SVS Securities - shut down?

My2penneth

Of the 20k migrated accounts, how many now have full access and can buy/sell?

sweeter_strudel

Partial progress.....
First thanks to all for keeping me updated with what you were going through (same as me) for the last 12 months via this forum. I have only just registered cos I have some relevant progress to report.
I have had the same issues as everyone else - three docs uploading via HooYu was slow. ITI one time codes arrived in Spam. I appear to have 250,000 pounds worth of Vodafone shares (sadly I don't). My trading account has on-boarded, my ISA hasn't and I get an error if I try and continue on-boarding - and you can only tell which is which by the SVS account numbers.

So I started the HooYu process at 6am a week ago when I discovered an email from ITI had arrived at 4am last Friday - I may yet regret that selfie - lockdown lengthy locks and just out of bed! I just logged about 11.30am on and seemed to have the same "no change" with only one account onboarded. I rummaged through various menus and clicked on "Existing Accounts" - this automatically took me to "Open a Phoenix account" so I did,  an email to my Yahoo account showed up within seconds with more login details. This will be a two day process before I can do anything with Phoenix.....

I have in parallel asked for a cash withdrawl from my trading account - downloading ITIs form, and emailing it back to them. And I am poised to send a transfer form for my shares to be moved to a different broker (no.1)  (paper request, unknown timeline); and a bit of my ISA to go to broker (no.2) (paper request, unknown timeline). The second bit will be requested when the first partial transfer is complete.... to broker (no.3).
....I am spreading my risk in case I get another SVS scenario where I cannot access my investments for 12 months.

sweeter_strudel

My2penneth said:

Of the 20k migrated accounts, how many now have full access and can buy/sell?

My guess is "zero".......

Aripotter

Quick email fired off this morning, let's see if someone somewhere can keep us all informed and updated.

To:Leonardo Carvalho

Cc:SVS Securities,Accountmanagement,ITI Capital,Carl Lever,Michael Healy,Rahul Agarwal

Fri, 31 Jul at 11:19 am

Dear Mr. Carvalho,

Is it possible for someone at ITI to give SVS clients honest regular updates with regard to accessing their assets and funds please. 48 hours has been and gone, no access, heard nothing, its very frustrating!

I don't think it's too much to ask to be kept informed regarding this situation. Hopefully, you can arrange this sooner rather than later. Thank you.

Regards,

kronos67

letter just sent to Leonard Curtis. I thin kits high time they called time on this fiasco!

Hello,

 

It has now been 72 hours since we last spoke, when you assured me this would be sorted in 48 hours. I am still waiting for my logon details from ITI. However, even if I had them, the ITI website is down, completely frozen. I have several; issues with this

 

Firstly, it is clear ITI cannot handle the number of, former, SVS clients. This is in spite of processing them in batches. Given I am awaiting my turn, the logical implication is the site will crash again, when my batch is processed. It has become clear ITI cannot get this done.

 

At this point in time ITI no longer have no incentive to expediate the process. Every customer is going to transfer out, even if originally they intended to stay. There has been a complete breakdown of trust and faith in ITI. The cost to ITI will be huge, even if they are actually able to get it done.

 

I am very concerned regarding ITI’s procedures. I recently set up isa’s with iWeb and the share center. Aside from the usual personal details, they simply required my national insurance number. Why then, are ITI demanding scans of bank statements, passports and driving licenses?

I am worried that these scans have been sent to an unsecured site, over which ITI appear to have no control. It would make sense to suspend the “on boarding” process and just run with National Insurance numbers, as the large operators already do. I realise their are AML issues, but as funds in and out can only come via a personal bank account, the risk of placement and layering is removed.

 

It seems highly likely that ITI will cease trading in the very near future. They must be burning through money to deal with the SVS/LC debacle, and for the reasons above, they have no chance of any income from all their effort. They are already leveraged, and I think it extremely unlikely they will be able to secure additional finance.

 

They have a long history of changing directors, some 58 in 26 years. The existing CEO of the whole company , and the CEO of the UK operations, have been in the job for less than  year. My concern here is the likelihood, therefore, that senior directors or management will simply walk away from the company, leaving a terrible mess for others to sort out ( most likely at a cost to clients!).

 

I would like to know how you intend to sort out the mess you have created? At some point, somebody in your company is going to have to call time on this fiasco before it spirals into another financial scandal. 

johnburman

Leonde. A Google alert is useful to tell you when something has happened but it will not give you advanced notice. As an aside I am surprised to read of the low levels of protection given in certain EU countries. Euro 20k is far too small. I think the 85k GBP limit here is too low. The higher the limit the more incentive the regulators have to keep an eye on those they are regulating. 

My2penneth

Kronos...let me get my money out beforehand,  please!

johnburman

Do ITI want to keep all the XO clients ?
My guess is they want the FX clients and the big regular traders. And those who don't mind paying the custody fee.  The way the last week has gone I doubt if they will be keeping any of them. 

My2penneth

Very few complaints and reviews.... just saying! Heres a link to their website where one can leave a review about how wonderful they are.

https://www.google.com/search?gs_ssp=eJzj4tVP1zc0TDO2SKlIT6o0YLRSNagwsTA3M0xOTDE2tExMNUg2tjKoMDc1NUhJMTS0TEpKNUtNtfTizizJVEhOLMgsScwBAIEzE9I&q=iti+capital&oq=&aqs=chrome.0.46j35i39l3j69i59.-1j0j8&client=tablet-android-samsung-nf-rev1&sourceid=chrome-mobile&ie=UTF-8#lkt=LocalPoiReviews&trex=m_t:lcl_akp,rc_f:nav,rc_ludocids:8453499568271552233,rc_q:ITI%20Capital,ru_q:ITI%

My2penneth

How are we going to get our assets out of ITI in anything like a reasonable timeframe?