SVS Securities - shut down?

Nbs222

shiznit76 said:

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,,"

That is very reassuring, thanks very much.

shiznit76

Jamesram said:

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?

If it is a share holding do they not just to need to give the totals of shares rather than a valuation?

pafpcg

shiznit76 said:

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

I received the same email in respect of our transfer of a (non-ISA) trading account to JarvisX-O, which has been forwarded with an appropriate comment to the Jarvis transfer team for their amusement.

Jamesram

shiznit76 said:

Jamesram said:

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?

If it is a share holding do they not just to need to give the totals of shares rather than a valuation?

Well yes I agree- its just that iWeb call it a Valuation so I think this is a recognised document/procedural stage  in the process. Any cash would have to be valued, and the quantitity of each stock held agreed. I might phone iWeb to ak if I can find time- its often lengthy to get through. Cheers

shiznit76

Jamesram said:

shiznit76 said:

Jamesram said:

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?

If it is a share holding do they not just to need to give the totals of shares rather than a valuation?

Well yes I agree- its just that iWeb call it a Valuation so I think this is a recognised document/procedural stage  in the process. Any cash would have to be valued, and the quantitity of each stock held agreed. I might phone iWeb to ak if I can find time- its often lengthy to get through. Cheers

Might be an idea. Wonder how many transfers they got in their bulk email from ITI

pafpcg

sweeter_strudel said:

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 ?

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?

I posted several weeks ago the results of an analysis of the list of SVS holdings published by LC earlier this year. 

Number of unique clients:  10,851  (some clients have more than one account)
Number of unique securities:  2,203  (based on the GBxxxxxx code for each share holding)

PS:  When ITI referred to transferring data "line-by-line", I think they meant security-by-security, so 2,203 lines!

Edit:  I've just read the Judgement from the court hearing in May (thanks for the link RasputinB).
The judge stated in Para 11:
"At the date of the administrators' appointment, on 5 August 2019, SVS had approximately 18,600 clients for which it held client assets and client money. The client assets had an indicative valuation at that date of approximately £286 million held for approximately 11,100 clients. Client money was in excess of £23.7 million with some smaller euro and dollar amounts of some 16,600 clients of which 7,550 have client money claims only."

logzlad

Hi Everybody,
Just wanted to say a massive thank you to all the contributors on here. Apologies for not having contributed sooner but I didn't think I could add much that would help until now.
 Last night I received the email from ITI about instigating the transfer. I tried not to get too excited. I emailed Jarvis this morning, forwarding the ITI email to them and this is the reply I got ..................." I can confirm that we have received your account valuation. This is currently being reviewed before we confirm acceptance of the shares and arrange dates to transfer the stocks.".............
Jarvis initially contacted ITI on the 3rd of August to initiate the transfer. I still can't get too excited as loads of potential for it to go wrong yet but at least it's a step in the right direction.

pafpcg

pafpcg said:

shiznit76 said:

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

I received the same email in respect of our transfer of a (non-ISA) trading account to JarvisX-O, which has been forwarded with an appropriate comment to the Jarvis transfer team for their amusement.

And this is the response I got from Jarvis (within 50 minutes of my email - that's the sort of reaction time ITI can only dream of!):

"Good Morning,
Thank you for your email.
I can confirm we have received your account valuation from ITI.
This is currently being reviewed before we confirm our acceptance of the holdings and arrange dates to transfer the shares across.
Kind regards"

Edit:  crossed with the post from logzlad.  It proves that Jarvis can deal promptly with multiple clients - eat your heart out ITI!

Nbs222

IWEB has received  some 250 valuations from ITI today . they are working through it, they couldn't confirm mine was on the list or not. They will update me by letter rather than email.  I will contact them again tomorrow to check if they have received my valuations.

WilliamsDad

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 ?

I've been following this thread since the start. It's been a life-line. Same problems with ITI - I have spoken to a couple of people who promised to investigate what is happening to my assets and will email me; this won't come as a surprise, but I didn't hear anything. Also, didn't realise there would be a "custody fee" with ITI. Was hoping for my accounts to be sorted out before transferring, but now sending off forms to iWeb. Thanks everybody who has made me realise it's not just me!