SVS Securities - shut down?

My2penneth

johnburman said:

What is the magic?  I wanted to transfer and applicatiions were sent in late July, and I am in limbo.  And all my ITI accounts have ben closed for 3 weeks.

I'm started to suspect our card is marked! 

shawdon

My transfer to HL is still not complete, no shares have yet been transferred across but all of my ITI accounts are showing double again today. What a fiasco!

Jamesram

My2penneth said:

johnburman said:

What is the magic?  I wanted to transfer and applicatiions were sent in late July, and I am in limbo.  And all my ITI accounts have ben closed for 3 weeks.

I'm started to suspect our card is marked! 

Apart from ranting and raving by email and the Support Centre Tickets ( which made me feel better but on reflection query if they achieved much in themseves) I have to say that when I was able to establish a rapport with a particular individual (2 in  my case), things eventually did progress albeit slowly and creakily and with errors. TB totally H, it is  of necessity about getting noticed among many, many people in the same boat. If you can get a series of emails going with chase ups every two or three dyas, or even more often saying "Thanks for doing/agreeing to do that -much appreciated- how is it going NOW and will you UPDATE me on current progress please", along with regular reminders "I first requested transfer in July", "I have attached a copy of the iWeb Transfer Request thirty-eight time snow- whats the hold up- I am sure its not you" then I seemed to establish some sort of commitment of assistance, which got stronger the more emails were exchanged..

Maybe it was just good look - some people had to be in the first "batch" - I dunno, but establishing an email relationship at least made me feel very very  special and loved, even when sod all was happening!

Jamesram

Reference above "Maybe it was just good look- " nothing to do with my looks, I can assure people of that. I meant LUCK

LEAR1

Jamesram said:

This AM posted "I now have 3 out of my 10 stocks showing on my iWeb nominee account- hoping that the other 7 will see fit to join them shortly. I am almost past caring frankly.

Needless to say, this PM, all the 7 outstanding stocks showed up in my iWeb account, so subject to checking divis., I am all sorted.

Hoo- bloody -ray.

That does not mean I will be disappearing - I hope we shall see some solidarity here over the coming weeks, until ALL exSVS investors who want OUT have got out AND we are a bit more clearly organised as to how we claim against ITI Capital.

Mass FS Ombudsman  claims seems favourite in terms of Compensation. Other people seem to want to go for LC, even if comp. is not available in the Insolvency Service Complaints system. We could actually benefit from a full Inquiry of some sort, but I have no idea where to start with that. Maybe Sharesoc will be the best organisation to form an umbrella- its £45 for full membership, but money well spent if it helps us in this.

Still got my partner and ex-wife in ITI limbo anyway, so the fight goes on for them. Bye for now.

Congrats Jamesram - very pleased to hear. Hope it helps everyone to keep a perspective that the end may be closer than we thought just a few weeks back...
In any event, think you're probably right on both counts - your (relatively!) early transfer out is perhaps a combination of some good luck as well as some influence you had hounding the ITI team. Well done.

Researcher16

Update:  no update!  

Absolutely no progress made since my last update:

• Cash withdrawal requested on 2nd August has still not been fulfilled despite sending two separate withdrawal forms and several chasing emails.
• No progress with any shares transfers (3 accounts), the first of which was initiated by my broker Equiniti on 3rd August.
• I have sent several emails copying in different addresses at ITI but have had no replies whatsoever.
• I have raised tickets within my ITI accounts requesting transfer of my shares and these remain status “open”.

vaultsman

Hi,

I've been reading through many of the pages on this thread, and this is my first post on the ITI fiasco. I've also been a victim of said fiasco and with a similar lack of any response, or even acknowledgement, to email requests for info and updates from ITI. I've also submitted a complaint on their website.

My Phoenix account was set up and accessible on 13/08, but there are still no holdings displayed there. The ITI account is populated - displaying the correct number of shares and their value.

My SVS account was a fairly dormant legacy account with a single shareholding - current value of only around £1300. I'm not au fait with share dealing at all, but I'd like to transfer out of ITI to another broker.

I've seen from a few of the posts on here that brokers have actually completed the transfers from ITI on behalf of the holders. Would they all offer this service?

For reference, these are shares that trade on the Hong Kong exchange, so I'm not sure if all brokers would take them on.

Thanks, and apologies for my naivety in this!

Stan

LEAR1

vaultsman said:

Hi,

I've been reading through many of the pages on this thread, and this is my first post on the ITI fiasco. I've also been a victim of said fiasco and with a similar lack of any response, or even acknowledgement, to email requests for info and updates from ITI. I've also submitted a complaint on their website.

My Phoenix account was set up and accessible on 13/08, but there are still no holdings displayed there. The ITI account is populated - displaying the correct number of shares and their value.

My SVS account was a fairly dormant legacy account with a single shareholding - current value of only around £1300. I'm not au fait with share dealing at all, but I'd like to transfer out of ITI to another broker.

I've seen from a few of the posts on here that brokers have actually completed the transfers from ITI on behalf of the holders. Would they all offer this service?

For reference, these are shares that trade on the Hong Kong exchange, so I'm not sure if all brokers would take them on.

Thanks, and apologies for my naivety in this!

Stan

Hey Stan, honestly, if the value of your holding is only around £1,300, I think you'd be much better off selling up - via the ITI trade desk (can't recall number, but many ppl posted it on earlier pages of this thread) - and then withdrawing the cash directly. Unlike Account Management, reports of the the trading desk are broadly positive; just make sure you make a good note of the individual you deal through, the price you accept and that you get the old SVS commission charge of £7.95, in case ITI don't follow up with the contract note promptly. Of course, withdrawing cash from ITI is not straight-forward as it should be, but I'd suggest it'll be easier and far quicker than chasing up a transfer to another platform like the majority of us are doing, especially if it's a HK stock you hold. You can always repurchase the shares through a platform that supports HK securities; yes, they'll be some leakage (buy / sell commission and the spread), but on £1,300 it's probably a price worth paying to save yourself the hassle of trying to get a transfer pushed through. 
Just my ten cents... I don't know your personal situation of course, so forgive me if I'm not aware of the full picture and shooting from the hip.
All the best with it, L

Jamesram

Checked into partner's Phoenix ac this am.

A Banner  now shows useful market information if you switch to from US to Europe exchanges:  lESTX50 3213.34▲1.56% VUKE 26.425▲1.95%.

We had been wondering how the old VUKE has been holding up recently- a more reliable indicator of trends than the FTSE 100 or 250 we find.

Jamesram

 On further investigation ESTX50 =Dow Jones Euro STOXX50  and VUKE= VANGUARD FTSE100 GBPD LSE ETF, not the Estonian and Vilnius stock exchanges, but I guess you all knew that.