SVS Securities - shut down?

Danie6

Something to bear in mind after transfer: I have queried the absence of dividend payments into my new account with IBKR and they advised me that dividends are paid into the account registered with the broker on the record date of the dividend. So if the record date is prior to the transfer date and the payment date follows after the transfer, the dividends will be paid to the first broker where the shares came from. In my case ITI did not automatically take any action and I now have to follow up with them for three dividends paid in September and another to be paid in October. 
I now have about 4 or 5 accounts with ITI, all in limbo and not working, showing either zero balances or "no data available". I believe they did the transfers of shares to IBKR and cash to my bank straight from my SVS account, and I have not closed any one of them. So I presume the dividends will sit in my SVS account.  I wonder what would happen to dividends in cases where SVS assets were transferred to ITI accounts and where accounts have been closed, which I understand was required for some transfers? Could be another mess in my opinion.

johnburman

Danie6 says  In my case ITI did not automatically take any action and I now have to follow up with them for three dividends paid in September and another to be paid in October. 

Why am I not surprised by this?

But clearly after transfer we will need to check dividends. All will go in the complaint to the FOS at the end of the day.
(I am still waiting for my transfers to be completed - had closed accounts and been in limbo for 3+ weeks now)

bodrum99

This has been a nightmare so far. If I didn't know better I would have said this is a scam.

The latest for me is that I can see my portfolio but it's only worth c. £1900.

I want to sell to get out but there is no way to ask for cash withdrawals!

Can someone help please?

Suki

ToughG

rnf11 said:

Ladies and Gentlemen.

On this day, my ex-SVS Ordinary and ISA stocks have - in good order - all been transferred and duly arrived safely in the haven of the new broker this morning.

Just the residual cash - including a dividend payable today - still awaited.

How did the cash transfer go? ITI keep sending me a valuation where the cash balance is overstated. I get the impression they can now identify the stock you hold but are struggling to reconcile cash positions given relevant dividends, corporate actions etc. I sent them my own reconciliation to assist: but they got it wrong again. I have now told them that if they are happy they have reconciled the correct cash position they should proceed with the transfer...

rnf11

ToughG said:

rnf11 said:

Ladies and Gentlemen.

On this day, my ex-SVS Ordinary and ISA stocks have - in good order - all been transferred and duly arrived safely in the haven of the new broker this morning.

Just the residual cash - including a dividend payable today - still awaited.

How did the cash transfer go? ITI keep sending me a valuation where the cash balance is overstated. I get the impression they can now identify the stock you hold but are struggling to reconcile cash positions given relevant dividends, corporate actions etc. I sent them my own reconciliation to assist: but they got it wrong again. I have now told them that if they are happy they have reconciled the correct cash position they should proceed with the transfer...

As I have already stated above. Dividends are not always instantaneous anyway, so no issue there (yet).

Note that Danie6 above made a very good and pertinent point about the relevance of the the "record date" in the handling of dividends in the context of inter broker transfers. Therefore I fully expect that the one I referred to above will initially head to ITIC for them to transfer - in the fullness of time - to the new broker.

SteveJohnson56

bodrum99 said:

This has been a nightmare so far. If I didn't know better I would have said this is a scam.

The latest for me is that I can see my portfolio but it's only worth c. £1900.

I want to sell to get out but there is no way to ask for cash withdrawals!

Can someone help please?

Suki

Yes it is a nightmare except our eyes are wide open. I have submitted a cash withdrawal pdf and a pdf bank statement. I asked in the email to confirm they had received it, I sent it to both customerservice@iticapital.com and 
accountmanagement@iticapital.com. Heard nothing back, I have emailed them again to inquire if it is being processed, no reply! 

I have put in a complaint to compliance@iticapital.com  david.moss@iticapital.com  Philip.Eva@iticapital.com and various other email addresses. I have told them I will be seeking financial redress from the F.O.S for withholding my assets/cash way and beyond their own time frames stipulated in their documentation pdf files, not replying to my complaints.
I did get a reply from customerservice@iticapital.com within 1 hour when I wanted confirmation about sending completed Cash Withdrawal Form/bank statement attached to email rather than sending by post, truly astonishing!...BUT,..once submitted there has been total Radio Silence from ITI Capital.

