SVS Securities - shut down?

gibson81

gibson81 said:

johnburman said:

gibson81 said:

Great news on the iWeb/HL/ii transfers. Feels like we might be out of this mess by the end of the month... 

But gibson81 where is your evidence for this? We are on a journey.... And a slow one. But we must all put pressure on our new brokers to speed up the process. ITI are a law unto themselves but our new brokers are batching the transfers in and that is delaying the transfers. 

Other posts on this forum and I also received a letter this morning from iWeb. The letter states for UK equities a transfer period of one week once a valuation has been sent over. From other forum posts, it sounds like ITI is sending this over in bulk to iWeb, HL, etc. 

I should also say all my accounts on ITI are correct and still down as SC accounts with nothing transferred over to their Phoenix platform. Also all the dividends I have received since 1st July are correct. I have no explanation for why my accounts are correct and others aren't. I did submit my transfer request very early on - around 2nd August.

pafpcg

jenwrendorset said:

.......
 Can someone please advise me how I can sell a holding with ITI - our 4th account is a joint one and unfortunately iWeb doesn't deal with joint accounts so we need to sell and then buy back into single names. 

The alternative approach would be to open a joint trading account at another broker (my partner & I opened a joint account in a few days at Jarvis X-O at www.x-o.co.uk) and transfer the ex-SVS account from ITI to the new joint account. 

There's always the possibility that because ITI will only interface with the first-named client of the joint account, you might be able to transfer the joint account to an account in the sole name of the first-named client - ITI's administration seems so haphazard that it might go through or it might get locked-up in beaucracy for many, many months....

Thrugelmir

johnburman said:

gibson81 said:

Great news on the iWeb/HL/ii transfers. Feels like we might be out of this mess by the end of the month... 

But we must all put pressure on our new brokers to speed up the process. 

To achieve what precisely?  You seem to spend your day doing little more than wasting peoples time. At considerable expense to the rest of us. 

Jamesram

Shiznit - you asked about progress with iWeb - " Have Iweb got your accounts sorted and shares over from ITI in them?"

Answer:- Not showing on my  iWeb account right now- I am not worried though and will check later, and phone iWeb if necessary.

As regards trading charges here is a novel exchange of emails:

On 15/09/2020 at 8pm I wrote to Compliance@ITI

Good day Your latest update to SVS clients of 14 September states

" As previously communicated to SVS customers, they have the ability to call in and place orders over the phone with Dealers and ITI will honour the online rate."

Please will you clarify whether the "online rate" refers to the £7.95 per trade charged by SVS, or the higher amount of over £12 shown in ITI's Rate Card Thank you

On 16/09/2020 09:56, David Moss wrote:

Dear Mr. R

Thank you for you your message, I can confirm the cost for trading is at £7.95. Please note the compliance team is currently reviewing your complaint, which I have assigned to the team’s complaint handlers.  Kind Regards,

I have just replied:  Dear Mr Moss .Thank you for the clear and prompt reply. James R

So, a clear, prompt and even re-assuring email. I am considering framing it. So, small bit of good news about the trade charge- they will have write to us now if they wish to increase that rate, I think

gibson81

shiznit76 said:

gibson81 said:

johnburman said:

gibson81 said:

Great news on the iWeb/HL/ii transfers. Feels like we might be out of this mess by the end of the month... 

But gibson81 where is your evidence for this? We are on a journey.... And a slow one. But we must all put pressure on our new brokers to speed up the process. ITI are a law unto themselves but our new brokers are batching the transfers in and that is delaying the transfers. 

Other posts on this forum and I also received a letter this morning from iWeb. The letter states for UK equities a transfer period of one week once a valuation has been sent over. From other forum posts, it sounds like ITI is sending this over in bulk to iWeb, HL, etc. 

Did the letter state your holdings and are they correct?

It didn't but then I haven't told iWeb what my holdings are. They are recognising it as an ISA transfer. As I said above, all my holdings listed on the ITI Qort platform are correct. Timescales are obviously vague but it is progress.

johnburman

Transferring from a single account to a joint trading account looks fraught. I think doing a simple transfer out and then amending things with your new broker seems the way forward. 

Other than the one transfer mentioned on this forum has anyone actually been transferred out of ITI as at todays date? 

Jamesram

 johnburman said

                   Gibson 81 said -Great news on the iWeb/HL/ii transfers.  Feels like we might be out of this mess by the end of the month.

                    "But we must all put pressure on our new brokers to speed up the process."

Thrugelmir replied:- "To achieve what precisely? You seem to spend your day doing little more than wasting peoples time. At considerable expense to the rest of us."

Thrugelmir - you may appear as God-like in your photo icon, and clearly have been posting here since the Dawn of Creation, but in my small and humble opinion You have no need to be rude to people.   johnburman is entitled to his opinion, which I may or may not agree with.

How precisely is anyone on this Board "wasting people's time"?- if you don't like a comment, don't read it or gloss over it.

And as for your slightly pompous comment about "considerable expense to the rest of us"  frankly I for one don't  quite know what you are  on about.

We are all doing our best on this Board to maintain morale, share info, and show solidarity. You, my friend are not helping with those sort of comments. And that is my personal view, which I am entitled to express- sorry if I have caused you expense or time wastage.

