SVS Securities - shut down?

My2penneth

user1168934 said:

I am in the process of transferring out from ITI, stock seems to have transferred but ITI are asking for bank account details to transfer out cash. I talked to the new broker and they say it should all be handled by the transfer process and that ITI should not be asking any bank details.
Anyone else experiencing the same? Does anyone know what to do in this case please?

Your new broker is correct. Of course, we've seen this before.  There is no need for more ITI forms. We've previously discussed misleading forms from ITI and it looks as though they still haven’t modified their own forms.  If you are moving shares and cash to a new broker, why do they need the bank account details of a 3rd party...they have ALL the info from your new broker. 

Write an email of complaint to Philip Eva with copy to Rahul Agarwal. 
rahul.agarwal@iticapital.com
(same email format for Mr Eva.)

rnf11

My2penneth said:

Some positive news to share.  I emailed ITI about custody charges. Rahul Agarwal,  Managing Director, International Head of Private Clients replied;
"As you are in the process of transferring out, I can confirm your account will not be charged a custody fee."

Good news if it applies to everyone with a transfer in progress.

Thanks for sharing it promptly.

Blueshirt_Joe

Blueshirt_Joe said:

Hallelujah praise the Lord and pass the ammunition!!
I logged on to II today to find all holdings transferred from ITI Capital, as promised by Chris Smith.
This settlement date was set out originally by II when I first initiated the transfer on August 8th, I'm impressed they've been able to keep that schedule. 
No cash transferred yet but 
I was pleased to see my RDSB holdings included. So all in all a successful outcome, but it did take a bit of work to get to this point! 

I'm afraid I spoke too soon! I've been checking my Qort account at ITI since the transfer, and now it's empty apart from the sum of cash and three sets of CVRs I held with AMYT shares.

The AMYT shares themselves have been transferred it seems, but unfortunately not the associated CVR rights.
They are non transferable rights of nil current value, so they cannot be traded as such, but they have an ISIN number, and they were accepted for transfer by II.
I'm not really sure what to do now apart from leave them languishing in the Qort account with ITI until they might be triggered and encashed.

energymatt

Hi all
Just caught up on this forum. For those that are transferring ISAs to another provider, has anyone yet had their cash transferred? I can't see anyone that has that has stated this has happened.
I called ITI for the first time today and got nowhere. I spoke to account management, but they took me down the route of trying to fill more forms in. I said no. They then gave me a different number 020756208015, but it just rang out and no one picked up. 
Anyone got any idea on timings for cash coming through? I had sold a load of shares before SVS went into administration, so it is not small sums of money...

My2penneth

We've had just the one share transferred from my Qort account....only another 88 to go spread out over 4 accounts. No cash.

gibson81

energymatt said:

Hi all
Just caught up on this forum. For those that are transferring ISAs to another provider, has anyone yet had their cash transferred? I can't see anyone that has that has stated this has happened.
I called ITI for the first time today and got nowhere. I spoke to account management, but they took me down the route of trying to fill more forms in. I said no. They then gave me a different number 020756208015, but it just rang out and no one picked up. 
Anyone got any idea on timings for cash coming through? I had sold a load of shares before SVS went into administration, so it is not small sums of money...

Your best bet would be to contact your new broker and ask them. 

Geeba

An update from my perspective and some possibly useful information. I was transferring an ISA and a dealing account from ITI and all the holdings for both have now appeared in my respective AJ Bell accounts however, like others, I am still awaiting the residual cash for both.
When I originally made the requests I only had holdings in Qort accounts and it was these accounts that I indicated on the original AJ transfer form. Whilst waiting for progress and in the interim ITI started to move some of the holdings across to newly created Phoenix accounts (as has been noted it was basically AIM stocks that remained in Qort although one AIM holding was moved to the Phoenix dealing account, don't know why, don't care), and this is where the situation started to crack.
I constantly kept AJ apprised via email and phone, making it clear that they should concentrate on the list of holdings for each request as what should be definitively transferred (I had not dealt any of the stocks), but what was actually initially transferred were just the stocks in the Qort accounts. In fact AJ was then going to consider the transfer subsequently complete for the dealing account even though only 1 of the 4 holdings in the list had been transferred (the other 3 having been moved to the respective Phoenix account), despite my efforts to get them to focus on the holdings and not any potential ITI account references! So there seemed to be little reconciliation between the parties (hardly surprising I know) but I would have hoped that AJ would have pursued the stocks that had been moved to the Phoenix accounts more actively.
So, the point is that for those who are still trying to get transfers to their brokers completed make sure that you have made all of your ITI accounts (Qort AND Phoenix) very clear to your broker to identify where your holdings should be, particularly if you only offered a Qort account reference in the original transfer request! 

