SVS Securities - shut down?

My2penneth

SteveJohnson56 said:

I have an account with the Halifax share trading, my ITI Capital account is going to iWeb.
I'm considering moving Halifax to iWeb.

Anyone have an opinion as to the difference in customer service, dealing prices etc Halifax compared to iWeb as both being part of Halifax and the websites looking very similar.

Halifax share trade cost £12.50, iWeb £5
Why would anyone stay with Halifax?
Surely can't be just the £85k compensation cover limit per broker.
The address looks to be the same, probably same staff dealing with both companies
What am I missing?

https://www.halifax.co.uk/investing/help-and-guidance/important-information.html

shiznit76

My2penneth said:

Surprised they gave you an actual date!  
It's up to you but I wouldn't be mugged off by ITI for £75. They're messed you about and caused you grief for how long now?  Your choice of course.

Since i put my original request to move to Iweb on the 8th August. 
I was surprised they gave a date too, bit of putting their head on a block should it not go through by then

SteveJohnson56

Thanks for those replies re. Halifax/iWeb.
Is there any difference in the service to justify paying Halifax £12.50 per trade over iWeb £5?
I traded a lot over the last 12 months, could have saved £300-400.

My2penneth

I'm with iWeb. I've rang them "quite" a few times (10?...) chasing the transfer from ITI. I think that I once had to wait 5 minutes to speak to someone but generally it was quicker than that.  I've always got through and not had to hang up.  A couple of times over the last few years the web chat facility has not been available so I phoned instead. The iweb staff seem to be able to contact other team members quickly ( whilst you are on the phone,  putting you on pause for a couple of minutes). Generally I'm happy with Communication with iWeb and their ability to resolve issues ( ITI being an exception)

Dealing ( buying/selling) - no issues, Easy to do with a 15 second window to buy or sell at a displayed price.

Transferring cash - is bidirectional between your linked bank account...easy to operate but equally easy to add funds when you want to withdraw them...operator error, but others have reported that it is easy to send funds in the wrong direction if you are rushing!  Cash takes a couple of days to be received and can be deposited, generally in a few seconds.

People say the website interface is clunky but I think I'd describe it as "easy to use" and works just fine for me.

IWeb produce quarterly reports of your accounts ( SVS didn’t but should have).

I generally buy FTSE companies including ITs....never not been able to buy what I was looking to buy. 

Overall  I've found iWeb to meet my needs and have never had an "ITI experience" with them.  

shiznit76

Contacted Iweb and they have confirmed that my holdings will be transferred on the 18th and all holdings are correct. Light at the end of a very long tunnel?

SteveJohnson56

My2penneth said:

I'm with iWeb. I've rang them "quite" a few times (10?...) chasing the transfer from ITI. I think that I once had to wait 5 minutes to speak to someone but generally it was quicker than that.  I've always got through and not had to hang up.  A couple of times over the last few years the web chat facility has not been available so I phoned instead. The iweb staff seem to be able to contact other team members quickly ( whilst you are on the phone,  putting you on pause for a couple of minutes). Generally I'm happy with Communication with iWeb and their ability to resolve issues ( ITI being an exception)

Dealing ( buying/selling) - no issues, Easy to do with a 15 second window to buy or sell at a displayed price.

Transferring cash - is bidirectional between your linked bank account...easy to operate but equally easy to add funds when you want to withdraw them...operator error, but others have reported that it is easy to send funds in the wrong direction if you are rushing!  Cash takes a couple of days to be received and can be deposited, generally in a few seconds.

People say the website interface is clunky but I think I'd describe it as "easy to use" and works just fine for me.

IWeb produce quarterly reports of your accounts ( SVS didn’t but should have).

I generally buy FTSE companies including ITs....never not been able to buy what I was looking to buy. 

Overall  I've found iWeb to meet my needs and have never had an "ITI experience" with them.  

Thanks again My2p

sweeter_strudel

SteveJohnson56 said:

Thanks for those replies re. Halifax/iWeb.
Is there any difference in the service to justify paying Halifax £12.50 per trade over iWeb £5?
I traded a lot over the last 12 months, could have saved £300-400.

Steve,
Anecdotally across my multiple broker accounts I get a vibe the more expensive brokers get fractional pennies more for you when you sell (and you conversely pay fractionally less when you buy). Suggestion: open an account with iWeb, buy something you already have in your Halifax account and then at the same moment place a sell for an identical amount of stock on both platforms and see how things look.....

The other difference is expensive brokers have all sorts of analysis and portfolio x-ray tools. Cheaper accounts are simply a list of your holdings and a buy and sell button.

I have discovered some like Charles Stanley who don't allow you to set limit orders for more than one day. And another (can't recall who) don't allow you to set a sell limit order say 50% higher than the current price - which is a pain if you have a life to be getting on with but fancy selling an AIM stock on a potential price spike.

shiznit76

are Iweb and Halifax not all under Lloyds banking group?

My2penneth

shiznit76 said:

are Iweb and Halifax not all under Lloyds banking group?

Yes, as per their licence....see page 523.

johnburman

IWeb - as a new client - seems fine for me.  Easy to buy an dsell and you have a 15 second window to make decisions
money transfers are OK [was a problem early on but they soon sorted it out - suggest you transfer a few pounds both ways to check it works].  Cheap and easy , just what ex-SVS clients need.  WARNING: coudl not transfer my AASG ETFs to them.  Thye class these as "complex"...funny as I had no problems transferring to Jarvis.
AS has been pointed out before the MAX compensation per person is £85k in aggregate.  so if you are approaching that figure and are concerned (should not be with iWeb tho']  best split the holding.  Husband and wife each have £85k remember. 

And earlier in the week when trading was busy, iWeb went down...poor show..leads one to wonder about its robustness.