SVS Securities - shut down?

shiznit76

johnburman said:

iWeb transfer for us is still ongoing: not been completed.  
Also, once the share transfer is "settled" (completed) only then is the cash requested.  Hence a yet further delay.  If it is too long, you could always ask for interest.  If they don't give it - ask the FOS for a ruling.  

I am the same, they have got the valuation through, but still waiting on a settlement date

Jamesram

Ravima said:

Anyone able to assist in completing this form?
I simply want to transfer to another broker. What has the 'cash withdrawal' form have to do with it?
Where do I insert the Stock Code, Description and Quantity? There is not much space for it on the form! 
I don't know why they (kindly) dated it 03/09/2020.
Given that my account is still not live with ITI, I finally managed to have them send me the forms via email, after threatening to contact FSO/FCA.

Hi Ravima. If you go back  to p420  you will see that I provided some answers to your questions. When the Transfer form is automatically downloaded online  the first page is the Cash withdrawal form and you cannot proceed without completing it. Some people  put 00000 in the required fields, as they did not wish to give their bank details- this allowed progress to Page 2, the actual transfer form. You don't have that problem.

You can put your own bank details if you want any cash to go your own bank. The other alternative, which is not made clear but is definitely the right choice for an ISA account, is to insert the bank details of your new Broker, with your own account reference for that Broker, so that the cash transfers  and remains witthin the ISA wrapper

You make a good point about the Stock Code part. Not addressed that issue myself before now- missed it. Can I suggest you just write "My entire stockholdings in this account" or some such wording- there is space just above that line.

As Leonde has suggested, it would be a good idea when you return the form to add a copy of the Transfer Form YOU completed to your new Broker (if you have a copy) as an attachment to the email.

Hope that this helps some.

9406824

This debacle has now gone beyond a complete joke.
how does this company make any money when customer service is non existent.

LEAR1

toad333 said:

I'm transferring my positions and cash to Interactive Brokers in the US. ITI sent me a closure form, but the cash balances are wrong. I've been trying to confirm what they should be. 1) Should I wait till the information is correct before filling in the form? 2) Step 1 asks for "Your withdrawal bank account details" - do they mean the broker's details? The emails I've sent to ITI's transfers email account have been ignored.

I was going to answer this, but Jamesram's response immediately above deals with the point very well.
Some context - in my instance, I wanted my stocks and cash transferred with the benefit of the ISA wrapper to my new broker, so was perplexed at the bank account part of the form. A rep at ITI Capital said it needed to be completed though to progress through the form, print / upload the documents and so complete the account closure process. Not knowing Jamesram's 000000 trick at that time, I inputted my bank account details but with a very clear side note that I was forced to fill these in to proceed, but wanted the cash transferred to the broker. When chasing up the cash a few days ago, ITI said that the receiving broker's account details were what they after there. (On a related note, others have made the point that it shouldn't be up to us to fill this in - it's for the transferor and transferee brokers to liaise on these technical points - but I have just taken the view I'll do anything within my power, especially an easy job like filling in a broker's cash account details, to remove obstacles for ITI completing my transfer out!

My2penneth

I realised I was missing a trick - I've just submitted another complaint to the FOS on behalf of my wife. I realised that it was not just my accounts that were affected but hers as well so it is equally valid for her to complain about ITI.

https://www.financial-ombudsman.org.uk/contact-us/complain-online

SteveJohnson56

eskbanker said:

SteveJohnson56 said:

If I was to receive 8% interest on my cash balance since 23 July - Sep when I gained access to my accounts and up until a recent cash withdrawal I would be owed £1k not a fob off take it or leave it final offer of £100-250.

That's not a realistic expectation!  If FOS decided to uphold a complaint about delayed access to cash and assets, any statutory interest would be calculated on the amount of compensation not the capital value, but it's likely to be hypothetical anyway, as statutory interest tends to be applied when delays are measured in years rather than weeks or months....

https://www.financial-ombudsman.org.uk/businesses/resolving-complaint/understanding-compensation

Interest awards

We might tell you to pay interest on top of (or as part of) any payment we recommend. Interest on an award is usually calculated from the date the customer should have had the money until the date it was actually paid

We can award interest in three ways:

• As part of the award itself. For example, we might tell you to refund interest you’ve charged your customer on their mortgage if they were incorrectly paying a higher amount.
• On top of a financial award. For example, if your customer was ‘deprived’ of money – meaning they didn’t have it available to use – we can tell you to pay interest on top of the money award.
• After the financial award has been calculated. For example, if there’s an unreasonable delay in settling a complaint following an ombudsman’s decision. We can decide that 8% simple interest should start to accrue until the award is paid.

If I was 'deprived' of money would I not be entitled to 8% on that total cash amount in my ITI Capital accounts, and I have been deprived for approx. 60 days?    £cash x 8% divided by 365 days x 60days = £1k

Or is it just interest on top of the award itself and from the award date back dated to July 23???
And then would any interest be up until the FOS make the  award which would be many months away or when the complaint was made to the FOS.

eskbanker

I deleted my post as I think it was probably wrong, but still suspect that the last bit applies, i.e. that statutory interest is unlikely to be applied in a scenario like this.

shawdon

A glimmer of hope for us long-suffering investors:
It is interesting what a meeting with Dominic Raab and the inclusion of his 2 business email addresses (constituency and parliament) on an email to ITI can achieve. Miraculously 8 out of my 10 SVS/ITI accounts have now successfully moved over to HL so just 2 more to go, although these 2 were actually requested a few weeks later. Still no news of my missing dividends from BP, AVIVA and Anglo-American and GSK gets added to the list from yesterday as it was paid out on the 8/10.

My2penneth

Anybody transferring to iWeb? I have raised a complaint against iWeb for not transferring my account in a timely manner. They are responsible for applying pressure on ITI capital and - if they receive lots of complaints - they will need to explain to the FCA and that explanation will involve a lack of response from ITI. In addition, if your complaint is upheld, there might even be a token compensation payment (although I'm not really interested in this). 

So, if you have been waiting a long time for transfers make a complaint against your broker for not getting the transfer sorted. 

johnburman

You are a hard man My2p.  I think that they are doing their best, albeit they are doing it ti batches.
Funny story: ITI say they are waiting for an email from iWeb: iWeb say they are waiting for an email from ITI!  I know who I believe