SVS Securities - shut down?

jenwrendorset

shiznit76 said:

I have escaped! My holdings are all now showing in Iweb, my cash in the bank and i have no further need to have any dealings with ITI. It has taken almost 5 months, but i am free, free, FREE!!!!

Lucky you - ITI supposedly sent 2 sets of valuations to iWeb earlier this month but surprise, surprise, iWeb hasn't received them - at least our cash is out (didn't bother about losing ISA benefit) but unfortunately more dividends due next month so no doubt it will be back to the drawing board. Had email from yet another different member of staff requesting for the 3rd time that we complete W-8BEN/CRS/application forms tor our joint account which is empty and waiting to be closed.  Advised agent yet again of situation, he acknowledged our email (that has to be a first) then two days later he promptly requested we send the same information. It's not even a case of the right hand not knowing what the left hand is doing, these hands both belong to the same chap.....I really wish we could put this all behind us. I feel another call to the FCA is overdue.

johnburman

Not quite... Make sure you get
A a final closing account statement for each account 
B  Confirmation that the accounts are indeed closed
C. Tax certificates
But I know the relief you feel. Now you can go to the FOS for compensation 

eskbanker

johnburman said:

Now you can go to the FOS for compensation 

At the risk of going over old ground again, you don't "go to the FOS for compensation" as such; you have the option to escalate your complaint there if ITI haven't addressed it to your satisfaction, and if FOS side with you then they may instruct ITI to increase their compensation....

Nbs222

Nothing transferred for us , though  IWEB  sent our  transfer requests to ITI in early August .  Transfer requests were for SC accounts as at the time PX accounts didn't exist.

In September ITI sent  valuations from SC accounts  to IWEB but it only contained 10% of our holdings ,  rest had been moved to linked PX accounts. So asked ITI to send the valuations  from both  SC and  PX accounts  but have received no response though writing to ITI every week.Have also complained to ombudsman. I have also sent complaint emails to  ITI Compliance but haven't received any reply.

Recently we have   sent transfer requests for PX accounts. 

hahadi

Has anyone had any US shareholdings successfully transferred to their new broker.

RasputinB

eskbanker said:

johnburman said:

Now you can go to the FOS for compensation 

At the risk of going over old ground again, you don't "go to the FOS for compensation" as such; you have the option to escalate your complaint there if ITI haven't addressed it to your satisfaction, and if FOS side with you then they may instruct ITI to increase their compensation....

If a complaint has been made to ITI for failing to action a withdrawal request and you didn't get a response after 15 days then you can go straight to the FOS?

eskbanker

RasputinB said:

eskbanker said:

johnburman said:

Now you can go to the FOS for compensation 

At the risk of going over old ground again, you don't "go to the FOS for compensation" as such; you have the option to escalate your complaint there if ITI haven't addressed it to your satisfaction, and if FOS side with you then they may instruct ITI to increase their compensation....

If a complaint has been made to ITI for failing to action a withdrawal request and you didn't get a response after 15 days then you can go straight to the FOS?

I'm not sure about the differential between the 15 day limit for certain complaints and the eight week window for others (ITI's own procedure unsurprisingly suggests the latter, but there does seem to be room for interpretation) but yes, the principle is to complain to ITI first, and if they don't address it adequately (or at all) within the appropriate timescale, then at that point there's the option to escalate the complaint to FOS, who may or may not instruct ITI to offer compensation, or more of it.

Michael_Reynolds

Haven't posted on here for a while. I have however had alot of success which I will report on in more detail later.

I've got almost everything out of the dreaded ITI pit. All my cash and all securities settled at IBKR on Nov 18th with the exception of 2 Subordinated bonds Symbol code 1SBA - ISIN GB00B61ZXL72 & Symbol code !SBB - ISIN GB00B67JQX63 which failed.

Before initiating the settlement transfer on Nov 2nd I carefully checked with IBKR that both securities were in their database. ITI of course didn't bother to tell me why the transfer partially failed or which securities actually failed.

After complaining to IBKR they told me in a message this morning that they have informed  ITI several times that they can accept these two securities but in DTC only. It seems that ITI are saying that the settlement has to be in Crest.

Having done some further research on this matter my understanding is that these two securities GB00B61ZXL72 & GB00B67JQX63 have UK quotes and  can therefore be transferred to CREST's DTC account.. CREST is a member of DTC. Once this has been completed settlement can then take place in DTC?

I'd appreciate the advice of any Registrar Gurus out there? Jamesram do you know much about registration by any chance?

My2penneth

I've got some divis built up in my accounts.  I'm toying with the idea of submitting many withdrawal forms of small sums (£10) just to be a bloody nuisance to them.  Maybe they will be so fed up with me they will action the transfers that are coming up to 4 months?

Michael_Reynolds

My2penneth said:

I've got some divis built up in my accounts.  I'm toying with the idea of submitting many withdrawal forms of small sums (£10) just to be a bloody nuisance to them.  Maybe they will be so fed up with me they will action the transfers that are coming up to 4 months?

I loath ITI but I think all you'd be doing is slowing up your own transfers and other people's?