SVS Securities - shut down?

snipkin

I sent another email to my brokers about the progress of my transfer out from ITI. I received a hopeful reply from Jarvis XO this morning:
"Good Afternoon, We have been forwarded your below email enquiry. 

I can confirm that we are now in the process of transferring your stocks across, with them due to settle on the 08/10. 

Please let me know if you have any further queries. 

Kind regards,"

No reply yet from HL yet (my other broker for my ISA account). I already have all my shares correctly transferred to HL - but not the cash yet (apporx £3,000) - like everyone else has reported.
I have never submitted any withdrawal form/bank details to ITI for the transfers, just dealt with the receiving broker for both my accounts.
Has anyone yet had their cash transferred - and if so did they have to send bank details etc to ITI?

gibson81

supremetwo said:

KingGBK said:

When transferring your cash out you need to provide the bank details of the broker not your bank account to avoid delays (and then reference your account so that recipient broker will be able to add the cash into your account. This is what I was informed on the call earlier today as I almost made the mistake of adding my account details rather than my brokers this may be why your cash has been delayed. 

No.
It's your broker that supplies that information to ITI.
Just suppose you get a digit wrong and it goes astray.

As I said earlier today, I am leaving this with two very experienced operators who have probably completed thousands of transfers. As far as I am concerned, I am their customer and I have asked them to complete the transfers. If ITIC is slow, they will need to use their own experience to quicken the process up. Am I being naïve here?

gibson81

snipkin said:

I sent another email to my brokers about the progress of my transfer out from ITI. I received a hopeful reply from Jarvis XO this morning:
"Good Afternoon, We have been forwarded your below email enquiry. 

I can confirm that we are now in the process of transferring your stocks across, with them due to settle on the 08/10. 

Please let me know if you have any further queries. 

Kind regards,"

No reply yet from HL yet (my other broker for my ISA account). I already have all my shares correctly transferred to HL - but not the cash yet (apporx £3,000) - like everyone else has reported.
I have never submitted any withdrawal form/bank details to ITI for the transfers, just dealt with the receiving broker for both my accounts.
Has anyone yet had their cash transferred - and if so did they have to send bank details etc to ITI?

I am waiting on my cash but I expect this to follow shortly once the final dividends are paid into my ITIC account. Having kept a close eye on this forum, I am not aware of any cash withdrawals being completed within the last few weeks. I got a large chunk out in early August which was accumulated divis.

SVS_Disgrace

Update: I've finally got a response regarding my cash withdrawal! ... I received an email from "cashwithdrawal@iticapital.com", apologising, giving an excuse, and then saying "We have received your withdrawal request and payment will be made." They didn't say when, of course, so we'll see. But it feels good to have finally got a response, after more than a month of silence. 

I'd now send all cash withdrawal requests to this email address I just quoted. (Perhaps it's on the cash withdrawal forms now, but customerservice@iticapital.com was where cash withdrawal requests were supposed to be sent when I completed the form, more than a month ago.) 

For the last 3 days, I'd started forwarding my request to them daily, with "SEND ME MY MONEY NOW!" added at the top each time. And today, I copied in accountmanagement@iticapital.com and also Rahul.Agarwal@iticapital.com, with the following extra message:
"Rahul Agarwal: ITI Capital can't process a BACS payment to send me my cash within one month? I don't believe it. I believe ITI Capital are cynically, and criminally, withholding client cash (not just mine), to the extent that it constitutes theft. I've already reported this to Action Fraud (actionfraud.police.uk), but I'm sure the police get less excited about a theft if the thief has returned the cash to the victim. - So: send me my money now!"

So, while, as I mentioned, I haven't actually got my cash yet, it seems that copying in Rahul Agarwal and getting more "assertive" seems to elicit some response. 

jenwrendorset

I will be grateful if someone would confirm the correct procedure if I wish to sell a share holding (which I do once the account is sorted out, or pigs  take to the skies, whichever comes first !).Presumably I need to phone the share dealing number, request to sell the holding and then I would expect them to give me a selling price which I agree to.  My question is: what confirmation can I expect to receive once the sale is done - SVS used to produce a sold contract note within nano seconds which I could print off for my records. The next bit is the worrying bit......the proceeds should presumably then appear in my account (currently still waiting to move to Phoenix, don't suppose it ever will but do I care ?) and I guess it's then a case of downloading yet another withdrawal form, completing it and emailing it back to them and waiting !

RasputinB

jenwrendorset said:

I will be grateful if someone would confirm the correct procedure if I wish to sell a share holding (which I do once the account is sorted out, or pigs  take to the skies, whichever comes first !).Presumably I need to phone the share dealing number, request to sell the holding and then I would expect them to give me a selling price which I agree to.  My question is: what confirmation can I expect to receive once the sale is done - SVS used to produce a sold contract note within nano seconds which I could print off for my records. The next bit is the worrying bit......the proceeds should presumably then appear in my account (currently still waiting to move to Phoenix, don't suppose it ever will but do I care ?) and I guess it's then a case of downloading yet another withdrawal form, completing it and emailing it back to them and waiting !

I sold holdings with no hassle. When I phoned I had live prices from another broker on my screen. More here -

https://forums.moneysavingexpert.com/discussion/comment/77598793/#Comment_77598793

shawdon

Lack of progress update:
Still only 2 out of 10 accounts transferred to HL and of those 2 I am still waiting for the cash to move across more than 10 days after the shares moved across. HL confirmed that it is ITI that are delaying the transfers which are now more than 10 weeks late!
Still no reply at all to my recent emails to the top 3 managers at ITI.
Still no dividends from BP and AVIVA in my ITI accounts despite being paid over 2 weeks ago (surely that breaks all the rules!).
My ITI dashboard is completely wrong again as it shows everything doubled up again!
What a complete mess!

manted

I wanted to start a thread for all of us who cant see our dividends in Qort accounts at ITI Capital.
There's been many shares going ex-dividend since July. The ones I know of from reading this forum so far, that we havent seen dividends for are - 
AVIVA,
BP,
Dominos Pizza LSE,
GoCompare,
SSE,
Any others ?
Surprisingly, Shell dividends have been processed already. Atleast a few folks have said they are able to see the cash.

9406824

Hi guys An update from ITI capital.
They have upheld my compliant and 
I have just been offered a payment from ITI capital for  distress and inconvenience of £150.

I assume therefore I can’t go any further if I accept this offer with the FOS.

9406824

Don’t think I should accept this offer as it’s in my opinion too low.