SVS Securities - shut down?

shiznit76

Nbs222 said:

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.

That's not too bad, i actually thought it would have been more. 
Feel for those who don't know what to do and are stuck with ITI. I would imagine there are quite a few former SVS customers that are in that boat and don't know that a forum like this exists and have a fair wedge invested with ITI

My2penneth

(scrub what I just said!!) 
I contacted iWeb to find out what happens.

 - ITI Capital will send a list of shares in your account ("Valuation").
- The new broker will review and see if they can accept all the shares - they might take      some,all or none depending on what the shares are.
- Then, on an agreed date, the shares to be transferred are electronically transferred from ITI to the new broker. 

That's what IWeb have just told me.

The issue I have is that both the on boarding account and Phoenix are not showing all the shareholdings that I own. ITI are working through my accounts to verify what is in there. I fo of course have LC's transfer documents of share they sent to ITI and ITI dealing references for any shares bought recently with ITI.     
 
(I just phoned iWeb - they have not received any notification from ITI - maybe I will be in the next batch when they have reconcilled my accounts!)

manted

Nbs222 said:

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.

Do all folks who got the generic email from ITI also have active Phoenix accounts ? I have a partially built Phoenix account so wanted to know if Phoenix was mandatory for the transfer to work

shiznit76

manted said:

Nbs222 said:

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.

Do all folks who got the generic email from ITI also have active Phoenix accounts ? I have a partially built Phoenix account so wanted to know if Phoenix was mandatory for the transfer to work

I do have Phoenix account, but nothing has ever been in it. I honestly believe ITI must just be doing the transfers in batches

pafpcg

manted said:

Nbs222 said:

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.

Do all folks who got the generic email from ITI also have active Phoenix accounts ? I have a partially built Phoenix account so wanted to know if Phoenix was mandatory for the transfer to work

No!  It is NOT necessary to 'on-board' and open Phoenix accounts.  I selected the "No" option to force ITI to transfer-out immediately when initially logging-in to my new ITI account in August, jumped through hoops, filled-in forms and the system status eventually went to "Closure Approved" on 31st August.  Jarvis have confirmed they've had a "valuation" email for confirmation of my transfer to JarvisX-O.

rnf11

manted said:

Nbs222 said:

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.

Do all folks who got the generic email from ITI also have active Phoenix accounts ? I have a partially built Phoenix account so wanted to know if Phoenix was mandatory for the transfer to work

Doesn't seem so.

sweeter_strudel

rnf11 said:

manted said:

Nbs222 said:

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.

Do all folks who got the generic email from ITI also have active Phoenix accounts ? I have a partially built Phoenix account so wanted to know if Phoenix was mandatory for the transfer to work

Doesn't seem so.

No, I received an email saying that one of  my transfers was happening but both of my Phoenix accounts are still Pending Approval ......and have been for weeks.

SteveJohnson56

Those who have navigated the minefield to withdraw cash, the faq states send the request to accountmanagement but the Withdrawal Form states customerservices, which email address did you send the request to and I assume you have received the money promptly!

Nbs222

I have phoenix account , and  most stock lines have been migrated to it , but some are still in Qort accounts and some are not. I haven't traded on ITI platform. I  just hope ITI transfer the stocks and cash  as received from SVS  plus any dividends received since and also don't mix up ISA and non ISA accounts.

pafpcg

Thinking about why ITI have issued bulk transfer-out "valuation" emails to multiple platforms (iWeb/HSDL, IG and Jarvis at least), I'm puzzled why they would do it simultaneously.

It can only mean that some of our transfer-out requests have been processed by ITI but have been waiting at ITI for the bulk mailing.  Surely, such a delay is unnecessary and when does such a delay become maladministration?

By issuing all the "valuation" emails simultaneously, the new platforms will be faced with a large batch of transfers to process leading to longer delays than if ITI had issued the "valuations" immediately on processing.

When the new platforms respond, the flow of confirmations of the transfer-out requests back to ITI will be greater, probably leading to a bottleneck at ITI leading to yet further delays.

I just cannot see the justification for why ITI adopted this approach.  It's almost as if ITI want to cause the maximum disruption to themselves, their departing clients and other financial organisations.