SVS Securities - shut down?

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.

Monsieur_Bourse

Thanks for taking the trouble to lay out all that M2P much appreciated.

I logged on this morning and followed your instructions but was unable to bring up the Changes in Dividend Account box, there is no reference to dividends at all. I then tried year-to-date,  but again nothing showed up. Going back to my Qort account which at the moment is reading correctly the 2 dividends that should have been paid in add up to the correct cash value, the first dividend amount is showing in my Phoenix account, but as I said there is no reference to it being a dividend, but the second dividend that was received later is not showing up in the Phoenix cash amount. So I guess that the 2 dividends have been received but you need to be Hercule Poirot to be able to work it out when dealing with ITI Capital.

Once again many thanks for your assistance.

Nbs222

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

Write to LC , they will provide  SVS statements for the period requested , the dividends should be transaction lines within the statement

johnburman

Kittywoo   Well done!  I have 4 accounts all in limbo, although valuations have been sent by ITI to the new brokers, so we have made some porgress.  No settlement dates have ben agreed.

And FYI:  No response from David Moss (Head of Compliance ITI) re my complaints.  No corrected contact note and no contract note for my manual transactons.  No accounts or response from ITI.  Frankly it is a mystery to me why people are 'messing' with their Phoenix accounts etc. 'simply' transfer out [it will take you months] /trade manually.  As I have said before, I am not prepared to use a broker who does not answer the telephone/reply to me.