SVS Securities - shut down?

My2penneth

helencary said:

Has anyone filled out the closure form? I’m
transferring my account but not sure why they need my bank account details as I want to transfer all money and assets to my other broker. Thank you in advance. 

And there's the danger...you told us to close your account  and you also gave us your bank details! 

LEAR1

helencary said:

Has anyone filled out the closure form? I’m
transferring my account but not sure why they need my bank account details as I want to transfer all money and assets to my other broker. Thank you in advance. 

Hi Helen, yes, I did it. Had the same concern as you but I talked to someone actually quite useful (!) at ITI Capital on it who said it was necessary to include the details for the purposes of progressing through the form and downloading it, but that they wouldn't actually use it for the transfer. Makes complete sense, doesn't it!

Anyhow, I did as I was told, but before signing and re-uploading it, I marked clearly in handwriting next to the account details that I did not want the cash transferred to my personal account (as given) but direct to the broker to preserve the ISA tax wrapper. So there can't be any argument on the point later!

gibson81

helencary said:

Has anyone filled out the closure form? I’m
transferring my account but not sure why they need my bank account details as I want to transfer all money and assets to my other broker. Thank you in advance.

I have completed transfer out forms but these are supplied by the broker you are transferring into. You are asking your new broker to complete the transfer. I am hoping my transfers will be shares and cash so I can then email ITI and ask them to close all my accounts once transfers are completed.

manted

helencary said:

Has anyone filled out the closure form? I’m
transferring my account but not sure why they need my bank account details as I want to transfer all money and assets to my other broker. Thank you in advance. 

I agree, it seems absurd to have a form which asks for bank account information when we actually want the cash transferred and kept in the ISA wrapper. My suggestion would be to either minimise the cash you have by purchasing shares using the cash balance or filling up the form with your bank details and hoping for the best. Given the situation i thought it prudent to withdraw the cash to my bank even if that amount lost the ISA wrapper.

Monsieur_Bourse

Thanks for that Jamesram. I am not going nuts then, just like everything else with ITI even the Phoenix trading platform is krap. I personally do not want to sell anything in my portfolio at the moment, but I do not like the system that is on offer, just hope I am transferred out to get away from this awful company as quick as possible, although sadly I am way down the list because I did not instigate account closure at the beginning.

LEAR1

Just received a call from 'Pension Reform' (or perhaps it was 'Pension Revise') asking whether I had 'claimed the money back from SVS, or if it had already gone to ITI Capital'. Who are these charlatans, and even if you thought you might have a chance of pulling the wool over someone's eyes, what kind of question is that!

shawdon

It's "double your money day" today!, yes all accounts are showing as worth double on the dashboard today, except of course the one which has all the shares missing, which is er... zero! One small step forward, good god, ITI are actually showing the accounts correctly as ISA or Brokerage for the first time so at least that is one tiny step forwards!

gibson81

helencary said:

Has anyone filled out the closure form? I’m
transferring my account but not sure why they need my bank account details as I want to transfer all money and assets to my other broker. Thank you in advance. 

I've just received an email from Michael at ITI asking me to complete their closure form - I'm guessing this is what you are referring to. I also don't know why they are asking for the bank details but they already have them from my earlier withdrawal.

kencom

gibson81 said:

helencary said:

Has anyone filled out the closure form? I’m
transferring my account but not sure why they need my bank account details as I want to transfer all money and assets to my other broker. Thank you in advance. 

I've just received an email from Michael at ITI asking me to complete their closure form - I'm guessing this is what you are referring to. I also don't know why they are asking for the bank details but they already have them from my earlier withdrawal.

Yes, I looked at the closure form and it concerned me, because it seemed to me like it was a request to sell all your shares and have the money put in a bank account.

i definitely don’t want this to happen as I will incur a massive CGT bill!

have 20 bagged with Greatland Gold, so these delays are going to cost me big time with tax!

My2penneth

Shares that are not supported in Phoenix are held in the Qort account. Everything else is transferred to Phoenix. 
So, when you come to transfer - they move BOTH Qort and PX accounts. 

Now for the good news....I received this from ITI today:- 

"I have received confirmation from my colleague on the dealing desk and has confirmed your missing stocks are noted below.If you’re happy with the confirmation, please let me know and we can proceed with getting you transferred across to your chosen broker."  

I might have the odd "glass of sherry" tonight (and half a bottle when they actually get transferred).