My2penneth

jenwrendorset said:

Update on my family's 4 accounts:  3 out of 4 cash withdrawals have now been received...one took just a couple of days but the rest were followed up by a further 3 withdrawal forms (what a pallaver) before the cash appeared.  The fourth account is still waiting one month after the first withdrawal form was submitted.  Phoenix and Direct Line dividends have now appeared so more withdrawal forms but hope the transfers to iWeb happens first but I can see problems with that.  My husband's account is still showing zilch holdings!! and two of our accounts included BNN shares which sadly are not only AIM-listed but are currently suspended....for whatever reason ITI has separated them into separate accounts however the two accounts are no longer showing the holdings just a a big fat zero so not sure what iWeb will make of all this but I'm not optimistic.  Can someone please advise me how I can sell a holding with ITI - our 4th account is a joint one and unfortunately iWeb doesn't deal with joint accounts so we need to sell and then buy back into single names.  Do I ring ITI to sell our holding?? and presumably I need to mention that we're ex-SVS so should only be paying £7.95 dealing cost.  There is a dividend due on this holding next week so will wait until then but any advice will be gratefully received.  By the way I received a helpful letter from my MP who has said he will take up our case with the FCA......that is so far the only response I've received from my 3 letters of complaint.  Watch this space.

FCA - don't hold your breathe - waste of time.

Selling shares - you can do it via Phoenix (assuming your Phoenix account is open) or you can ring the broker and tell him what you want to sell.

As for the dividend due - if you mean next week is when it will be paid, then it has already gone XD so you will receive the cash dividend anyway.

If you mean it goes XD next week, then it is your decision to sell now and forgo a dividend or to wait.  Of course, the share price usually falls when it goes XD anyway,  

You have 4 accounts but one is a joint account - could you not look to transfer the joint account (and the joint account alone) to a broker that does accept joint accounts?  Selling and rebuying will involve costs. 

Here's a few brokers that look as though they offer joint accounts. You could open an account with then and simply ask to transfer in Account#4 to them whilst transferring the other accounts elsewhere.

Interactive Investor (not Interactive Broker)
https://www.ii.co.uk/ii-accounts/joint-trading-account
"Open a Joint Trading account today Trade shares, trusts and more with our joint investment account."

Hargreaves
https://www.hl.co.uk/help/fund-and-share-account/fund-and-share-account/applying-for-your-vantage-fund-and-share-account/can-i-open-a-vantage-fund-and-share-account-in-joint-names

AJ Bell   (these might be worth a look for your joint account)
https://www.youinvest.co.uk/faq/it-possible-open-account-joint-names 

You mentioned iWeb - I see that Halifax offer joint accounts. They are part of the Lloyds Sharedealing family (lloyds, iWeb, Halifax Share DeaLing) so you would need to be careful on FSCS limits as you already have iWeb accounts.

Jamesram

    Exchange of views between  Mr Oleg (J)Zhelezko Chairman of the Board ITI Capital, Managing Partner DaVinci Capital

    and err, me , on his Linkdin account:  

• Oleg Jelezko 12:02 PM

  Hi James, as I understand your cash was transferred out on the 30th July and your securities were transferred out this week. There is a backlog from many accounts which have been frozen for a year and ITI Capital tries its best to resolve client issues and facilitate the trading or transfers out. I would like to note as well that your communication in Linkedin is offensive and ITI Capital reserves the right to take the necessary legal precautions to prevent any written abuse on any of its staff.

• jamesram sent the following message at 12:50 PM
Mr Zhelesko Its not a question of TRYING- its question of DOING. Your company had a legal obligation and a duty of care to give access to ex SVS accounts by 23 July which you manifestly failed to do. Your clientcare  response has been virtually  non-existent. I am not going to waste time with you setting out all the failings of your company- that is for you to investigate. You might start with the hundreds of complaints listed at https://forums.moneysavingexpert.com/discussion/6032496/svs-securities-shut-down/p375 et seq It is only through my personal campaign, including posting rude but accurate information on certain personal accounts after weeks of polite enquiries and requests remained unanswered (Ihave all the records) that I got any resolution of my case. My partner and my ex-wife are STILL kept out of their funds and money. ITI Capital has been a disgrace as regards SVS clients and you know it, or should do if you have take any interest. You have also misled people- ITI has not "created" a great newtrading platform- IB did that years go and that is what you are using. You have not provided extensive trading opportunity for UK customers- we cannot even trade our AIM shares.I stand by all my comments. Sue me if you like- I will be happy to defend any defamation claim on the basis of truth and fair comment. Your company REMAINS an EMBARASSMENT, in my opinion, and my own claim to the Financial Services Ombudsman (along, I anticipate with many others) will in due course determine whether your Company's alleged "trying its best" was adequate from the Clients'point of view

Michael_Reynolds

Jamesram said:

Exchange of views between  Mr Oleg (J)Zhelezko Chairman of the Board ITI Capital, Managing Partner DaVinci Capital 

TREMENDOUS JAMES! I LOVE IT. THEY WON'T LIKE THE FEELING OF COLD STEEL UP EM CAPTAIN MANNERING!