SVS Securities - shut down?

WilliamsDad

rebea said:

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...

Thanks for all who commented on this - very much appreciated. I emailed LC, and received exactly what I needed within 30 minutes!

johnburman

This is what I have received form my new brokers to-day regarding my transfer:

We are still awaiting a reply from ITI Capital with regards to queries relating to the stock transfer and valuations.  No dates have yet been discussed as we need to hear back from ITI Capital about the valuations first, unfortunately we have not yet received a reply to our last 3 emails.

My2penneth

I contacted the helpline at iWeb this morning.
Seems ITI are causing iWeb big problems too .."all we want from them (ITI) is a valuation".... 

My2penneth

Going through my call log on my phone I count over 87 calls to ITI to try to resolve issues. I actually suspect that this is actually a lower bound figure.

EIGHTY SEVEN CALLS TO A COMPANY - THEY MIGHT TRY TO ARREST ME FOR STALKING  - BUT MY COUNTERCLAIM WOULD BE "HOW MANY TIMES DID I ACTUALLY GET THROUGH?"

johnburman

So My2p, have you asked your new brokers iWeb to tell the FCA (and LSE - after all they are both members) about the tardy performance of ITI?  If there is a systemic problem wiht any regualted entity, don'd they have a duty to report it to the FCA and the LSE?  Why have iWeb not done so?

My2penneth

johnburman said:

So My2p, have you asked your new brokers iWeb to tell the FCA (and LSE - after all they are both members) about the tardy performance of ITI?  If there is a systemic problem wiht any regualted entity, don'd they have a duty to report it to the FCA and the LSE?  Why have iWeb not done so?

Good point....but you'd hope/expect that iWeb (and others) would be bringing this up with FCA/LSE as they (iWeb) are responsible for making the transfer happen. Maybe the next time I contact iWeb I will mention it. 


(I got through to iWeb pretty easily this morning and they sorted out the issue (they won't close the transfer request) which was exactly what  I wanted from them.)

My2penneth

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."

ITI Capital are correct here. They want a W-8BEN form from you because you are NOT citizens of the US.  
They would only want this form if you have bought shares in individual US companies.
 There are plenty of completed examples of the W-8BEN form online (Google it, then switch into "images"). The actual form is a one-pager. Fill in your name (1) and address (2),(3). 
In section (6) enter your National Insurance number.
In section 7 (reference number) - enter your ITI accounts (I'd put your Phoenix account number). 

Sign and date at the bottom of the form (not shown) - note the US date convention.

(oh, and you will need to find the other form - self certification form on their website. Interactive Investors do that form online).

Also, IF you are transferring out to another broker ( make sure you have already filled in a W-8BEN for them already otherwise they too will not be able to accept your US shares.

johnburman

My2p. You would have thought so.. All regulated entities would protect the regulatory ecosystem to boost the UK's standing. But they need prompting and reminding. This is systemic failure by ITI and regulatory failure by the FCA (and LC of course). There is an understandable reluctance to stick ones head above the parapet but we need to remind brokers of their reporting obligations. 

My2penneth

Monsieur_Bourse said:

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.

(I've seen this before and I have a possible explanation as to what is happening)

 If the "Changes in Dividend Accruals" info is NOT there then it is because you have none recorded (!) .... this might arise because;

(1) You share went ex dividend on a date before it was transferred to Phoenix 

and/or

(2) Has the share(s) in question actually been transferred or is it in your holding account still? 

To check this 

If you run the MTM report you can see when/if a share was transferred into your Phoenix account. The report is just below the "activity" report which you have previously run.




Once again, select the "expand all" and look for the following (click on the "+" sign to see when the stock was transferred in.



If the share was transferred after the ex-dividend date, then you won't see an accrual as Phoenix didn't know you owned the share until it was added. Thus, as far as Phoenix is concerned, you didn't own the share on the ex-divi date.

If that is the case, the dividend will be paid into the Qort account. Then you will have to manually check it has been added as a cash transfer into Phoenix on or just after the pay date. I say "just after" but I really don't have a feel for how long it takes ITI to manually transfer cash received as dividends from Qort into PX.  

toad333

I’ve been emailing ITI for 10 days but have had no response. Don’t even have a Phoenix account yet. Sent off passport and proof of address scans. What’s the best way to contact them and get a response?