SVS Securities - shut down?

9406824

This company are treating ex svs customers disgustingly.iti capital are an absolute disgrace.

has anyone been able to get access to cash or assets yet.
23rd July was when I uploaded all documentation,a week later I’m still waiting.

bowlhead99

pafpcg said:

PS:  I think the term "on boarding" comes from HooYu - they use it on their web-site.

It's pretty standard industry terminology for taking on customer relationships whether you are letting the new customers on the boat one at a time or en masse.
The Financial Action Task Force (FATF) is an inter-governmental body that comes up with the international standards for AML/CFT etc that world governments transpose into law, and they've used it in various documents they publish - it's not HooYu's invention any more than outsourcing is, just HooYu are people who help with outsourced onboarding.

9406824

Hi I think if I hadn’t been following the thread here from last August I would have been suicidal.

Thrugelmir

pafpcg said:

johnburman said:
What I wanted to know then and want to know now, is why did ITI want the SVS clients?  I can understand them wanting the FX clients, but not the XO clients who are the clear majority. 

I'd speculate:  the ambition to grow rapidly (with pockets deep enough to promise the FCA they could digest the SVS client-base), but not the patience to grow organically their own client-base by offering first-class service at an equitable price to attract new clients.

That's a very base to grow from organically. If that was the business plan an acquistion/merger would be a far easier route to take. 

My2penneth

Well, I don't think they will need to keep them on. 

bowlhead99

ITICAPITAL said:

Hi I think if I hadn’t been following the thread here from last August I would have been suicidal.

Knowing that 20000 other people are having just as much of a tough time of it as you are, probably takes some of the sting off it, even if some people seem like they are closer to being sorted than others. If things are taking a while it's not that all your assets have been lost, just that there's lots to do with limited resources.

My2penneth

Well, ITICAPITAL, at least you've actually started the on boarding. Others here have not even got the invitation to START the procedure. 

9406824

That is true my2penneth,
Update: I have been on the phone today to LC and they aparantly are  sending some staff to ITI capital to help with the process.

My2penneth

ITICAPITAL said:

That is true my2penneth,
Update: I have been on the phone today to LC and they aparantly are  sending some staff to ITI capital to help with the process.

Jeez! That is bad!

Thrugelmir

My2penneth said:

ITICAPITAL said:

That is true my2penneth,
Update: I have been on the phone today to LC and they aparantly are  sending some staff to ITI capital to help with the process.

Jeez! That is bad!

Surely it's good.