SVS Securities - shut down?

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.

shiznit76

My2penneth said:

(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!)

What kind of holdings would Iweb refuse? Shares in foreign markets? Will the cash holdings move over with the shareS?

Nbs222

shiznit76 :What kind of holdings would Iweb refuse? Shares in foreign markets? Will the cash holdings move over with the shareS?

IWEB will refuse any shares that cannot be sold on their platform, They will ask ITI to sell them and send cash. I hope they will not  delay the transfer until shares are sold. The ISA account transfer  will include cash if the cash option was selected with shares . For non-isa account only shares will be transferred. You will have to fill ITI withdrawal form to get your cash.

  pafpcg :
Maybe the bulk transfer could be quicker , because  ITI could ask Share Registrar to transfer in bulk by lumping shares held by group   who are all transferring to the same broker and  then the broker receiving shares will split them by individuals within the group. 

They may have done this way when shares were transfered from SVS to ITI.

manted

SteveJohnson56 said:

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!

Use account Management. Don't forget to include a recent statement of the bank account which is receiving the money

SteveJohnson56

Thanks manted.

shiznit76

Nbs222 said:

shiznit76 :What kind of holdings would Iweb refuse? Shares in foreign markets? Will the cash holdings move over with the shareS?

IWEB will refuse any shares that cannot be sold on their platform, They will ask ITI to sell them and send cash. I hope they will not  delay the transfer until shares are sold. The ISA account transfer  will include cash if the cash option was selected with shares . For non-isa account only shares will be transferred. You will have to fill ITI withdrawal form to get your cash.

  pafpcg :
Maybe the bulk transfer could be quicker , because  ITI could ask Share Registrar to transfer in bulk by lumping shares held by group   who are all transferring to the same broker and  then the broker receiving shares will split them by individuals within the group. 

They may have done this way when shares were transfered from SVS to ITI.

i said to Iweb that i wanted my cash holding (small dividends that had accrued during nth whole process) to be transferred with my shares, i take it this will happen?

My2penneth

Your new broker might not immediately accept US shares if you haven't filled in a W-8BEN form with them. 

IWeb will accept cash transfers. From memory,  it is on the tick box selection list.....of course,  it was SUCH A LONG TIME AGO that I requested transfer from ITI  that senile dementia might have set in in the interim period and my memory has failed me!    ;-)

Nachhaltig

shiznit76 said:
What kind of holdings would Iweb refuse? Shares in foreign markets? 

Not all ETFs available on the London Stock Exchange are available on IWeb. I tried buying shares in CSWG recently and was told by IWeb that this holding was not something they could offer to be traded on their platform.