SVS Securities - shut down?

RasputinB

Some points regarding receipt of dividends.

From ITI Capital’s Terms Of Business -

8.3   We may, but shall not be obliged to, claim and receive dividends, interest payments and other income payments accruing to your investments held by a nominee.

Compare with Hargreaves Lansdown, for example, – “HLAM will be responsible for claiming and receiving dividends, interest and other income payments accruing to your investments held by the nominee”.

However, if you opt, or have opted, for a reverse transfer back to Leonard Curtis then the Sub-Custody Agreement will apply. Paragraph 2.5 states “If the Transferee receives any interest, dividends, any other payments or distributions, any sale proceeds, redemption money and capital sums in respect of the Sub-Custody Assets, the Transferee shall notify the Transferor and the Administrators and the Transferee shall pay such money to an account nominated for such purposes by the Administrators promptly following its receipt.

sweeter_strudel

Finally, after a couple of months waiting one of my Phoenix accounts (trading) went live yesterday.
Of course there's nothing actually in there - no holdings, no cash, no accrued dividend.
And my ISA Phoenix account is still pending approval......

I had a feeling I was not going to be having a champagned fuelled celebration on this day having read on here all that unfolds (or doesn't) when you get to this stage. Since I am transferring out I am poised to hear that the new brokers get told there's nothing in the account to move because everything is still stuck in the Qort.....

rnf11

RasputinB said:

Some points regarding receipt of dividends.

From ITI Capital’s Terms Of Business -

8.3   We may, but shall not be obliged to, claim and receive dividends, interest payments and other income payments accruing to your investments held by a nominee.

That's one of what I thought were "red flags"  found while looking though the T&Cs, before deciding it would not be advantageous to get further involved with ITIC.

Still no cash transferred across to IWeb.

Someone a little while back (Gibson?) suggested that ITIC would be waiting till all dividends destined for them had arrived before sending off all the cash in one go. That would be plausible in respect of one of my accounts, but with the other one there are no dividends to wait for.

snipkin

About dividends, someone on one of the ShareSoc "SVS Client Action Group" threads posted earlier today:

[QUOTE} "I did actually manage to get though to someone at ITI to ask why dividends were not showing a couple of weeks ago. He said that it was because I had chosen to transfer to another broker. His explanation was that all my holdings and cash were held in a sort of ‘transitional’ account between the administrators and themselves and so were frozen from the point that they accepted my transfer request.

I felt that this was probably just to try and placate me and get me off the phone

This has been a farce from start to finish [.... ]" [END QUOTE]

So let's hope our dividends are being properly recorded and accurately assigned somewhere by ITI... But surely they should be visible to us? I am using DividendMax website to check what dividends I should be receiving and on what dates since July 2020. And only one of my four expected dividends is currently shown in 'Qort' - under "Income from financial instruments" with no indication of which share holding it is related to...

Michael_Reynolds

HANG ON, BECAUSE THIS IS JUST ABOUT THE FINAL STRAW!
AM I NOW BEING ASKED TO BELIEVE THAT LC, THE FCA, THE FSCS & THE HIGH COURT APPROVED THE SALE OF THE SVS CLIENT DATABASE FOR GBP 500,000 TO A RUSSIAN OWNED AND ALMOST EXCLUSIVELY RUSSIAN STAFFED COMPANY WITH STRONG TIES TO THE UK'S BEST FRIEND VLADAMIR THAT HAS THE FOLLOWING CLAUSE IN IT'S TERMS OF BUSINESS?:
8.3   We may, but shall not be obliged to, claim and receive dividends, interest payments and other income payments accruing to your investments held by a nominee. 
CAN SOMEONE PLEASE WAKE ME UP FROM THIS AWFUL NIGHTMARE. LET'S SEE WHAT LC HAVE TO SAY ABOUT THIS!

Michael_Reynolds

RasputinB said:

Some points regarding receipt of dividends.

From ITI Capital’s Terms Of Business -

8.3   We may, but shall not be obliged to, claim and receive dividends, interest payments and other income payments accruing to your investments held by a nominee.

Are you sure about this? 8.3 in the following link doesn't refer to dividends. It deals with margin? 

https://iticapital.com/assets/pdf/Terms-of-Business-Retail-Client-October-2018.pdf

Michael_Reynolds

RasputinB
Aren't we covered under the following?
14.6 We will claim all amounts of any dividends, interest, payments or analogous sums to which you may be entitled in relation to Custody Assets and of which we are notified, but we shall not be responsible for claiming any entitlement or benefit you may have under any applicable taxation treaty or arrangement. Unless otherwise agreed with you we shall not be responsible for notifying you of any voting rights or other powers or rights arising or exercisable in respect of any Custody Asset or for exercising or taking any actions in respect of the same.... 

Sheris

Michael_Reynolds said:

HANG ON, BECAUSE THIS IS JUST ABOUT THE FINAL STRAW!
AM I NOW BEING ASKED TO BELIEVE THAT LC, THE FCA, THE FSCS & THE HIGH COURT APPROVED THE SALE OF THE SVS CLIENT DATABASE FOR GBP 500,000 TO A RUSSIAN OWNED AND ALMOST EXCLUSIVELY RUSSIAN STAFFED COMPANY WITH STRONG TIES TO THE UK'S BEST FRIEND VLADAMIR THAT HAS THE FOLLOWING CLAUSE IN IT'S TERMS OF BUSINESS?:
8.3   We may, but shall not be obliged to, claim and receive dividends, interest payments and other income payments accruing to your investments held by a nominee. 
CAN SOMEONE PLEASE WAKE ME UP FROM THIS AWFUL NIGHTMARE. LET'S SEE WHAT LC HAVE TO SAY ABOUT THIS!

Not surprised with what is going on, with so many now running away and heads in the sand.
Still unable to see accounts and monies.  

RasputinB

Michael_Reynolds said:

RasputinB
Aren't we covered under the following?
14.6 We will claim all amounts of any dividends, interest, payments or analogous sums to which you may be entitled in relation to Custody Assets....

I'd hope so but the ANNEX to the T & Cs states "This Annex, which forms part of the Terms, sets out certain additional terms and conditions applicable to the specific products set out herein. In the event of an inconsistency between the Annex and the Terms, the provisions in this Annex shall take precedence".

So, I think that 8.3 in the Annex (apologies for not noting that it was from the Annex) is a problem.

brynrogers

After watching this forum for week and still having no assets in my Phoenix account I sent an email to out every pertinent person I could find (info on here), and today as if by magic my asset are suddenly there, and they have offered me £100 to keep quiet. From what I can see it used to be £150, but I'm not really happy about taking bribes, I just want me stocks and cash.
How do you withdraw cash from a Phoenix account? or. is this another 'test' being dished out to the tormented?