Begs the question why are they withholding my cash, what might they be doing with it, has it disappeared into a black hole, are they teetering on the edge of oblivion/insolvency?

Jamesram

ITI Capital  client services- the bureaucracy that keeps on giving!:-

On 23/09/2020 12:57, ClientServices wrote:

Dear  JAMES RAM  I hope you are well.  The next time you log into your ITI Capital Client Portal account, you will be prompted to key in your closure details.  Please ensure you provide the following when requested throughout the transfer out process:     Signed cash/transfer out order  

• Ensure you provide us with the account number at your chosen Broker • 
• x1 Government issued photo ID: 
• Valid Passport  
• Valid photocard Driving License (full or provisional) 
•  National Identity Card  
• Proof of Address
  
• oCurrent account/Savings account statement of where you with to transfer funds to (dated within the last 3 months) 
  Kind regards,  Kuvesan Govender 

My reply Dear Kuvesan

You have got to be joking. I suggest you speak to your colleagues Muhammet and Prassana and then come back to me to explain why you are wasting my time with this nonsense, which is just causing me further stress AFTER I believed transfer of all my stocks to iWeb had been finalised and achieved. All the requested formalities of your Stock Transfer Order process were complied with some days ago.

I would also like to know please what effect final closure of my accounts with ITI would  have on the matter of DIVIDENDS? I am for instance due to receive an SLA.L dividend which went ex-divi on 20 August with a divi payment date next week 29 September. Who will you send the payment to, me or iWeb. If me, you will need my bank details.

Please advise. Regards  James Ram

rnf11

SteveJohnson56 said:

bodrum99 said:

This has been a nightmare so far. If I didn't know better I would have said this is a scam.

The latest for me is that I can see my portfolio but it's only worth c. £1900.

I want to sell to get out but there is no way to ask for cash withdrawals!

Can someone help please?

Suki

Yes it is a nightmare except our eyes are wide open. I have submitted a cash withdrawal pdf and a pdf bank statement. I asked in the email to confirm they had received it, I sent it to both customerservice@iticapital.com and 
accountmanagement@iticapital.com. Heard nothing back, I have emailed them again to inquire if it is being processed, no reply! 

I have put in a complaint to compliance@iticapital.com  david.moss@iticapital.com  Philip.Eva@iticapital.com and various other email addresses. I have told them I will be seeking financial redress from the F.O.S for withholding my assets/cash way and beyond their own time frames stipulated in their documentation pdf files, not replying to my complaints.
I did get a reply from customerservice@iticapital.com within 1 hour when I wanted confirmation about sending completed Cash Withdrawal Form/bank statement attached to email rather than sending by post, truly astonishing!...BUT,..once submitted there has been total Radio Silence from ITI Capital.

Begs the question why are they withholding my cash, what might they be doing with it, has it disappeared into a black hole, are they teetering on the edge of oblivion/insolvency?

At what point in all this would you consider reporting it to the police?

SteveJohnson56

I just emailed accountmanagement@iticapital.com and customerservice@iticapital.com as if I were a potential new customer inquiring how I would make a cash withdrawal. Within 17 mins accountmanagement@iticapital.com emailed me back explaining how to make a withdrawal. 

SO THERE YOU GO WHEN THEY WANT TO THEY CAN EMAIL YOU BACK!!!

As for my other emails today  5 hours ago wanting to know if they were processing my cash withdrawal, NOTHING!
More evidence for the F.O.S.

rnf11

Yet another contra indication from ITIC........

Having got my Ordinary and ISA stocks at last transferred away, I am bemused to be asked just now, for the third time for ISA closure documentation.

This rather suggests that a transfer can indeed be achieved just on the say so of a new broker request. As it should.......

I can just about see the point of a formal closure to satisfy ITIC procedures, but I had done all the documentary submissions (vouched for on the ticket page) via the website, and subsequently following one email plus two  further repeat requests from them to go through the ISA closure process . Mind, it was not clear that the ISA upload had fully completed, and as someone else wrote a long while back, at that point there was nothing on the website to facilitate trying again, to move things forward, or to go back and start again.

One wonders at what they are doing with all this iD documentation flying around  the unsecured ITIC process, and then one truly is amazed at the crudity of their IT system ......