SVS Securities - shut down?

gibson81

Slightly unrelated question, but to those who have been with iWeb for a period of time - how long does it usually take for a dividend to land in your account? I have noticed with HL it is pretty much the same day but I was due a dividend at iWeb on 24th September but no sign of it yet. I don't want to contact them if it normally takes a few working days. Thanks.

rnf11

gibson81 said:

Slightly unrelated question, but to those who have been with iWeb for a period of time - how long does it usually take for a dividend to land in your account? I have noticed with HL it is pretty much the same day but I was due a dividend at iWeb on 24th September but no sign of it yet. I don't want to contact them if it normally takes a few working days. Thanks.

Usually  the same day.

rnf11

Got this in my spam folder a couple of hours ago!

Dear XXXXXX,

We note that you have not yet a made decision online on whether you would like to remain a customer of ITI Capital.

Therefore, we are re-issuing you with your login credentials towards the end of this email.

Before you proceed, please be aware of and review the following:

1. If you had multiple client logins at SVS, you will receive emails for each login.
2. You will need to have the following to on-board as a client;

• A device which has a camera and is able to connect to the internet
• A valid proof of address
• A valid proof of ID

Jools2001

jenwrendorset said:

Jools2001 said:

Finally have my non isa accounttransferring to HL,
However HL wont accept my African Minerals, or Urals shares as both are delisted!
Any idea what i can do, as i dont want to lose these shares if they start up again (which is possible )

Will ITI issue me with a paper certificate for these shares?  Anyone else having the same with any delisted shares?

Jools

We're having exactly the same problem, check out pg 437.  I've been back to LC and their response is printed below:

Thank you for your reply. I was under the impression that iWeb would not accept the BNN shares on their own, as the valuation statement they were incorrectly sent by ITI Capital only included the delisted stock.  I was assuming that iWeb would take a different view and would be able to accept the delisted shares if they were coming along with all the other tradable shares in your ITI Phoenix account.  Have you spoken to iWeb to ask if they will take the BNN shares if they form part of a transfer including the rest of your active portfolio?

 

If iWeb will not take them, you’re other options would be to:

 

1.       Keep them with ITI longer-term. I believe their custody charges are based on a percentage portfolio value, so it maybe that it won’t cost you anything to keep a currently value-less share with them – but you would need to confirm that with them;

2.       Find another broker that will accept them in a transfer from ITI;

3.       Request that they be withdrawn from ITI in certificated form so you can hold them yourself.  This option is dependent on a registrar still acting for the company being able to materialise the stock  or, if a registrar no longer acts for the company, the company doing this themselves.

 

Many SVS clients did hold AIM shares and although ITI’s Phoenix accounts cannot hold them, they are able to trade them for clients over the telephone – provided they are not delisted, like BNN currently is.

I've been back to iWeb although I already knew their response which leaves the 3 options above and only possibly no. 1 is viable - no broker will take on a de-listed company on its own, why would they? and even if there was a registrar still acting for this delisted company (which I'm sure there isn't) I think the chances of getting a certificated form is about as likely as my cash withdrawals landing up in my bank account this side of Christmas.  I'm going back to LC and request that they sort out Option 1 - they've got us in this mess so I hold them responsible - apart from that, there is no chance of an email being answered if I send it.  Will keep you notified.

Cheers for all that info, much appreciated, its a !!!!!! mess isnt it, ive e mailed lc and Shiti as well, but surely lc, should make Shiti issue us with some sort of paper transfer note (as proof of ownership should the need arise)
just in case these shares become relisted, which especially with Urals is a big chance, African Mineral , not so!

thanks again
Jools

My2penneth

gibson81 said:

Slightly unrelated question, but to those who have been with iWeb for a period of time - how long does it usually take for a dividend to land in your account? I have noticed with HL it is pretty much the same day but I was due a dividend at iWeb on 24th September but no sign of it yet. I don't want to contact them if it normally takes a few working days. Thanks.

 Normally the same day. What was the company ( sometimes things like REITs can take a bit longer)?

sweeter_strudel

Jools2001 said:

Finally have my non isa accounttransferring to HL,
However HL wont accept my African Minerals, or Urals shares as both are delisted!
Any idea what i can do, as i dont want to lose these shares if they start up again (which is possible )

Will ITI issue me with a paper certificate for these shares?  Anyone else having the same with any delisted shares?

Jools

Interactive Investor have said they are just going to abandon my unlisted holding and leave it with ITI......
Which will theoretically trigger an on-going custody charge ....
I was thinking of working out what to do - getting a paper certificate to frame it as a momento of an SVS folly crossed my mind.

Sheris

My2penneth said:

gibson81 said:

Slightly unrelated question, but to those who have been with iWeb for a period of time - how long does it usually take for a dividend to land in your account? I have noticed with HL it is pretty much the same day but I was due a dividend at iWeb on 24th September but no sign of it yet. I don't want to contact them if it normally takes a few working days. Thanks.

 Normally the same day. What was the company ( sometimes things like REITs can take a bit longer)?

SVS was the same day of the dividend, unless you have done a transfer to IWEB, could still be with ITI if that was your proscess    

Sheris

Josl said:

johnburman
Find this particular paragraph on legislation website doc titled
The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017

Michael_Reynolds
Creditors Committee consists of a member from clients, creditors each and third chair is occupied by the FSCS. No wonder member representing clients will always be out voted at these meetings

There was no member for the clients, I asked for a contact name or email to L&C in a email back in Febuary, I recivied a phone call the next day from a L&C mobile works number, did not want to put it in wrinting in a email to me, straight away I thought this is being covered up.
Even told the person at L&C, I bet Andrew Poxon is already looking for his new Ferrari or Ranger Rover, no reply.   
       

Michael_Reynolds

Sheris said:

There was no member for the clients, I asked for a contact name or email to L&C in a email back in Febuary, I recivied a phone call the next day from a L&C mobile works number, did not want to put it in wrinting in a email to me, straight away I thought this is being covered up.
Even told the person at L&C, I bet Andrew Poxon is already looking for his new Ferrari or Ranger Rover, no reply.   

IF THIS IS TRUE & WE CAN PROVE IT THEN IT SEEMS TO ME THAT THIS IS THE SMOKING GUN WE'VE BEEN LOOKING FOR?

JAMESRAM IF YOU ARE STILL LOOKING AT THESE POSTS WE'D APPRECIATE YOUR OPINION? IF LC NEW THAT THERE WAS NO CLIENT REPRESENTATION ON THAT COMMITTEE THEN THEY HAVE MISLEAD MR JUSTICE MILES AT THE HIGH COURT AND THAT'S EXPLOSIVE?

Josl

Sheris
Again, if true, goes against the legislation and can be challenged in the court. Someone here earlier in the day was defending LC's actions. Administrators for SAR regime are appointed to act in the same capacity as managers of the firm (to run day to day affairs and make decision that are not detrimental to its clients). Legislation spells this out clearly. For some people here thinking its a nail in the coffin because court put a stamp on it is simply not true and the administration process can be investigated. LC are now openly blaming FCA, FSCS, the infamous Creditors Committee and the Court for their failings. None of these were acting in the capacity as administrators.
The damage done by them is quite clear. Investors still have no access to either money/assets or both after 10 weeks. Many are struggling to now find assets transferred to ITI cannot be traded on their platform. Choice of a fraudulent broker failing to ensure broker was adequate for the transfer. Blocking investors efforts to stop the transfer to ITI and then refused to accept reverse transfers and insisted that investors elect to transfer out. All failings while acting as managers of the firm and against the legislation of SAR 2011, 2016, 2017.