SVS Securities - shut down?

gibson81

LEAR1 said:

gibson81 said:

My other transfer, which is to HL, has now also been acknowledged and HL have confirmed this with ITI. Again no timescales quoted. Has anyone else had a message from HL today?

No I haven't. Had a message last week (Thurs eve) saying that my account was within the bulk valuation info they had received, but nothing since then - as to what that valuation says, or indeed timescales for the transfer itself.

I rather suspect John B might be right that - intentionally or otherwise - the whole batch transfer thing is slowing everything down... Of course, the positive aspect of it (I think!!) is that all of us trying to move to one of these major broking platforms should be eventually released en masse through the continuous efforts we have collectively made. Surely we've a much better chance of this happening with a major player than being the sole transfer client of a small-time broker who has little voice with ITI.

Absolutely. At the end of the day we are customers of our new brokers who should have our interests at heart - unlike ITI during the last 8 weeks! 

Halty2

gibson81 said:

gibson81 said:

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.

My other transfer, which is to HL, has now also been acknowledged and HL have confirmed this with ITI. Again no timescales quoted. Has anyone else had a message from HL today?

Yes, I have had a message from HL today, the transfer request to them acknowledged by ITI but no timescale.

n_aftab

kencom said:

When on boarding I selected NO to the “do you want to transfer your current positions to ITI?” After reading advice on here...

was that a mistake?

i was under the impression that I had 6 months to process a free transfer to another broker?

I did the same, selected no, and the accounts are in closed status now, 
I requested transfer in documents from hargreaves, who sent them to me via the post, i sent them back, they then requested the info (valuations) from iti ... several times
And thats where im stuck at the moment. 

by reading your post sounds like you have done everything as i have

kencom

It is so frustrating, I had a proper rant to customer services on the phone, I cannot believe these things cannot be rectified over the phone!

LEAR1

Halty2 said:

gibson81 said:

My other transfer, which is to HL, has now also been acknowledged and HL have confirmed this with ITI. Again no timescales quoted. Has anyone else had a message from HL today?

Yes, I have had a message from HL today, the transfer request to them acknowledged by ITI but no timescale.

Sounds like you have just received the message I got last Thursday eve, and I think gibson81 got last Thursday afternoon. So maybe HL are still pouring through the bulk valuation info trying to identify whose info exactly they have received, let alone moving on to whether those valuations are actually correct.

kencom

n_aftab said:

kencom said:

Is anyone else having issues transferring everything to a new broker?

i instructed interactive investor to transfer and they have said they have tried several times in vain to process the transfer. Speaking to customer services at iti is so frustrating.

i can not raise a ticket on my account. It doesn’t seem to work.

now they say they can only process the issue via email to aacountmanagent@iticapital.com and it keeps bouncing back.

at the end of my teather...

is that the email you are sending to?

here are a few emails you can try
accountmanagement@iticapital.com  (correct spelling)
info@iticapital.com

dealing@iticapital.com

sanjeev.verma@iticapital.com  

I would send to account management and sanjeev 
and cc the rest in.

Reading the comments it does sound like they are doing the transfers bit by bit

Thanks

I had sent with the correct spelling to account management. Resent with all the other email addresses as you supplied. Thanks for your help.

My2penneth

kencom said:

Is anyone else having issues transferring everything to a new broker?

i instructed interactive investor to transfer and they have said they have tried several times in vain to process the transfer. Speaking to customer services at iti is so frustrating.

i can not raise a ticket on my account. It doesn’t seem to work.

now they say they can only process the issue via email to aacountmanagent@iticapital.com and it keeps bouncing back.

at the end of my teather...

Yep --- I started the process to transfer to ii on August 6th - I get weekly updates from ii saying, in effect, no progress - awaiting valuation from ITI Crapital.
Raise a ticket ? - they ignore them. 
Contact accountmangement - they are not answering the phone/email. 

My2penneth

kencom said:

When on boarding I selected NO to the “do you want to transfer your current positions to ITI?” After reading advice on here...

was that a mistake?

i was under the impression that I had 6 months to process a free transfer to another broker?

Originally 6 months, subsequently extended to 7 months (and , from what I've heard) to be extended to 8 months - 31 March 2021. No update on custody fees other than the view that the Financial Ombudsman Service would step in and make ITI pay it back if you've told them in good time you want to move ... In my case, it was the start of August 2020 (note how I'm adding the years here).  

Yep, 2021. And all this started in 2019. Absolute shambles.

Jamesram

N_aftab said:
Kencom said "When on boarding I selected NO to the “do you want to transfer your current positions to ITI?” After reading advice on here..
was that a mistake?
i was under the impression that I had 6 months to process a free transfer to another broker?"

I did the same, selected no, and the accounts are in closed status now, 
I requested transfer in documents from hargreaves, who sent them to me via the post, i sent them back, they then requested the info (valuations) from iti ... several times
And thats where im stuck at the moment. 
by reading your post sounds like you have done everything as i have

My response

Either way, we have all  been screwed over. Pushing the "Reb Button" meant no accounts were set up- handy for ITI and the client might assume a speedy migration out. But nothing happened.

Opting for a " let's wait and  see- we can always transfer out later"  gave an initially better position, in that you could see the accounts supposedly being set up until eventually you were" Phoenixed" . But it all looked so crap that you then had  had enough, and so you  filled in your New Broker's transfer form which they duly sent to ITI.  But nothing happened*

*And now you feel -"Why did I not just click on NO-Transfer Out in the  first place-  I bet all those other people who did that have been sorted out by now. I am an idiot for trusting ITI."

But they haven't, and you are not.   And it is  all ITI's fault, no one elses.

johnburman

My2penneth I'm not sure you were wrong.  do you ever at any time ant to deal wiht ITI?  No. And so you have told them so.  I have closed my accounts and I requested transfers on the last week of July (OK I had a feeling that ITI were going to be a shambles - but nothing to wha tthey are).  We need the transfers to be progresed.  ITI have sent valuations in large numbers to the new brokers.  They are 'batching' them so as to cope better.  My feeling is that this will further delay things - but I have no evidence for this.  Having said that they will wish to show the FCA just how efficient and good they are (and also to help the FCA get out of a hole) and so one hopes that they will pullout their stops to get the transfers done.  And we should encourage them in this.  Once the valuations are in the hands of the new brokers they must respond to that with a date for transfer (which must be - Oh Dear! - agreed with ITI).  ITI have said that they can transfer in 24 hours.

FCA update
I got a mesage fromthem thankingme for my update.  I am not convinced that the FCA know how bad things are.  Posters to this forum MUST REPORT the problems to the FCA. Look at it this way, they will be sent to the FOS when we all make our complaints to the FOS in due course, so why not tell the FCA now, and you can cc in you remail to the FOS as part of your complaint?