SVS Securities - shut down?

shiznit76

i felt like doing the same rugby7170. fear is the cash from these sales isn't being transferred out much quicker. At the moment, having the shares is at least not in dispute, I'd fear the money from the sales could disappear in the ether
Do any of your holdings appear in your Phoenix account or are they all still in the Qort one? Are you seliing via the telephone?

johnburman

But if you have an ISA you can't do that as you will use the ISA protection 

rnf11

johnburman said:

But if you have an ISA you can't do that as you will use the ISA protection 

Not necessarily, these days. There are some ISAs whereby one can withdraw and subsequently replenish within the tax year.

pafpcg

johnburman said:

I have asked this before but here goes again... Has anybody actually been transferred out of ITI to new brokers?

According to a post on 21st August by Danie6, all his holdings had been transferred-out to his account at Interactive Brokers, and on 2nd Sept he reported that his cash balance had been credited to his bank account.  That's the only successful transfer that I can recall - I'll leave to you to plough through the 200-odd pages of posts on this thread created since 23rd July.

The reason for his success could be either because he set-up an account at ITI before 23rd July allowing the SVS assets to be allocated smoothly or because his transfer-out broker is Interactive Brokers who share the same software platform.  Set-up an account at Interactive Brokers and request the transfer-out to them?

sweetsand

Important that you register your complaint with the financial ombudsman. They are slow but trust me it's worth it. I did that with a product we were sold years ago and quickly realised having fully read and digested the small print that the product came with a lot more risk than we had wised and the FO worked for us. They are slow but worth it.

Jamesram

johnburman said:

I have asked this before but here goes again... Has anybody actually been transferred out of ITI to new brokers? My view is let's get out of ITI ASAP. Worry about your correct share valuations etc. after the transfer. (yes I know this is a rediculous statement but the ITI platform is clearly screwed and we now need to get out of it) 

      And in answer to Shiznit 76 " jamesram sounds like you are furthest down the line in the transfer stakes out of all of u" :-

     AFTER a massive number of phone calls to Leonard Curtis in early August and dozens of emails to both LC and ITI, I got a call from the LC guy Pras, temporarily seconded to ITI. I told him I just wanted out, and that I had put in a transfer request via iWeb on 26 JUNE as regards my ISA which had only CASH in it (after the Sirius Minerals debacle if anyone wonders why- yes an ISA featuring only SXX.L- investment planning at its finest.. But I digress)

So after 2 further weeks of emails, with attachments of copy iWeb Transfer instructions, and a hell of a lot of messing about- "IWeb haven't sent their bank details" (for f-- sake) " we have sent the money - iWeb are incompetent" ( £52K sent over to H'fax banking with no reference numbers to trace it),  and then no required ISA documentation from ITI (which legally stopped iWeb crediting it to my ISA account even though they knew they had my money). FINALLY, and you can imagine all the stress and frustation resulting from all this, the cash arrived in my ISA on 21 August, almost 2 months after my iWeb Transfer instruction, and I was able to buy some nice divi bearing investment trusts.

My Trading account Transfer to iWeb dated 2 August remains as stuck as everyone elses- my previous posts refer.

The reasoning I had, which probably was correct, was that ITI was in a complete mess with share Transfers, but a cash only ISA should have been simpler to deal with. In reality I was only partially correct, and it took a formal Complaint through the "complaints system" (there isn't one really, in practise, and other points in my complaint go unanswered and undealt with) and a lot of aggression and persistence on my part to finally get this cash released to iWeb as an ISA transfer. Also it was the LC guy Pras who was the mover and shaker in this - not any ITI staff, they were the one's making all the c*ck ups.

So there you go Shiznit 76 If I am further down the line it doesn't much feel like it, and anyway, I  perhaps had a head start from 26 June when I first asked iWeb to arrange a  transfer out (I could see this sh*t storm coming - in fact I emailed LC on 6 July to predict it if anyone wants to see a copy of that email)

ITI still have close on £50K of my stocks and like I said yesterday I am on a promise of a great effort to help me get them transfered out to iWeb---by 30 October!

SteveJohnson56

I sent instructions on 09 Sep to withdraw cash out of my non-ISA SC account, they state two days to process then next day into bank account. I did ask for a reply upon receipt of request,..alas non has been forthcoming. The following day the money was moved to a PX account, ITI probably will now not process it as its been moved, they will know which account its's linked to. I'll give a few days then lodge a formal complaint which will take two weeks to reply. Might be  quicker to put in a new withdrawal from the PX account.
I have also now put in a request to have my status changed back to the on-boarding at the start, probably be weeks before they do that. I have also instructed IWEB to contact ITI to transfer out.  
One PX account which should be an ISA does not state it is as far as I can see.

I would like to know if you submit a transfer out and closure at the on-boarding stage as long as it is submitted before 23 October will there be NO 25bps Custody charge or will the charge be applied if you have not fully transferred out. No point ringing /emailing as SHhhh ITI are a bunch of shysters IMO.

rugby7170

shiznit76 said:

i felt like doing the same rugby7170. fear is the cash from these sales isn't being transferred out much quicker. At the moment, having the shares is at least not in dispute, I'd fear the money from the sales could disappear in the ether
Do any of your holdings appear in your Phoenix account or are they all still in the Qort one? Are you seliing via the telephone?

I sold some about 2 weeks ago and it was all very efficient. Cash received in 2 or 3 days. But you do have to email a withdrawal form every time, but no big deal. All are in my Qort account. Nothing in the Phoenix accounts. And not in an ISA. 

RasputinB

The FOS upheld a complaint, DRN2800608, relating to a transfer delay of over 6 months from Barclays Stockbrokers.

£391.68 plus 8% interest was awarded for financial losses.

The Ombudsman said that "this whole experience has caused a great deal of distress. I understand that it has been very time consuming and frustrating. And I’ve also taken into account that Mr A has a medical condition that is exacerbated by stress and Mrs A has been unwell. So I appreciate these matters affected them greatly".

The final decision was for an additional £2,150 "for trouble and upset" plus £50 to charity.

If ITI Capital were faced with the prospect of paying an average of £2,000 for 11,100 SVS clients (£22.2 million) I wonder what they would do?

ITI Capital's accounts show that they made a loss of £5m in 2017 and almost £3m in 2018. https://beta.companieshouse.gov.uk/company/02926252

At 31/12/2018 they had net assets of only £3m but "the company's immediate parent undertaking" confirmed that it would support the business financially for a further 12 months.

I think Leonard Curtis should confirm the current financial standing of ITI Capital.

Jamesram

RasputinB  And if the result was that ITI Capital goes bust, would the Financial Services Compensation Scheme be obliged to pick up the tab?!