SVS Securities - shut down?

jenwrendorset

Another record breaking moment....within a few hours of submitting a cash withdrawal form I have received two responses, one saying that it will be processed as soon as possible, the other to say that there are insufficient funds to withdraw the amount I stated, it is in fact 41p less.........and did I wish to proceed with the lower amount?  There's a conundrum....the figure I quoted came from their dashboard so I've sent off the screenshot but added that I've gone past the stage of quibbling over a few pence, 'just give me my money' !!!!

RasputinB

Reconciliation of dividends.

I’ve noticed that some of the dividends received through ITI are a few pence less than expected. Has anybody else noticed this?

For those who have not received dividends a reminder that they should be credited to us within 10 working days and that ITI Capital should pay us 8% simple interest per annum for delays as well as any compensation. See the FOS Final Decision DRN4908688.

https://www.financial-ombudsman.org.uk/files/124639/DRN4908688.pdf

Also a reminder that under CASS Chapter 7.12.2.2 ITI Capital must have “adequate organisational arrangements to minimise the risk of the loss or diminution of client money, or of rights in connection with client money, as a result of misuse of client money, fraud, poor administration, inadequate record-keeping or negligence"

Standard_Goose

RasputinB said:

Reconciliation of dividends.

I’ve noticed that some of the dividends received through ITI are a few pence less than expected. Has anybody else noticed this?

I just looked at the payment of a BP dividend using the 'Reports' feature of Phoenix. 8p of it was paid seperately. I don't know why, but this may explain your anomaly.

pbcinlondon

Anybody else discovering that ITI are inexplicably changing account numbers so that new brokers, using transfer forms completed by you weeks, months ago no longer have same account numbers as ITI now provide once they get around to carrying out the transactions?

GeorgieC

pbcinlondon said:

Anybody else discovering that ITI are inexplicably changing account numbers so that new brokers, using transfer forms completed by you weeks, months ago no longer have same account numbers as ITI now provide once they get around to carrying out the transactions?

ITI will be running several sets of account numbers. They will be using the old SVS account ref, the 'PX' account ref which ties in with their historical accounts and is the overall master configuration, and any accounts loaded on to Phoenix ie Interactive Brokers are additionally given a 'U' reference but this should also be able to be cross referenced with the PX

My2penneth

ITI have used SC numbers (holding account) and PX (Phoenix trading account) numbers since July and August respectively. I'd supply both account numbers to a new broker. ( in July I was told that we only needed to supply the SC number to a new broker...this lead to only residual shares in the holding account being transferred...sometimes only cash if all shares had been migrated!).

However, iWeb have a backlog of several hundred accounts for clients wishing to transfer from Crapital.  There is some issue where ITI are not using the correct, unique iWeb's Crest ID . This is what a member of the iWeb transfers team told me last Friday. It is causing iWeb a problem.iWeb transfers team are in over Xmas working overtime.  

End of July forms submitted. Two out of four accounts transferred.

My2penneth

I contacted Crapital this morning and was gobsmacked that I actually got through to someone on the phone  (run up the flag , folks). I spoke to 2 ladies on the phone...but the net result is that there are some "technical issues transferring from ITI to iWeb" which they are trying to sort out (I knew this already). I suggested that the accounts would be transferred in January and this was acknowledged with a "yeah".  I'd realised pretty soon into the call that I was not going to get anywhere!

It was very difficult to understand both ladies .... whilst they spoke English I'm not sure it was their first language.  

Edit: I contacted iWeb..the issue with the transfer seems to be that iWeb are now slowing things down. On the 18th I was told that iWeb were working overtime to resolve issues but this morning it seems that the iWeb "Arranging team" (arranging transfers?) are running understaffed. They mentioned several hundred backlogs in transfers and - it will be into January before things get sorted.

Happy Christmas  (did you send ITI Crapital a Christmas card.?...I might send them one in July next year)

sweeter_strudel

@ My2p and Others

Could I ironically have stumbled into a safer life raft? 

I was hoping to get the remnants of an ISA over to iWeb. ITI managed to send it to HL, not once but twice. On the second occasion I persuaded HL to keep the ISA and await a request from iWeb to transfer it. Hopefully HL know how to do this with a the correct reference numbers.

Has anyone managed to satisfactorily deal with "untransferrable" shares trapped with ITI. Mine are technically worthless (de-listed) so I ain't sweating too much, but just wondering if anyone has managed to get a paper certificate for any holdings out of ITI?

My2penneth

ITI were not able to transfer 2 shares to Interactive Investor so they are sitting in the holding account.  I've initiated a second transfer of these to iWeb ( last week).  I know that iWeb can only accept one of the two, so sooner or later I may have to sell the final share. I might consider leaving it with ITI just to bug-ger them about as they will have to service the dividends paid on this share ( the share value is not significant and custody fees would be insignificant).  


How the deuce did ITI send it to HL not once but twice.. ? On second thoughts, am I surprised? 

sweeter_strudel

@My2p
HL's explanations bend the space/time continum in such a fashion they are in a parallel universe of non-reality. They are trying to blame ITI for everything..... Which is a good get out for them, if it wasn't for the email chain of the entire saga.

I started a formal complaint with HL on the first occasion, followed by a second formal complaint the second time. Add in all my ITI complaints and I'm going to be very busy keeping track of them all during the next year or two.....or three.