SVS Securities - shut down?

Sheris

My2penneth said:

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

Could someone please let me know the emai for David Moss at ITI 

Emillion1

My2penneth said:

Emillion1 said:

My2penneth said:

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. 

How can iWeb transfer your account? They are the recipient! They can't do any more than you can to put pressure on ITI.  If I ran iWeb I would close your account

When I filled in the transfer request form it becomes their responsibility to liase with ITI ...they have 30 days normally. They have not been successful. I want them to turn up the pressure on ITI by getting them to complain to the FCA as well as us ( which is what Jarvis is reported to have done ).  
We know why iWeb are not succeeding but that is NOT our responsibility, just our problem!

On what grounds would you close my account....for raising a complaint....if you ran ITI my account would have been closed 20 times or more!

iweb, will make contact with ITI and request stock held on your account.  This is a "transfer out" after that iWeb are totally at the behest of ITI's settlements dept for delivery. iWeb have no control over the process. 

Why would I close your account?  Firstly, I would not have to give a reason. However, at £5 per bargain, iWeb are probably losing money. Online brokers charging less than c. £10 per trade make a max profit 50p per bargain.  At £650 per FoS complaint....... I will leave it to you to work out why I would close your account. 

sweeter_strudel

Progress update.....
OK, "Update"......
No sign of transfer out to ii happening any time soon. There was acknowledgement of my holdings but now ii have to get ITI to agree a date - and actually move the shares.
iWeb are a black hole. Hoping they give me a valuation before Christmas.
My HL transfer out was completed at the end of September .... but no sign of the cash in the account, but I did get a strange transaction credited which is either ITI moving cash and giving it a very weird name, or I have received someone else's dividend payment. 

My money is on the second scenario....

bnet

Hi all,
My phoenix account is still inoperative. The only position left with these guys is waiting for a sell order to be executed and then I'll withdraw the money, leaving the account at 0 and closing it.

After complaining and complaining.... today I have been contacted by the Compliance team and after recognisig their consisten fault since I first contacted them (Actually they have listed all my queries in the 3 page letters) they are offering me 140 GBP to settle the issue and not proceed with the complain through the authorities. 
What would you do?
I have no intention of wasting my time further, but if a complaint via FOB will have a real impact on them, then maybe it is worth considering rejecting the money. But as I say, I have only one position right now as I have been selling all my portfolio by phone and withdrawing the cash.

Emillion1

bnet said:

Hi all,
My phoenix account is still inoperative. The only position left with these guys is waiting for a sell order to be executed and then I'll withdraw the money, leaving the account at 0 and closing it.

After complaining and complaining.... today I have been contacted by the Compliance team and after recognisig their consisten fault since I first contacted them (Actually they have listed all my queries in the 3 page letters) they are offering me 140 GBP to settle the issue and not proceed with the complain through the authorities. 
What would you do?
I have no intention of wasting my time further, but if a complaint via FOB will have a real impact on them, then maybe it is worth considering rejecting the money. But as I say, I have only one position right now as I have been selling all my portfolio by phone and withdrawing the cash.

Ask for the £650 they will have to pay to FOS.  it still works out cheaper as there is no time cost for them, also free's compliance team up to deal with other complaints.

johnburman

ITI do not seem to be able to transfer ETFs to new brokers. Anybody else had this issue? 

My2penneth

johnburman said:

ITI do not seem to be able to transfer ETFs to new brokers. Anybody else had this issue? 

I mentioned that ITI have actually transferred one share  and only 1 share  ( from 4 accounts, 1 in 80+ holdings) that was residual in a qort account.  That one share was an ETF, "GBDV".

Iweb will accept my iShares so they should be able to transfer them from Crapital to iWeb. 

 https://www.hl.co.uk/shares/shares-search-results/s/ssga-spdr-etfs-europe-i-s-and-p-global-dividend

Interactive investor reported that they wouldn't accept 2 of my holdings ( TFGS and PEYS) so I might let them stay in my account as the custody fee would be small but ITI wouldn't close the account and i can log in to check dividends. After  a while I guess I'd have to bite the bullet and sell.

jenwrendorset

We have a joint account which is still struggling with the on-boarding process.  Our original idea was to sell the holding (we only have the one L&G holding) once L&G dividend appeared (if ever!) but with all that is going on with disappearing money in accounts we now think the safer option, albeit more expensive, is to open up an account with another broker (iWeb does not accept joint accounts unfortunately) and transfer out, at least that way we have a paper trail - the prospect of selling within ITI network and the money not appearing is giving me sleepless nights.  Any suggestions as to which broker would prove cost-effective......our intention is literally to transfer and then sell up (and repurchase into our ISAs with iWeb.....at the rate things are going it will probably be next year's ISAs). We were on the point of selling and re-purchasing in sole names with SVS when things went horribly wrong.

RasputinB

jenwrendorset said:

Our original idea was to sell the holding (we only have the one L&G holding) once L&G dividend appeared ..

I have sold some of my holdings by phoning a dealer at ITI and it went OK. After sale I asked the dealer for help in getting the cash withdrawn and he asked me to email him with details. He forwarded to Abiola.Omotayo@iticapital.com and the cash arrived at my bank soon after. The promised contract notes by email never arrived but the transactions were posted in my Qort account a couple of days after the trades. Yesterday I emailed asking for the cash balance from dividends to be withdrawn so we will see how long that takes!

My2penneth

Sheris said:

My2penneth said:

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

Could someone please let me know the emai for David Moss at ITI 

I was given this email address by the FCA
compliance@iticapital.com
but I would also cc to david.moss@iticapital.com