SVS Securities - shut down?

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).

rnf11

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 had the same  email request last week. Like you I want the "whole shooting match"* transferred. However IWeb's transfers page reads a bit ambiguous about their acceptance of non ISA a/c cash. So I fudged the form with what I imagine some of their details would be, in the belief that IWeb' own transfer request would cover all that anyway. To me the ISA cash does matter, but the Ordinary cash isn't much really - and so I shall deal with any issues should they arise (such as - if it goes "missing").

The ITI status now shows the two (correctly identified now) a/cs as "closed" and so far there's been no further communication from them.

* as was swiftly done with the Beaufort/PWC/The Share Centre/onward transfer thence (which was, by comparison with the present mess, Happy Days!!).

My2penneth

rnf11 said:

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 had the same  email request last week. Like you I want the "whole shooting match"* transferred. However IWeb's transfers page reads a bit ambiguous about their acceptance of non ISA a/c cash. So I fudged the form with what I imagine some of their details would be, in the belief that IWeb' own transfer request would cover all that anyway. To me the ISA cash does matter, but the Ordinary cash isn't much really - and so I shall deal with any issues should they arise (such as - if it goes "missing").

The ITI status now shows the two (correctly identified now) a/cs as "closed" and so far there's been no further communication from them.

* as was swiftly done with the Beaufort/PWC/The Share Centre/onward transfer thence (which was, by comparison with the present mess, Happy Days!!).

The iWeb transfer system presented me with the option to transfer all shares and cash. 

rnf11

My2penneth said:

The iWeb transfer system presented me with the option to transfer all shares and cash.

I was referring to wording of an IWeb transfer description I'd recently read, not on the forms themselves. The reference was to the effect ...." we do not accept cash to transfer in......").

As you rightly say, it is spelt out on the form itself.

I just hope ITIC can now get on with it (and IWeb too, at their end)..

kencom

Sooner the better...

I have never dealt with such an awful platform for anything, and I’ve used some crap through work before!

this outfit are an absolute joke...

rnf11

Jamesram said:

Answer I believe they are operating a "best price obtainable " system where your sale/ purchase instruction is logged (probably with other people's instrucions for the same stock) and the ITI trader tries to make the best price they can, concludes the trade, and then reports it to you. I have been really put off by this system which seems very uncertain and out of my control, and therefore I have not used it. I expect someone else can give a more echnical explanation as to what occurs.

That's staggering, if true. That is just providing a front for a live dealer somewhere. Wide open to abuse.

It's not at all  what 21st century online broker clients in the UK expect.

My2penneth

rnf11 said:

Jamesram said:

Answer I believe they are operating a "best price obtainable " system where your sale/ purchase instruction is logged (probably with other people's instrucions for the same stock) and the ITI trader tries to make the best price they can, concludes the trade, and then reports it to you. I have been really put off by this system which seems very uncertain and out of my control, and therefore I have not used it. I expect someone else can give a more echnical explanation as to what occurs.

That's staggering, if true. That is just providing a front for a live dealer somewhere. Wide open to abuse.

It's not at all  what 21st century online broker clients in the UK expect.

I've  bought FTSE350 shares using Phoenix....I don't like it at all.
I placed an order for £3k of Chesnara shares... I placed the order for xxx quantity shares and it wanted a limit price.  One submits the order and the system tries to fill the order. One can see the order being filled in chunks.  Sometimes the order filling pauses...so you might see 58/650 ( 58 shares bought out of 650 in the order). Associated with each chunk is a cost. I'm not sure if it is a " fill or kill" situation.  Waaay too complicated!

Oh, and I had to download HandyKey to  my phone before trading ( repeat for each account). 

Michael_Reynolds

shawdon said:

" I have had positive replies from all 3 top ITI bods including the head of LONDON OPERATIONS, Chris Smith. Many apologies from them all but most importantly confirmation of my impending transfers to HL and confirmation of the ISA status of each of my accounts"

I don't wish to any way to dampen your excitement but I've had many of those reassuring emails from the senior team at ITI. I'm afraid Chris Smith is just another Russian Robot ! I am beginning to wonder if this nightmare will EVER end!