SVS Securities - shut down?

johnburman

Asked to complete the forms by ITI prior to transfer - that's what I was told on the 'phone by them

manted

Todays Update
Cash from the accounts is taking time to reach the new brokers - some of us have been informed this is standard... 
Here's a summary - based on reading posts on this forum regularly - 

AJ Bell - 1 successful outcome posted
HL - Multiple people reported successful outcomes
iWeb - Multiple people reported successful outcomes
Interactive Brokers (USA) - 1 successful outcome posted. Basically as Phoenix is their platform, transfer is simpler.
Interactive Investors  - No Success yet
HSBC - No Success yet
IG - 1 partially successful outcome posted.
Barclays - 1 successful outcome posted (settle date 25th)

Equiniti - One member posted that Chris had informed him about valuations being sent this week

Jarvis X-o - No success yet

Any others that I maybe missing ?

My2penneth

I have just phoned iWeb (6:30pm to 7pm) and they went through the Phoenix non supported shares (I've had a pretty good service from iWeb TBH) ..the longest wait to get through to a person has been about 3 mins (including listening to the intro message).

Of the 8 non supported shares in Phoenix (which includes two that I actually bought separately earlier this month as top-ups in Phoenix....go figure !), iWeb support 7 of then and they are checking tomorrow if the 8th is also supported and will get back to me.  IWeb took the time to go through each one in turn (hence the 30 min call). 

 

Sheris

johnburman said:

1  can certain gentlemen who post please moderate their speech.  Things are stressful enough as it is without reading 'intemperate' comments
2  The FSO is the way to go in my view -will take many months but any class action of the sort you describe could easily take years.  Yes and Yes.  So what can one do in the meantime? 

The press are not interested.  Shame, but there we have it.  The FCA do scare ITI, but they have their own issues (as they did not object to ITI inthe first place), but my concern (expressed several times) is that the FCA do not know of the full extent, AND CONTINUING NATURE, of the problems.
3  If anybody does sue, could they post the Particulars of Claim they are using.  I fear that a claim is rather difficult to sustain and threatening without litigaiton is counter-productive.  

The FCA is where it all starts from 2018 with SVS and more than likely before as the truth unfolds, clients left in the dark. 
The FCA where the main contributes to the so called JSA in giving ITI Captial (lets say the worst deal that one could wish for ex SVS clients) and now they have no control with the present sitution, how are the FCA allowed to contiune with the public purse ? 
 

Michael_Reynolds

ROUND AND ROUND IN CIRCLES. NINE WEEKS AFTER THE DEADLINE & WHERE ARE WE? IN LIMBO WAITING, WAITING. STUCK INTERMEADITELY AND NO ONE GIVES A SH....!

Ravima

Can you transfer some shares to another broker, or must you transfer entire holdings? ie If I have 100K Barclays and 20K Lloyds and 10K Aviva, can I transfer the Barclays to another broker and let the rest with ITI?

Emillion1

Ravima said:

Can you transfer some shares to another broker, or must you transfer entire holdings? ie If I have 100K Barclays and 20K Lloyds and 10K Aviva, can I transfer the Barclays to another broker and let the rest with ITI?

Yes you can

Michael_Reynolds

Can't use the FOS online complaint form as it requires a valid UK postcode and right now I'm resident in Australia. I have just emailed the FOS service and outlined my complaint and asked how I can l lodge the complaint formally. Just got an automated reply saying that due to current circumstances it could be a four week delay before they can even reply to the email! WHAT A PATHETIC SERVICE. What in God's name is happening to the UK. the entire infrastructure seems to be breakng down?

sweeter_strudel

Emillion1 said:

Ravima said:

Can you transfer some shares to another broker, or must you transfer entire holdings? ie If I have 100K Barclays and 20K Lloyds and 10K Aviva, can I transfer the Barclays to another broker and let the rest with ITI?

Yes you can

Yes you can in theory but who knows if ITI's systems will cope with the concept!
I'm doing similar but in two stages. I've started the first stage listing all the ISA holdings I want to go to the first new broker. When I was happy that was completed OK I was going to send a second transfer request to move the remaining ISA shares to the 2nd new broker.

Needless to say I haven't got anywhere close to step one being acknowledged by ITI......and I can imagine the whole thing grinding to a halt if they insist I do a closure form. I won't with the second half of the transfer still pending.

Unfortunately not all brokers support partial transfers so I'm in a two step process to escape from ITI.

RasputinB

This might be of interest to those with transfer delays -
Ombudsman Dara Islam's Final Decision DRN2678961 awarded £350 for the trouble and upset caused by a delayed transfer where the complainant stated that "He has written evidence from IWEB that it chased Barclays 24 times between the 6 February and the 27 July to comply with the transfer request without success. The transfer was only completed after he referred his complaint to this service." And that "The adjudicator also ignored his request for a copy of the [telephone] transcript and that he didn’t thoroughly investigate the reasons why it took approximately 9 months for Barclays to transfer the shares to IWEB".
Anyone interested in the details can get the whole Final Decision here
https://www.financial-ombudsman.org.uk/files/246534/DRN2678961.pdf
It is possible to search for other decisions here https://www.financial-ombudsman.org.uk/data-insight/ombudsman-decisions