My2penneth

rnf11 said:

My2penneth said:

Some positive news to share.  I emailed ITI about custody charges. Rahul Agarwal,  Managing Director, International Head of Private Clients replied;
"As you are in the process of transferring out, I can confirm your account will not be charged a custody fee."

Good news if it applies to everyone with a transfer in progress.

Thanks for sharing it promptly.

Sorry, I forgot to say, I also asked about dividends in the same email...no reply received!

In addition, I've just logged onto Phoenix to check dividends - I see that dividends reported in Phoenix and in the  Qort platform differ in amount! I did see that 2 dividends had been paid recently. These 2 dividends (ASEI & HDIV) were initially shown in Phoenix as "accruals" on the day they went XD (September). Now that pay day has been reached, the cash had been paid into the account and a negative value is now shown in the accrual section - all fully marked up, to say that the dividend had been paid. It's a bit overkill for what we need but it is "all there". 

(note - this only applies to shares migrated to Phoenix prior to their XD....everything else with regard to dividends is a question mark! )

Michael_Reynolds

Securties may be moving BUT CASH IS NOT! This is extremely concerning. I had GBP 800 worth of dividends paid to Crest on Sept 29th & 30th which still haven't appeared in my ITI cash accounts. I wrote to Rahul today and included the following: 

"I would like to remind you that any deliberate attempt to withhold dividends without good reason may be considered to be a criminal act of fraud."

I have copied the email to the FOS, FCA & the LSE.

Day after day this charade goes ON AND the authorities just stand on the sidelines MONITORING!

SVS_Disgrace

Michael_Reynolds said:

Securties may be moving BUT CASH IS NOT! This is extremely concerning. I had GBP 800 worth of dividends paid to Crest on Sept 29th & 30th which still haven't appeared in my ITI cash accounts. I wrote to Rahul today and included the following: 

"I would like to remind you that any deliberate attempt to withhold dividends without good reason may be considered to be a criminal act of fraud."

I have copied the email to the FOS, FCA & the LSE.

Day after day this charade goes ON AND the authorities just stand on the sidelines MONITORING!

I'd guess that ITI would claim incompetence (or "admin issues", etc) for a week delay in processing dividends. But the general case of ITI withholding cash is very clear now, and has been continuing for a ridiculously long time. I haven't been able to find any guidance on when "not paying" a client their cash becomes theft in English law, but in my view that point has passed and I consider ITI to have stolen my cash. Therefore, yesterday I submitted a crime report to Action Fraud (actionfraud.police.uk). 

I emailed my cash withdrawal request (following ITI's procedure, which requires printing off a pdf form, completing it, then creating an electronic copy and emailing that to ITI) in early September. That withdrawal form states that ITI will process the withdrawal "within two business days of receipt". The idea that ITI are so incompetent that they can't process BACS transfers within a month is not credible. They are clearly withholding (stealing!) the cash for their own purposes.

If it wasn't already, it is now certainly time for the FCA, and even the police, to step in. Then, instead of entering another year of pantomime, lining the pockets of lawyers and "professionals" like Leonard Curtis, and inflicting more suffering on the clients, the client assets should be distributed to the clients without delay, using whatever ex-SVS admin staff remain or FCA staff. Additionally, compensation can be provided, client-by-client, using the FSCS up to £85k amount.