SVS Securities - shut down?

Dpersch88

It's been a great reassurance to find this forum after going insane trying to get a response from **ITI Capital. I have no doubt the transfer out process is going to be painful, but let's hope the pressure everyone's applied will help bring an end to this terrible drawn out process, thanks for the advice!

shiznit76

is it just Iweb transfers that are getting emails out or maybe are they just doing it in batches to manage the workload?

johnburman

A thought.  What if they delay in sending out the further letter to the new broker, say iWeb?  Then they will not get a response form them and that will dealy everything.  OK I am paranoid, I admit it.  But with ITI who would not be. And what about my other accounts all of which are to be transferred out to a new broker and where I have heard nothing?  And I have closed all my accounts and have not had this confirmed.  And I am still waiting for my contract notes for the manual transactions with the Trading Desk.    

shiznit76

johnburman said:

A thought.  What if they delay in sending out the further letter to the new broker, say iWeb?  Then they will not get a response form them and that will dealy everything.  OK I am paranoid, I admit it.  But with ITI who would not be. And what about my other accounts all of which are to be transferred out to a new broker and where I have heard nothing?  And I have closed all my accounts and have not had this confirmed.  And I am still waiting for my contract notes for the manual transactions with the Trading Desk.    

I am on the phone to Iweb just now.......

My2penneth

Out of the 20,000 (?) ex SVS clients out there,  how many are staring at their computer screens not having read this  MSE forum and thinking just what the hell is going on with my account ?

shiznit76

From Iweb.......

"We have received an email from ITI yesterday, They sent the email 6:04 yesterday, they have sent it through in an email with the valuation, they have sent a bulk email for all there transfers coming into ourselves.

We are currently working our way through the list and your valuation is on the list."
"....the wheels are in motion,,"

shiznit76

My2penneth said:

Out of the 20,000 (?) ex SVS clients out there,  how many are staring at their computer screens not having read this  MSE forum and thinking just what the hell is going on with my account ?

Exactly, this forum has been a godsend for me! Just hope that our transfers go through and we can escape!

sweeter_strudel

My2penneth said:

Out of the 20,000 (?) ex SVS clients out there,  how many are staring at their computer screens not having read this  MSE forum and thinking just what the hell is going on with my account ?

If 24 people review ITI on Ttustpilot as Bad courtesy of going there from this forum, and twenty times as many read this forum but don't add comments (that was me up until the end July) then about 500 people stay sane via this forum.

I don't think it's 20,000 people, I think it is 20,000 accounts, so at a wild guess 5,000 individuals? A tenth reading here?

Kept me sane from the outset when I couldn't access my SVS account those aeons ago of August 2019.

RasputinB

According to Leonard Curtis "The transfer to ITI was ultimately agreed by the High Court of Justice in England and Wales at a Court hearing on 7 May 2020". The judgement is available at bailii.org/ew/cases/EWHC/Ch/2020/1501.html

Paragraph 43 is of interest!

Jamesram

Shiznit 76 identifies the next main stage- Valuation

From previous telcons with iWeb reps the procedure for ISAs (so I presume trading accounts also) is that ITI provide a Valuation for New Broker to approve. How this approval is done I don't know- I have not given iWeb details of my holdings for instance, so I would guess that the New broker will contact us, the client for confirmation of stocks and cash held, and if we agree that will be confirmed back to ITI and the transfer can proceed. But that is my supposition- does anyone actually know?