SVS Securities - shut down?

Jamesram

jenwrendorset said:

ITICAPITAL said:

manted said:

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.

Imperial brands is another - due 30th sept still not there on 6th October.i have imp’s in my iWeb Account as they were there in my account on the same day,go figure?

Legal and General was due on 25 Sep, no sign yet

ADD Standard Life Aberdeeen SLA.L Record Date 21 August. Payment date 29 September.

My understanding is that it's the record date which is significant to ITI responsibility- ie ITI being on the record at that date means that he Company receives the divi. Those fortunate to have transferred before the record date should not have this problem. For others, and ITI, the issue is just mounting as a huge potential problem.

I am only concerned with a small divi of under £250 from SLA. So I have just put them on notice that unless I receive that  payment from them in 3 working days OR their reason as to why not,   I will issue a court "money claim online".  If I hear nothing by Monday I will send one further email, and if nothing transpires will be issuing that claim on Tuesday.

The dividend does not appear in my Phoenix account record - the account remains empty but "live" notwithstanding my full transfer out to iWeb- I have declined to close it. It is JUST possible that ITI will maintain that they are "in the process of" transferring the divi cash over to iWeb. I am not sure whether they have my instruction to do this- did my transfer request made through iWeb extend to all later dividends received on those stocks? If my account was an ISA then I guess that is what I would prefer. In fact it is not, and I have in my email "Notice of Intended Court Action" asked ITI to transfer the divi cash to my own  bank account.

Lastly, if the divi cash WAS shown in my Phoenix account, then I suppose I could/should just request a cash drawdown to my bank, which others have manage to achieve recently. But as NO divi is actually showing, how can I even start to make the drawdown request?

Just a few thoughts.

My2penneth

I've raised the issue of dividends in Qort accounts several times with ITI....they have never responded.  I also asked Leonard Curtis to bring up the subject with ITI. To date, nothing heard back.

My2penneth

@Jamesram
With a record date of August 21, I'd be surprised if you see any accrual information in Phoenix. I  suspect  your shares were still in Qort and thus the SLA divis are not visible to you. 

When your accounts transfer on settlement,  the dividends that lag behind will go to ITI and they must send them on to your new broker.  

Jamesram

My2penneth Thank you for the above info. My Phoenix account shows an apparent creation date of 1 Sept, and the  SLA shares were transferred out of that account on or about 21 September to iWeb:

PHOENIX Portfolio Details Bargain Reference:BBG000N2C023

Created:1/1/1900 12:00:00 AM

Account:PX3*97 STANDARD LIFE ABERDEEN PLC

Does that mean that the SLA Divi should be showing in the Phoenix account do you think?

As regards mandatory  transmission on to new Broker- thanks for that info. Do you happen to  know the source of that requirement please? 

I may have to re-consider issuing a court money claim if I have no right to demand transfer of the divi the cash to myself- it might be a question of asking the court for an Order of some sort mandating ITI to make the cash transfer to iWeb. Not so simple. Drat!

Why is getting hold of all  one's own assets and cash so darn hard- 14 months now and counting.

My2penneth

Yet again I have received another automated email from ITI Capital - exactly the same as yesterday.

Jamesram

Sorry - just realised the above creation date is nonsense thought it read 11/9/ must get new specs- no idea when the Phoenix account was created!

Jamesram

My2penneth Now established from Reports that all my stocks transferred into Phoenix ac on 2 September .

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.

As others have suggested - 

Imperial Brands,

Legal General,

SLA

My2penneth

Jamesram said:

My2penneth Thank you for the above info. My Phoenix account shows an apparent creation date of 1 Sept, and the  SLA shares were transferred out of that account on or about 21 September to iWeb:

PHOENIX Portfolio Details Bargain Reference:BBG000N2C023

Created:1/1/1900 12:00:00 AM

Account:PX3*97 STANDARD LIFE ABERDEEN PLC

Does that mean that the SLA Divi should be showing in the Phoenix account do you think?

As regards mandatory  transmission on to new Broker- thanks for that info. Do you happen to  know the source of that requirement please? 

I may have to re-consider issuing a court money claim if I have no right to demand transfer of the divi the cash to myself- it might be a question of asking the court for an Order of some sort mandating ITI to make the cash transfer to iWeb. Not so simple. Drat!

Why is getting hold of all  one's own assets and cash so darn hard- 14 months now and counting.

I would say your SLA dividends are "in Qort". 
On the record date the SLA shares were in Qort and the shares were not migrated to Phoenix until September 1st  2nd (and then subsequently transferred to iWeb on ~21st September - not really relevant). 

I would be surprised to see the SLA dividend mentioned at all in the Phoenix accruals listing as Phoenix didn't know about your SLA holding on the record date. You've checked this for yourself using the "reports" button in Phoenix and (after "expanding all") looking down the report pages for "accruals" (I posted an example table from my account P459). If the SLA dividend is not showing then it must be elsewhere ..i.e. in Qort.
 
Pay date is 29th September - ITI Capital need to transfer the dividend to iWeb. As for being mandatory - who owns the dividend and....... who currently has it and why ? As the pay date is 29th September, what do you think are the odds regarding ITI having already sent them onto to iWeb...on a scale of "naff all" being the best possible case and sweet naff all................. The funds would have arrived at ITI, loaded into the Qort account on 29th September (funds might have to clear as well!) and then ITI have to send it to iWeb. 

Jamesram

My2penneth Many thanks for that response. Needless to say there is no cash to reflect divi in my relevant Qort account.

I have though just received the new "one size fits all" bounce-back response email, after my formal request for payment of divi cash.

I phoned ITI, and chose Option 2, "Dealing", since Option 1 for "SVS clients who are trying to join ITI" seemed rather old hat.

Spoke to a dealer, who re-assured me that back office was dealing with enquiries notwithstanding the lack of name, reference etc- on the reply email-my original enquiry would be "passed to the relevant department for action and a response"

Which seems rather odd, because one might think that "accounts management" whom I wrote to, and who responded to me with the standard email in question, might in fact be the relevant department that would be managing my account? 

Anyway, this nonsense has renewed my determination to do something. The court fee for an online money claim of up to £300 is £25. I feel that therapeutically this will be money well spent even if I am unable to recover it under a money judgment in due course.

Of course, that will only be necessary in the unlikely event that ITI Capital do not respond promptly to my request for payment of dividend, either to iWeb or myself- doesn't matter which to me.