SVS Securities - shut down?

rnf11

My2penneth said:

Emillion1 said:

I think the main question clients should be asking is actually to LC.  Where are my assets? Who is administering my assets, have my assets (cash & stock) been transferred out of SVS to ITI?  If so, I would want to know whether the CASS rules have been breached putting my assets at risk? CASS Rules 6.2.2 , 6.6.19 and 9.5.4 come to mind.  

Definitely at ITI capital in either your holding account (Qort) or in Phoenix or split between them.

I do recollect seeing some while back, that even if a "reversion to LC" is made, ITIC would continue to hold the  assets concerned as custodian........

RasputinB

rnf11 said:

I do recollect seeing some while back, that even if a "reversion to LC" is made, ITIC would continue to hold the  assets concerned as custodian........

That is my understanding. But the safekeeping and administration of the Sub-Custody Assets remains primarily with the Transferor (i.e. SVS and thus LC). See page 104 of the Distribution Plan.

rnf11

RasputinB said:

rnf11 said:

I do recollect seeing some while back, that even if a "reversion to LC" is made, ITIC would continue to hold the  assets concerned as custodian........

That is my understanding. But the safekeeping and administration of the Sub-Custody Assets remains primarily with the Transferor (i.e. SVS and thus LC). See page 104 of the Distribution Plan.

Quite.

rnf11

Three days have elapsed since stocks appeared in my IWeb accounts.

Still no sign of the residual cash though.

ITIC have now removed all the detail from the intial status page, so I cannot see whether due dividends are being credited in a timely(!) manner or even at all.

Has anyone actually got shares AND cash transferred yet?

olderbutnowiser

My2penneth said:

Emillion1 said:

I think the main question clients should be asking is actually to LC.  Where are my assets? Who is administering my assets, have my assets (cash & stock) been transferred out of SVS to ITI?  If so, I would want to know whether the CASS rules have been breached putting my assets at risk? CASS Rules 6.2.2 , 6.6.19 and 9.5.4 come to mind.  

Definitely at ITI capital in either your holding account (Qort) or in Phoenix or split between them.

That was my understanding and for a while that seemed to be the case with my two accounts (brokerage and ISA). However I now find that the cash that was transferred from LC to my brokerage account (around 4k) has just disappeared into thin air, which is very disturbing. Needless to say ITI have not responded to my emails trying to get them to reconcile this.

It is very odd because the cash was visible in the brokerage Qort account in the early days of the transfer, but seems to have gone into a black hole somewhere during the migration to the Phoenix account. Is anyone else in this predicament?

The cash that was transferred with my ISA is showing correctly in the Phoenix.  Some dividends appear to have also been credited but not all.

For completeness I should perhaps add that I have requested a transfer to HL but little progress seems to have been made to date.

johnburman

this is REALLY scary  However I now find that the cash that was transferred from LC to my brokerage account (around 4k) has just disappeared into thin air, which is very disturbing.

Thi s MUST be reported ot the FCA and LSE.  It is a specific breach of the CASS rules.  This is not 'teething troubles' but at best a major systemic IT failure, at worst simple theft.

gibson81

rnf11 said:

Three days have elapsed since stocks appeared in my IWeb accounts.

Still no sign of the residual cash though.

ITIC have now removed all the detail from the intial status page, so I cannot see whether due dividends are being credited in a timely(!) manner or even at all.

Has anyone actually got shares AND cash transferred yet?

I had quite a long chat with a very friendly customer service chap from iWeb this morning and asked him about this because my shares have transferred over but not the cash. He said it is standard practice for the residual cash in the account to come over last and this is sometimes in the form of a cheque, but more often just a bank transfer. He told me to just be patient and leave it a few more working days. My shares landed in my iWeb account on 22nd September.

rnf11

gibson81,

Thanks for posting the above.

Very helpful.

r64

Hi
For those who have seen some progress regarding transfers did you fill out the closure form as well as send a transfer request to the new broker?

I’ve initiated an ISA transfer through HL but also have an email from ITI asking to complete the closure form, send IDs and bank details.
Thanks in advance

gibson81

r64 said:

Hi
For those who have seen some progress regarding transfers did you fill out the closure form as well as send a transfer request to the new broker?

I’ve initiated an ISA transfer through HL but also have an email from ITI asking to complete the closure form, send IDs and bank details.
Thanks in advance

I completed closure forms for my ITI accounts.