SVS Securities - shut down?

Clairabella

Having finally received my cash withdrawal four days ago, I have just received an email telling me that they are unable to to proceed with my withdrawal as I have insufficient funds! It seems to me that the right hand doesn’t know what the left hand is doing. Surely their computer system would tell them they’d already paid out? In the meantime my shares are still showing double of what I hold. 

Anyone else received another Terms of Business email? 

RasputinB

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 took the route that Jamesram explained and I prepared my case ready for the County Court Money Claims Online service.

But I didn't need to go that far because the final notice that I sent to ITI persuaded them to actually transfer the cash to my bank.

https://forums.moneysavingexpert.com/discussion/comment/77733314/#Comment_77733314

Jamesram

Michael-Reynolds asked:Jamesram do you know much about registration by any chance?

Sorry, I don't even understand the context of the question! I buy and sell stocks that my broker offers, and that's it.

I do know a lot about trying to get registration with a NHS Dentist- now that is a tough cookie.

Good to hear you are almost out Michael..

sweeter_strudel

Clairabella said:

Having finally received my cash withdrawal four days ago, I have just received an email telling me that they are unable to to proceed with my withdrawal as I have insufficient funds! It seems to me that the right hand doesn’t know what the left hand is doing. Surely their computer system would tell them they’d already paid out? In the meantime my shares are still showing double of what I hold. 

Anyone else received another Terms of Business email? 

Yes CBella, I received an email with new terms a couple of days ago. Most amusing was the line saying "a few folks" had received a previous version in error on 30th Oct. Every move ITI ever do is bound ntoninvolbe a banana skin!

I also  thoughtdarned near every one of us got emailed first time round?

With regard to my own "lost" shares ITI have blamed the other broker for not returning them. So I took this comment and copied it into a formal complaint against the other broker - saying someone is covering up cos both of yous can't be right. No sign of my returned shares although cc-ing the FCA into the compliant to ITI certainly triggered a reaction with a request to have evidence of everything!

RobHun

Clairabella said:

Anyone else received another Terms of Business email? 

Yup, almost two weeks after they FINALLY  transferred my account to HL.

Michael_Reynolds

Jamesram said:

 

Michael-Reynolds asked:Jamesram do you know much about registration by any chance? 

Sorry, I don't even understand the context of the question! I buy and sell stocks that my broker offers, and that's it.

I do know a lot about trying to get registration with a NHS Dentist- now that is a tough cookie.

Good to hear you are almost out Michael..

Yes I did the same. In 2013. as a non resident I setup my account at SVS and I bought 15 securities without any problems at all. For the next six years I never experienced any difficulties. I bought and sold online from Australia and my dividends were all credited on the due dates. It was lost cost and i never gave it a second thought. 

We all know what happened next!  Let's not dwell on that. 

Knowing I couldn't live with the Ruskies I had to start the search for a broker who would accept non residents and my 15 securities all of which are liquid and quoted daily on the LSE. That was alot harder than you might think. I've ended up with 12 at IBKR, 1 at Swissquote Luxembourg and 2 still stuck at ITI which are the subject of my previous post.  It is surprisingly complex what goes on behind the scenes at the various securities registries around the world. IBKR operate worldwide but are an American organisation so their nominee accounts are held at DTC (Depository Trust Company). DTC handles trillions of US transactions on a daily basis. If you're a non US citizen and an IBKR client then your securities are mirrored into Crest or Computershare or what ever the registry is for the country where you're resident. That's as I understand it! I'm having to learn fast. 

markthompson32

hahadi said:

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

Still waiting for a US one to transfer, all my UK ones worked fine, been over a week now, same with the cash, all disappeared from ITI but not appearing in Iweb, hoping it will go OK

rnf11

markthompson32 said:

hahadi said:

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

Still waiting for a US one to transfer, all my UK ones worked fine, been over a week now, same with the cash, all disappeared from ITI but not appearing in Iweb, hoping it will go OK

Also have cash disappeared from ITIC and not showing on IWeb.

There is a clear pattern here, and has so been for some time now..

hahadi

I still have one US share awaiting transfer together with some cash.. All my UK holdings were transferred on 14th October, and my ITI account now appears closed as I can no longer sign in. 

johnburman

Careful hahadi.   I have just received some ££ from ITI for a closed acocunt.  It was for some UK shares and some $US received form SVS (for presumably a dividend in US$) which ITI had received.   Nobody told me anything about this or wha this US$ represents!      MAKE SURE YOU GET FULL STATEMENTS FROM ITI AND check them.  They are not easy to understand.