SVS Securities - shut down?

My2penneth

Riddle me this ITI ..why can I see share price under TRADE for things like IAG shares in Phoenix? 

Looks like I can submit an order if I so desired so why can't these shares be transferred? 

If I'm being shown a price to buy/sell these shares, clearly Interactive Brokers have actually HEARD OF IAG! 

Another spooky ITI Capital mystery for Miss Marple.... ( whatever! )

My2penneth

fmmajid said:

but what does that mean - are the IAG shares in the Qort account 'active'? Can they be traded?

Before my Phoenix accounts went live I bought some shares via the broker line. These were initially added to my Qort account ( it took a while for them to be visible). So, if one can buy shares into an active account one should be able to sell shares too. Give em  a ring, the brokers are very friendly.  I would imagine you  can sell ( and that the shares will be visible for a while in Qort even though they will have been long sold!)

sweeter_strudel

I received a contract note (or more accurately an email with details) for my Friday afternoon ISA trade on Sunday morning.

No sign of the transaction online impacting my Qort account and my two Phoenix accounts are still stuck at Pending Approval.

jenwrendorset

I've just received the following from ITI re. our joint account...they seem determined to get that W-8BEN out of me despite me telling them many times that neither my husband nor I have ever been American citizens.  I can't believe 18000 ex-SVS clients have been asked to do this....any takers??  My question is...does this account need to transfer to Phoenix account for us to sell our few shares in it and then close it down??

"Good Morning Sue

 

Our online platform at the moment doesn’t allow an automatic application process for Joint accounts, in order to be able to trade we do unfortunately need the forms to be completed as we only have one applicant logged on our records.

 

We would only need a W-8BEN form for yourself, this is to confirm you are not a US citizen and a self certification form. The joint application will only need your information but signatures of both applicants.

 

Once received, we will be able to create a Phoenix trading account."

WilliamsDad

Hello all – I have a question which isn’t ITI Capital related!

I’m trying to reconcile my dividend payments for the 2019/2020 tax year. My LC statement shows payments from SVS’s closure (August 2019) until May 2020. How would I get the list of dividend payments from April 2019 to July 2019?

Any help is very much appreciated.

Thanks

Kittywoo

Hi All,

First post for me, but been following this debacle since the beginning.

Thanks to you all for keeping me sane and informed throughout.

Thought I'd share my good news.

I have been trying to transfer out of ITI to AJ Bell since beginning of August. Along the way I've had many frustrating email conversations with ITI and had the usual platitudes from them and LC, FCA etc.

BUT TODAY MY SHARES HAVE BEEN TRANSFERRED TO AJ BELL.

No fanfare, no notification, just logged in and there they were. Still waiting for the cash element to follow, but overjoyed.

Hope you all get some good news too soon.

bowlhead99

jenwrendorset said:

I've just received the following from ITI re. our joint account...they seem determined to get that W-8BEN out of me despite me telling them many times that neither my husband nor I have ever been American citizens.  I can't believe 18000 ex-SVS clients have been asked to do this....any takers??  My question is...does this account need to transfer to Phoenix account for us to sell our few shares in it and then close it down??

"Good Morning Sue

Our online platform at the moment doesn’t allow an automatic application process for Joint accounts, in order to be able to trade we do unfortunately need the forms to be completed as we only have one applicant logged on our records.

We would only need a W-8BEN form for yourself, this is to confirm you are not a US citizen and a self certification form. The joint application will only need your information but signatures of both applicants.

Once received, we will be able to create a Phoenix trading account."

If their process for getting a joint account set up isn't an automatic online one, then it sounds like there are some hoops to jump through to get up and running, which may not be the same process as for the vastly more common sole/ individual accounts which are more automated or follow a different path for customer onboarding -  so it's not necessarily the case that 18000 customers will have the exact same experience.

They will need a W-8BEN or some other suitable self-cert form completing as part of the process, as financial institutions need to have new accountholders certify any countries of tax residence that they have as well as certifying that they are not US residents or citizens ; these are HMRC rules which drive international exchange of information for tax purposes. 

Although you can 'tell them' until you're blue in the face that you are not a US citizen, telling someone over a phonecall or email is nowhere near as useful for their client records as writing it on a form which you then sign with language in the signature block saying the facts are correct under penalty of perjury and that you will tell them within x days if your status changes.

Although the start-to-finish process has been frustrating so far (and will probably continue to be )  if a stumbling block to your getting the account up and running is this tax confirmation, it's not exactly of a burden to sign it off, in the grand scheme of things (i.e. in the context that you haven't had access to your assets for a year).

rebea

WilliamsDad said:

Hello all – I have a question which isn’t ITI Capital related!

I’m trying to reconcile my dividend payments for the 2019/2020 tax year. My LC statement shows payments from SVS’s closure (August 2019) until May 2020. How would I get the list of dividend payments from April 2019 to July 2019?

Any help is very much appreciated.

Thanks

I emailed SVS and they sent a full div payment account up to July 3...

n_aftab

Kittywoo said:

Hi All,

First post for me, but been following this debacle since the beginning.

Thanks to you all for keeping me sane and informed throughout.

Thought I'd share my good news.

I have been trying to transfer out of ITI to AJ Bell since beginning of August. Along the way I've had many frustrating email conversations with ITI and had the usual platitudes from them and LC, FCA etc.

BUT TODAY MY SHARES HAVE BEEN TRANSFERRED TO AJ BELL.

No fanfare, no notification, just logged in and there they were. Still waiting for the cash element to follow, but overjoyed.

Hope you all get some good news too soon.

you are the 1st to get a transfer thats gone over trouble free, congrats!  .. there is some hope after all!

RasputinB

WilliamsDad said:

I’m trying to reconcile my dividend payments for the 2019/2020 tax year....

Have a look at https://www.leonardcurtis.co.uk/wp-content/uploads/2020/08/Consolidated-Tax-Voucher-Notice-060820.pdf

They say that they are issuing Consolidated Tax Vouchers (CTVs) for the tax years 2019/2020 and 2020/2021from onlinesettlements@svssecurities.com They request that you do not contact them about receiving  CTVs until after 1 October 2020.