SVS Securities - shut down?

My2penneth

toad333 said:

Hi guys

I’m an overseas client. Was open-minded about ITI, but have now opened an account with Interactive Brokers in the US. No cheap options for British expats in the U.K.

I think I will sell everything and transfer the cash to Interactive Brokers. Not sure if they transfer to accounts
outside the U.K.

And still waiting for access to my account! 

If you go to the IB website you can log on to your ITI Phoenix account....so why not simply ask ITI to transfer you free of charge to IB?

My2penneth

gibson81 said:

Josl said:

Finally some good news. Just got a message from Barclays Investments that valuations sent over by ITI Capital have been confirmed and a date for transfer of both accounts has been set for next week. Cash holdings have also been paid to my bank today.
I would like to thank prominent forumite who engaged in thoughtful messages with me. I wish all of you best of luck with your transfers. 

Good news. I was told my transfer would take 4 to 6 weeks but this is for an ISA account. Was your transfer just a normal trading account?

I submitted the transfer paperwork on Aug 4th. Yesterday I was told it will take 4 to 6 weeks from now to transfer.  Of course,  when have ITI ever met a timescale?  I'm reckoning that the total time will be 3 months or THREE TIMES what it should be.

Question...how come we can change banks in 7 working days but it takes so longer to transfer cash and shares? 

SteveJohnson56

I gave uploading the first of several accounts forms after 4 hours late last night and emailed further complaints to LC and ITI Capital to sort the confusion, mess of their creation out.
It is just not right when as a client I am asked to sign a  'Cash Withdrawal Order' with a sub-section titled  Cash Withdrawal/Transfer Request Details, showing £0 no stock, whilst giving my bank details which I hasten to add I did not.
It's almost tantamount to fraud on their behalf. 
I can see and have screenshots showing I do have assets/cash in my three accounts but as others have said it is worrying they will withdraw cash from an ISA .

My2penneth or anyone else I take it the form  you downloaded and signed during the 'Closure Form' process did yours show as £0 zero cash and no stock?

This has become very stressful and sole destroying dealing with shITI Crapital.

smokey01

My Phoenix account was opened sometime ago but only populated with my shares and cash in the last few days. I do not have a Phoenix username yet, I have raised a support ticket enquiring about it, however I wondered at what point others were sent their Phoenix username?

gibson81

SteveJohnson56 said:

I gave uploading the first of several accounts forms after 4 hours late last night and emailed further complaints to LC and ITI Capital to sort the confusion, mess of their creation out.
It is just not right when as a client I am asked to sign a  'Cash Withdrawal Order' with a sub-section titled  Cash Withdrawal/Transfer Request Details, showing £0 no stock, whilst giving my bank details which I hasten to add I did not.
It's almost tantamount to fraud on their behalf. 
I can see and have screenshots showing I do have assets/cash in my three accounts but as others have said it is worrying they will withdraw cash from an ISA .

My2penneth or anyone else I take it the form  you downloaded and signed during the 'Closure Form' process did yours show as £0 zero cash and no stock?

This has become very stressful and sole destroying dealing with shITI Crapital.

The closure forms I downloaded listed all of my share holdings correctly. This was on page 2 - Securities Transfer Order. I have signed them and uploaded them both. I then had to provide ITI with the account number for my receiving brokers and that was that.

gibson81

My2penneth said:

gibson81 said:

Josl said:

Finally some good news. Just got a message from Barclays Investments that valuations sent over by ITI Capital have been confirmed and a date for transfer of both accounts has been set for next week. Cash holdings have also been paid to my bank today.
I would like to thank prominent forumite who engaged in thoughtful messages with me. I wish all of you best of luck with your transfers. 

Good news. I was told my transfer would take 4 to 6 weeks but this is for an ISA account. Was your transfer just a normal trading account?

I submitted the transfer paperwork on Aug 4th. Yesterday I was told it will take 4 to 6 weeks from now to transfer.  Of course,  when have ITI ever met a timescale?  I'm reckoning that the total time will be 3 months or THREE TIMES what it should be.

Question...how come we can change banks in 7 working days but it takes so longer to transfer cash and shares? 

Unfortunately I have never been through the process of transferring shares from one broker to another. The HL website says 2 - 4 weeks. As you say, ITI seem to work on different timescales to everyone else in their industry!!

WilliamsDad

smokey01 said:

My Phoenix account was opened sometime ago but only populated with my shares and cash in the last few days. I do not have a Phoenix username yet, I have raised a support ticket enquiring about it, however I wondered at what point others were sent their Phoenix username?

I'm exactly the same - Phoenix account opened ages ago, shares appearing in the last few days, no Phoenix username yet. I know this hasn't helped you, but it's always nice to know you're not the only one!

shiznit76

i got my Phoenix username and password emailed to me weeks before my shares were populated in to it, which only happened within the last fortnight

SteveJohnson56

gibson81 said:

SteveJohnson56 said:

I gave uploading the first of several accounts forms after 4 hours late last night and emailed further complaints to LC and ITI Capital to sort the confusion, mess of their creation out.
It is just not right when as a client I am asked to sign a  'Cash Withdrawal Order' with a sub-section titled  Cash Withdrawal/Transfer Request Details, showing £0 no stock, whilst giving my bank details which I hasten to add I did not.
It's almost tantamount to fraud on their behalf. 
I can see and have screenshots showing I do have assets/cash in my three accounts but as others have said it is worrying they will withdraw cash from an ISA .

My2penneth or anyone else I take it the form  you downloaded and signed during the 'Closure Form' process did yours show as £0 zero cash and no stock?

This has become very stressful and sole destroying dealing with shITI Crapital.

The closure forms I downloaded listed all of my share holdings correctly. This was on page 2 - Securities Transfer Order. I have signed them and uploaded them both. I then had to provide ITI with the account number for my receiving brokers and that was that.

I am surmising there is nothing in mine as all cash/assets have been moved from SC accounts to linked Phoenix accounts. I did mention that in the email I sent ITI to reset my status.

johnburman

There has been some heat generated by the "transfer" out requests but as far as I can see nobody (other than one) has actually been transferred out of ITI.  It is now 8 weeks since my requests went in and no transfer.  Anyone else actually been transferred out?
AND
Complaints go to ICI, LSE and FCA; LSE and FCA especially.   And perhaps also to the FOS.  But why to LC?  They have no access to our shares or funds so what can they do?