SVS Securities - shut down?

Jools2001

Well today, ive sent in my ISA transfer request to my current isa provider  X-0.............

Im not waiting any longer for iti shambolic plc, to confirm the closure of my account,as ive been waiting since August 10th
and despite  promises from Davis Moss it would be sorted now, he cant even be arsed to reply back to me,after 8 days,
obviously David Moss is a bot used by iti to simply delay any information im asking!
Complaint went into ombudsman last week as well, so looks like im in for the long run, but longer they take
the more compensation i will be asking for, as i could of sold, and rebought most of my shares,at a lower price
10 times over,in the time ITI have dragged out my transfer, and no doubt i could of made all my losses back from the last 13 months!
Lets hope when this is all finally sorted the Ombudsman chuck the book at ITI, but their is more chance of me   getting my shares transferred out next week, then that happening,and ITI know it! Absolute crock of !!!!!! they are!!!!

Researcher16

Update:

My son has still not had cash from his ITI account.  Withdrawal was requested more than three weeks ago and withdrawal forms were re-sent a week later copying in other people from ITI as well as a further email this week all to no avail.

There has been no progress so far with transferring shares from our three accounts to other brokers.  Not one of us has had any correspondence from ITI, generic or otherwise, despite chasing emails and tickets raised on each account. 

I emailed LC pointing out several of the issues many of us on this forum have shared and the lack of communication from ITI.  I had a prompt reply with some platitudes and suggesting I contact Chris Smith at ITI to expedite the share transfers and cash withdrawal.  I have sent two emails to Mr Smith a few days apart and an administrator from LC has also sent an email on my behalf but I have had not a dicky bird from ITI.

I contacted Equiniti Shareview to see if they had had any correspondence from ITI (Equiniti initiated my share transfer request on 3rd August).  Equiniti sent a message today informing me that “Our transfer team managed to speak to someone at ITI Capital yesterday who confirmed that they are currently going through a merger and have a significant backlog but unable to advise how long”.

johnburman

gibson81 writes:
I received a message from HL this afternoon to say that ITI had acknowledged my transfer request and sent over a valuation. 

This is important.  Now we need our new brokers to accept the valuation - it's nothing to do with us the client - and then ITI SHOULD remit over the "shares" you the client own.  In practice this is dealt with by Crest for UK stock, but there are other custody companies that can do this [others will have to opine on this] .  The new brokers must not delay

Then how quicky can ITI do this?  They have said 24 hrs, but one doubts this
Then we have the discussion to find your 'missing' shares or dividends.  I can not believe ITI will have got this right. but LC correctly transferred ALL shares over to ITI in July: nobody on this forum has suggested to the contrary. 

johnburman

Researcher 16 says .....ITI are "currently going through a merger...."   Could this be real?  Is it at the request of the FCA I wonder if it is?  Or is it they are just passing over the XO clients to a new broker ...again perhaps at the request/demand of the FCA?

SteveJohnson56

On-boarding 2 Qort accounts showing as empty of cash & shares, Phoenix has some of the shares as of today, most worrying the cash has vanished into a Black Hole, but that is the norm so I'll try not to worry. Requested a cash withdrawal from one account yesterday,  Researcher16  son has been waiting 3 weeks with no sign of the cash, does not bode well.

Jamesram

Johnburman maybe the so called "merger" is just the receipt of the SVS accounts?

Anyway, I thought the Interactive Broker revelation today was just amazing- the transfer of UK investor ( mainly- respect to Aussie based friends) to a Russian based broker using a US based trading platform aimed primarily at professional investors. That explains the US markets based Phoenix peripheral info and the lack of FSE 250 and Aim info- FTSE 100 available but well down the list of markets.

I do not believe that many SVS investors were "professional"- if they were, SVS was never the best platform to use. I believe we are basically people with ISA's and a trading account for occasional trades, who benefited  from SVSc reasonable £7.95 (was once £5.75 I recall)  trade fee with no custody or inactivity fees c/f HL for instance on ISA custody fee  and £11.95 trade fee for infrequent traders.

Have we  been sold down the river by the FSCS pressurising LC to get "best price" - thats whats being said, and its hard to see another reason for ending up with ITI.

Sheris

johnburman said:

Researcher 16 says .....ITI are "currently going through a merger...."   Could this be real?  Is it at the request of the FCA I wonder if it is?  Or is it they are just passing over the XO clients to a new broker ...again perhaps at the request/demand of the FCA?

Very good point to what is going on behind the scene, for the very first time today I have been able to my accounts with ITI.

shawdon

shiznit76 said:

shawdon said:

It’s double your money day today! Most of my accounts are now showing double the correct valuation of shares and cash and one of them is still missing 90% of my shares and cash. still no answer at all from the ITI management team and of course still no escape allowed to HL. It’s a “hotel California” company, “you can check out but you can never leave”!
Has anyone actually managed to escape with their shares yet?

i take it you never got one of the Tuesday evening emails about your transfer being processed?

No Tuesday evening email received so still waiting in vain hope

shiznit76

SteveJohnson56 said:

On-boarding 2 Qort accounts showing as empty of cash & shares, Phoenix has some of the shares as of today, most worrying the cash has vanished into a Black Hole, but that is the norm so I'll try not to worry. Requested a cash withdrawal from one account yesterday,  Researcher16  son has been waiting 3 weeks with no sign of the cash, does not bode well.

This is pretty standard regarding shares going AWOL then reappearing... For ITI that is

My2penneth

How about a transfer from ITI to Interactive Brokers...!
ITI could go to the trouble of loading accounts onto the IB trading platform at which point IB take over!