn't make any reference to cash

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We have received an instruction from Halifax Group (inc iWeb) to transfer your account to their management.

We expect the following steps to be taken
 

• Halifax Group (inc iWeb) agrees the position to be transferred for your account and relays confirmation back to ITI Capital
• ITI Capital and Halifax Group (inc iWeb) agree transfer dates
• ITI Capital deliver shares Halifax Group (inc iWeb)

 
The timescale for this is dictated initially by the response time from Halifax Group (inc iWeb). We will respond to all requests or agreements with Halifax Group (inc iWeb) within 24 hours.

Nbs222

It looks they are sending the same email to every one who has requested transfers. I hope now  they concentrate on transfers.

shiznit76

snap, got my email too regarding transfer to Iweb

LEAR1

Watford1984 said:

Thought I'd just comment my two cents worth as I've been dealing, like everyone else with no avail in this situation. People I know have taken absolutely ages to be succesfully onboarded, then when they get on their account have found their portfolios are empty when they should not be. I managed to get a lot of people to call the ITI Dealing Desk to sell shares that were in profit and then withdraw money to me. I'm waiting on around 75 transfers of which I've heard nothing back. Initially people were able to sell shares and withdraw 2 days later, now they've stopped replying to emails and have basically added later on that you need to send a Bank Statement. No one replies to emails or phone calls unless you're lucky. 

So no one can see their shares or trade, no one can transfer out - I've had one successful transfer to me and that's basically because my client threatened ITI to the point he forced a transfer out a few weeks back. Everyone else is still waiting.

A disgrace.

So you represent some transfer on-boarding team at one of the target brokers then? The first (to my knowledge) comment on this forum from any individual who works 'on the other side'.

Are you able to apply any further levers to get ITI to get their act together and start processing these transfers? I think it almost goes without saying that everyone on the forum has realised that, on an individual-by-individual basis, we hold little sway... but if you have c75 transfers due to come over to 'you', perhaps you have more ammo or at least different channels that you could pursue? Would, for instance, your brokerage shop - whoever it is - authorise an in-person visit to ITI's offices to demand some answers, given emails / phone calls are being ignored, on behalf of your clients? Alternatively, as you must have to deal with the exchange and FCA as concerns your ability to trade as agent / handle client assets, respectively, does this not give you any greater clout getting some action from those professional bodies?

tluv24

Hi all,

I’m new to this forum, so bear with me if this topic has been done. All SVS clients that have chosen to transfers out from ITI Capital have you as yet received acknowledgement of your transfer request from ITI Capital to your new broker. And have they given you a timescale of when this will happen. Has anyone successfully transferred out from ITI Capital?  

shiznit76

just got my email today after nearly 4 weeks, the post on previous page looks like it is a standard one sent out to those who are wanting to transfer out, no timescale attached, but it's a start

shiznit76

Nbs222 said:

Just received email from ITI regarding my transfer, it doesn't make any reference to cash

----------------------------------------------------------------------------------------------------

We have received an instruction from Halifax Group (inc iWeb) to transfer your account to their management.

We expect the following steps to be taken
 

• Halifax Group (inc iWeb) agrees the position to be transferred for your account and relays confirmation back to ITI Capital
• ITI Capital and Halifax Group (inc iWeb) agree transfer dates
• ITI Capital deliver shares Halifax Group (inc iWeb)

 
The timescale for this is dictated initially by the response time from Halifax Group (inc iWeb). We will respond to all requests or agreements with Halifax Group (inc iWeb) within 24 hours.

strange that ITI look to be almost blaming Iweb for any delays and that the ball is in their court? Certainly not been a 24 hour response time so far

Nbs222

What are IWEB suppose to do , they have already sent a requests for the list of share holdings (positions) to be transferred and they are waiting for ITI to reply,