SVS Securities - shut down?

shiznit76

I understand your frustrations with Iweb M2P, i feel the same. See lots of people on here having their transfers completed by other brokers, especially HL by looks of it, but Iweb seem to be dragging their heels 

My2penneth

shiznit76 said:

I understand your frustrations with Iweb M2P, i feel the same. See lots of people on here having their transfers completed by other brokers, especially HL by looks of it, but Iweb seem to be dragging their heels 

Yes, and that's partially the reason for the complaint. I know where the real issue lies but I feel that iWeb could be doing more to facilitate the transfer.  

rnf11

Folks should remember that there is a fairly competitive market in retail stockbroking - so no lack of choice . Thrugelmir does have a point - there are two sides to it.

My shares transfer to Iweb correctly completed some time back, the cash  (three weeks on) is still awaited - which may or may not be dividend-in-the-pipeline related.The concept of batch production is simple enough, and certainly doesn't mean that ALL of any particular broker's transfers will be undertaken in just ONE batch.

The common hindrance factor is ITIC. Do not let yourself be distracted from that.

clash_man

Has anyone successfully transferred to IG, mine has been ongoing for a month now. 

johnburman

iWeb are doing it in batches, maybe that's why the delay
Also is there any issue if some shares are held in CREST and some in EUROCLEAR?  I have no idea what the difference is but could that hold up matters?

Ravima

finally got access to my accounts, that I can close. 

LEAR1

Evening all. Just wanted to report that, as of Friday, all of my stocks and my cash balance had been transferred out to HL. Hooray!
There's a relatively minor disparity between the cash sent over and what I believe it should have been (allowing for dividends since July), but it's pretty close. I'll chase up the balance separately, but it's a huge relief to now be c98% done.
Posting this only to offer hope to everyone else that, despite how it may appear at times, things seem to be moving forward in the right direction, albeit slowly.

Josl

More bad news from ITI.
ITI failed two transfers after agreeing to settlement dates with my broker on 25-Sept and then again on 06-Oct. 
On 7-Oct, two months into my complaint, David Moss issued his final response confirming transfers are waiting to be processed by their elusive account management. Still no time frame! No answers to why ITI failed to transfer on the dates above. 
Offered £60 to keep quiet with nondisclosure clause. I'm back to 15-Sept when Rahul Agarwal insisted that all will be taken care of on the day (seems apparently to ward off my threat of legal action). My journey into abyss is not over.

NZPK

I have just had my Phoenix account setup ie. finally approved after an extended period of sitting in a pending approval state. Now I can log in and see that I have zero assets. The ITI onboarding platform continues to misreport my assets, currently everything is double what it actually should be. I understand I am not alone in this state. None of my emails are being answered so I'm none the wiser as to what is happening and when I can expect control of my assets. I have had two failed attempts to transfer away to another broker. I was successful in withdrawing some dividends a while back so my plan is to sell up once I can trade via Phoenix and transfer the cash to my new broker. I'm not in an ISA so no tax implications beyond capital gains realised. 

Can anyone give me an impression for how long it takes for assets to show up in the Phoenix account once its been approved? 

coyrls

NZPK said:

I have just had my Phoenix account setup ie. finally approved after an extended period of sitting in a pending approval state. Now I can log in and see that I have zero assets. The ITI onboarding platform continues to misreport my assets, currently everything is double what it actually should be. I understand I am not alone in this state. None of my emails are being answered so I'm none the wiser as to what is happening and when I can expect control of my assets. I have had two failed attempts to transfer away to another broker. I was successful in withdrawing some dividends a while back so my plan is to sell up once I can trade via Phoenix and transfer the cash to my new broker. I'm not in an ISA so no tax implications beyond capital gains realised. 

Can anyone give me an impression for how long it takes for assets to show up in the Phoenix account once its been approved? 

If you're going to sell up, I would have thought taking the cash out and opening a acccount on a new platform with the cash would be a better plan.  I am not even sure that non-ISA cash transfers are supported generally because there is no need for them.