SVS Securities - shut down?

Icyberg

Nightmare finally over. Other than a small cash balance I've escaped. Yesterday morning I logged into my ITI Capital and my portfolio had disappeared, for a short time panic set in until I logged into my HL account and hey presto there it was in its entirety. It's going to be a weekend of celebration for me now.
Thanks to all, for their helpful contributions to this forum and the best of luck to those still unfortunate enough to still be waiting for their transfers out.

manted

Icyberg said:

Nightmare finally over. Other than a small cash balance I've escaped. Yesterday morning I logged into my ITI Capital and my portfolio had disappeared, for a short time panic set in until I logged into my HL account and hey presto there it was in its entirety. It's going to be a weekend of celebration for me now.
Thanks to all, for their helpful contributions to this forum and the best of luck to those still unfortunate enough to still be waiting for their transfers out.

Congratulations ! Don't forget to chase up any accumulated divis and cash

johnburman

4_Pete's_Sake said:

..... If you dont trade very often you could try switching to Fineco Bank who very soon will also be launching an new ISA Trading account.

Yes but care.  What is the compensation fund amount and where is it based; and in what language will u have to claim?
With the FSCS u only get £85k MAX. per person.  So check this out before you move. 

jenwrendorset

Icyberg said:

Nightmare finally over. Other than a small cash balance I've escaped. Yesterday morning I logged into my ITI Capital and my portfolio had disappeared, for a short time panic set in until I logged into my HL account and hey presto there it was in its entirety. It's going to be a weekend of celebration for me now.
Thanks to all, for their helpful contributions to this forum and the best of luck to those still unfortunate enough to still be waiting for their transfers out.

The share holdings of two of our accounts which finally managed to transfer out in December are still showing as being with ITI, (but did just double check with iWeb and they are definitely there as well), and the one account which I requested closure of in October is still showing as being 'in progress'  -  ITI's administration just beggars belief, I don't think we'll ever be shot of them.

My2penneth

Just a warning note - shares were visible in my iWeb account....and then they got taken back by ITI (this happened several times) . They are not secure until they are "settled". 

Sheris

My2penneth said:

Just a warning note - shares were visible in my iWeb account....and then they got taken back by ITI (this happened several times) . They are not secure until they are "settled". 

What the hell is going on ?

jenwrendorset

My2penneth said:

Just a warning note - shares were visible in my iWeb account....and then they got taken back by ITI (this happened several times) . They are not secure until they are "settled". 

Hi My2penneth

Thanks for your warning note, I recall you mentioning this happening some time ago - how do I know when shares are 'settled' - one account transferred in the first week of December, the other on Christmas Eve, hopefully that means they are settled??

My2penneth

jenwrendorset said:

My2penneth said:

Just a warning note - shares were visible in my iWeb account....and then they got taken back by ITI (this happened several times) . They are not secure until they are "settled". 

Hi My2penneth

Thanks for your warning note, I recall you mentioning this happening some time ago - how do I know when shares are 'settled' - one account transferred in the first week of December, the other on Christmas Eve, hopefully that means they are settled??

With Interactive Investor they send an email to say transfer is complete ( or one can request a status update by logging on and requesting it). 

In the case of iWeb, there doesn't seems to be any such notification.  The only way seems to be to phone them. 

At one point, just before Christmas, ITI transferred 25 shares of which 9 were doubled in quantity ( approx £50k of "extra" shares visible when I logged into iWeb. ).  ITI recalled ALL of the shares, even the ones that were transferred with a  correct quantity.  I was dismayed to see the account empty! 

However, I would think that Jenwren's  shares transferred in December would be fully settled by now........but you never know ( best give iWeb a ring to double check perhaps? )

manted

Another article in the press today- 
https://citywire.co.uk/wealth-manager/news/client-history-still-missing-as-svs-securities-ordeal-continues/a1468797

sweeter_strudel

Keep a close eye on the to-ings and fro-ings of shares. I had an enormous wodge (5 times my annual salary!) disappear completely between ITI and a new broker, when it went, arrived, but wasn't settled, and was returned to ITI.

The new broker is blaming ITI. And ITI is saying nothing.

Well, ITI never respond to anything apart from negative views on Trustpilot.