SVS Securities - shut down?

snipkin

My2penneth said:

[...]

I have been informed that I still have sums in dollars and euros in my SC accounts...how do I get them converted...probably many phone calls/emails. The total is c. £100 but I'll be darned if I let them keep it!
[...]

I seem to remember that on the ITI withdrawal form you can request the money is converted to another currency. I had some US $ cash from a dividend (the one obvious dividend - because in $ - that actually appeared in my ITI account) so I did a withdrawal form (wrote it out, scanned it, emailed it with latest bank statement palaver) stating the exact amount in US $ as stated in my Phoenix account and requesting convert to £ UK. OK, so ITI took some small amount for a currency conversion charge and got a bit of money out of it...

Perhaps, as you suggest and if I can get around to it, I might write with my best fountain pen to ITI by Royal Mail letter post to close my accounts with them, requesting a full closing statement including all dividends individually itemised for future HMRC tax filing.

Croeso69

dales1 said:

Well, you wouldn't want this work done by monkeys, would you.

Reading this thread, I am under the impression that it was.

ABSVW

Update: I've finally manged to get to the finish line and wash my hands of ITI. Got all the shares and remaining cash moved over to HSBC. 
Many thanks again to My2Penneth and all the others for their guidance and i'll refer back to my earlier post about reaching to Mark Bentley at ShareSOC - totally invaluable! There is no way i would have got anywhere by dealing with ITI direct. If any of you are still battling, and haven't reached out to Mark - i would urge you to do so ASAP!
https://forums.moneysavingexpert.com/discussion/comment/77840833#Comment_77840833

GeorgieC

Graham at Exante very helpful too... has insiders at ITI to get things sorted quickly. He is my source of info for many of my posts here

manted

@My2penneth - Did you know that by regulation, ISA's should not have foreign currency cash balances. I haven't read the relevant regulations, but if that is indeed true, maybe more fodder for another complaint ?

eskbanker

manted said:

@My2penneth - Did you know that by regulation, ISA's should not have foreign currency cash balances. I haven't read the relevant regulations, but if that is indeed true, maybe more fodder for another complaint ?

The post you're referring to isn't saying that the foreign currency cash balances are in ISAs....

gibson81

Has anyone else got a problem transferring out their M&G shares? Unfortunately the demerger from Prudential happened after SVS went bust and apparently the shares are in paper form in ITI's office. I spoke with a friendly guy called Roland Hogg last week who said he would investigate but nothing back yet. Is anyone else in the same boat? iWeb won't accept them apparently.

Emillion1

GeorgieC said:

Graham at Exante very helpful too... has insiders at ITI to get things sorted quickly. He is my source of info for many of my posts here

Do you mean this Exante? https://theshiftnews.com/2018/01/01/malta-citizen-list-who-is-alexey-kirienko/

BE CAREFUL Ladies and Gents.  GeorgieC probably works there. Don't transfer out to Cyprus you will loose all FSCS protections.  

RasputinB

gibson81 said:

Has anyone else got a problem transferring out their M&G shares? Unfortunately the demerger from Prudential happened after SVS went bust and apparently the shares are in paper form in ITI's office. I spoke with a friendly guy called Roland Hogg last week who said he would investigate but nothing back yet. Is anyone else in the same boat? iWeb won't accept them apparently.

Yes. I went for a reverse transfer so it is SVS's responsibility to get my M&G shares to my new broker, or give me the certificates. I've been told that ITI are in the process of getting the shares on Crest so that they can be transferred......

GeorgieC

Emillion1 said:

GeorgieC said:

Graham at Exante very helpful too... has insiders at ITI to get things sorted quickly. He is my source of info for many of my posts here

Do you mean this Exante? https://theshiftnews.com/2018/01/01/malta-citizen-list-who-is-alexey-kirienko/

BE CAREFUL Ladies and Gents.  GeorgieC probably works there. Don't transfer out to Cyprus you will loose all FSCS protections.  

Well Emillion1, As I said, Graham works at Exante and he is a good friend. He previously ran ITI dealing desk so he has good knowledge of their operations. Rather than post disparaging remarks you should probably read posts properly. You googled and found an article several years old, you might like to highlight that Exante were completely exonerated from the charges your article mentions. As for passports.... that is a very common practice indeed you can 'buy' UK citizenship for an investment (https://www.dailymail.co.uk/news/article-7269479/Home-Office-super-rich-cash-passport-scandal.html) so why Mr Kirienko obtaining a Maltese passport 5 years ago is relevant is beyond me. Exante are a regulated broker in Malta, Cyprus and Hong Kong and they also have a UK license which is currently being activated. That would give you the choice of which regulator you wish to be covered by..... I don't think many brokers offer that.
I have placed many posts on this forum offering points and information I have got from Graham for the greater benefit of all. He has asked for nothing - rather he offered this insight voluntarily to help others so your comments do precisely nothing to further the cause of this forum. It was my decision to state how helpful he has been which is fact.
If you do not want insight from people that know ITI, their employees and practices, then rather than annoy others you should probably just leave the forum.