SVS Securities - shut down?
Comments
-
manted said:I wasnt able to find a link on ITI capitals website for opening an ISA account. Not sure if they are authorized to open ISA accounts or if that's a new service they are going to launch.
1 -
Looks like a Russian outfit .
Expensive ? Will we have 3 months from date we can access our accounts to move ?
0 -
A very odd announcement from ITI set out in full below from their web site
"As you are aware..." Oh no we are not. SVS/LC has not told us.
We are clients from 11 June but can not access our accounts until "the mid-July timeframe". Why the delay of 5-6 weeks. And in the meantime we are directed to LC again.
Ignoring the fact that we know nothing of ITI Capital, do they have the staff to deal with the transfer? Is that the reason why they are telling us not to contact them?
And a PS. Taking the statement at face value, what about dividends received after 18 May but before 11 June?
======================As you are aware, the administrators of SVS have chosen ITI Capital Limited (“ITI”) to act as the single regulated broker to facilitate the return of your client assets and client money in an orderly and coordinated manner.
As part of this process, the vast majority of the SVS clients will become clients of ITI from the 11th of June, 2020. Your Client Statement made available to you by the Joint Special Administrators on 18 May 2020 identified which of your clients assets and/or client money are proposed to be transferred to ITI.
We will contact you individually with specific instructions on how to register for an account at ITI in due course. At this stage we are not in possession of your personal information or current holdings and therefore we are not currently in a position to assist you. We expect this to occur around the mid- July timeframe. Any query which you may have in the meantime should continue to be directed towards the Joint Special Administrators either by telephone on 0203 457 4871 or by email at svs@leonardcurtis.co.uk
0 -
From Companies House
ITI Capital Limited:Previous company names
Previous company names Name Period WALBROOK CAPITAL MARKETS LIMITED 18 Dec 2015 - 10 Nov 2017 FXCM SECURITIES LIMITED 09 May 2011 - 18 Dec 2015 ODL SECURITIES LIMITED 16 Apr 2002 - 09 May 2011 OPTIONS DIRECT (EUROPE) LIMITED 06 Jun 1995 - 16 Apr 2002 OPTIONS DIRECT EUROPE LTD. 29 Jul 1994 - 06 Jun 1995 REVMARK INVESTMENTS LIMITED 05 May 1994 - 29 Jul 1994
0 -
ITI provide ISAs. Their "Rate Card" (a complex document - what is a "custody" charge?) says the below
ISA management fee Percentage on account value Charged quarterly 30bps per annum, minimum £7.5 per quarter0 -
johnburman said:We are clients from 11 June but can not access our accounts until "the mid-July timeframe". Why the delay of 5-6 weeks.Presumably the delay of 5-6 weeks will be to allow the transfer to take place. I'm sure you appreciate that being registered as a client of ITI constitutes little more than loading some personal information into a database, and is probably a prerequisite for the more meaty task of re-registering all of the assets between the two nominee companies and populating people's accounts with holdings.A "normal" S&S ISA transfer can take many weeks to complete, but generally you become a client on day 1 and can access your account within days of the process kicking off.johnburman said:ITI provide ISAs. Their "Rate Card" (a complex document - what is a "custody" charge?) says the below
ISA management fee Percentage on account value Charged quarterly 30bps per annum, minimum £7.5 per quarter2 -
I am not particularly impressed with this choice of broker. They may well provide an excellent service but there is little information on them or customer reviews, I for one had never heard of them and their latest accounts don't show a particularly profitable outfit. I would like to know what criteria where used to choose them.0
-
desertorchid123 said:I am not particularly impressed with this choice of broker. They may well provide an excellent service but there is little information on them or customer reviews, I for one had never heard of them and their latest accounts don't show a particularly profitable outfit. I would like to know what criteria where used to choose them.
In any case, it should cost us little other than the effort of form-filling to transfer our ex-SVS holdings to our own preferred broker. I've already opened an account elsewhere (JarvisX-O since they will accept joint accounts) and will transfer as soon as it can be arranged; hopefully, the twelve-months-worth of dividends frozen in the cash account can be transferred to my bank account immediately. Provided that ITI are competent enough to do those basic functions, I'll be relieved to have extricated my assets from the SVS administration with only some inconvenience and the loss of interest on frozen dividends.
According to the Distribution Plan, the agreement between the Administrators (LC) and the new Nominated Brokers (ITI), we will have six months to transfer holdings from ITI at no charge and three months to carry-out any actions at the same cost as SVS would have charged, but that assumes that the draft agreement in the Plan is what was formally agreed and signed. We'll have to wait for an announcement from LC or ITI on the actual terms that will apply.
Or, if you're happy with the services offered by ITI and their charges, you can stay with them.
PS: Hats off again to Masonic for correctly identifying ITI as the Nominated Broker back in April!
5 -
Pafpcg...
a) you are right I am a:
[looking at the 143 pages of this thread would surely make any prospective broker think twice about taking on this bunch of] penny-pinching complainers.
But me and about 19000 others have >£250m tied up with SVS. And I am penny-pinching - or sensible - and I do complain (when things go wrong)
b) You are right to say Hats off again to Masonic for correctly identifying ITI as the Nominated Broker back in April!
c) ITI Capital are for ordinary XO clients VERY expensive. They are not designed for us but for FX traders....which is why they went after the SVS book of FX clients. It will be interesting to see how they treat us when we are transferred over. As I said earlier the 5-6 weeks delay after transfer does not bode well.
AND
d) See this about ITI Capital on the FCA Register website under Regulatory Actions:11/03/2014 Fines On the 24 February 2014 the Financial Conduct Authority (the "FCA") imposed on Forex Capital Markets Limited and FXCM Securities Limited (together "FXCM Ltd") a financial penalty of £4,000,000 in respect of Breaches of Principle 6 and Principle 11 of the FCA's Principles for Businesses.
FXCM Limited settled at an early stage of the Authority's investigation and therefore qualified for a 20% (Stage 2) discount under the Authority's executive settlement procedures. Were it not for the discount, the Authority would have imposed a fine of £5,000,000.
Principle 6 breach
Between 1 August 2006 and 17 December 2010, FXCM Ltd treated its customers unfairly as it failed to pass on favourable price movements to its customers and instead the FXCM group retained the benefit, reducing the customers' ability to profit from trading in rolling spot forex trades.
Principle 11 breach
Between July 2010 and August 2011, FXCM Ltd failed to be sufficiently open and co-operative and disclose to the Authority information of which it would reasonably expect notice, namely:
1. the fact that in July 2010 US authorities had begun to investigate FXCM Group company in relation FXCM LLC's (US sister company) order execution policies; and
2. the subsequent decision by the FXCM Group company to settle with the US authorities and pay redress to its US customers who had suffered detriment due to asymmetric pricing.
A copy of the Final Notice, which sets out the reason for the action, is displayed on the FCA's web site and can be accessed using the following link:
http://www.fca.org.uk/your-fca/documents/final-notices/2014/forex-capital-markets-limited
2 -
leonde said:Unsettling news about ITI Capital's past incarnations. Puts me in two minds about whether it is worth using them to sell stocks from my portfolio I don't want in order to save the extra expense from transfer out fees.
2
Categories
- All Categories
- 12 Election 2024: The MSE Leaders' Debate
- 344.2K Banking & Borrowing
- 250.4K Reduce Debt & Boost Income
- 450.1K Spending & Discounts
- 236.3K Work, Benefits & Business
- 609.7K Mortgages, Homes & Bills
- 173.6K Life & Family
- 248.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards