SVS Securities - shut down?

Danie6

What about ITI's existing clients. We hear nothing from them. What do they say and can they trade or has the whole system collapsed?
What happens if ITI should now go into administration? Are we then covered under a new dispensation of GBP85k or will it be part of the existing SVS fiasco and fo we then carry on for another year?
I have today submitted a transfer request via 
Interactive Brokers, but my ITI account is still empty. What will happen when ITI get the transfer request? I have also submitted a withdrawal request on 27 July, with no result as well as numerous complaints, all of them ignored.

johnburman

Sheris said:

» show previous quotes

More like how much of my time and life have they wasted

Works both ways. Says a post.
No it does not.  I am a client and I pay a broker for a service. That service is provided under various duties and obligations and regualtions and is regulated by the FCA.

I have not had that service 
When I complain I am told that it will be reported to senior management.  Things have improved but I still do not have access to MY shares and MY funds.

As another post said, how much of my time and effort (and let's be clear, worry) have they expended?
  

shiznit76

Do LC actually have any clout with ITI now they have passed everyone over? Surely if they wanted to they could  "well we've done what we were supposed to" ?
I presume ITI must have said that they were capable of taking us all on and to operate with no issues? Did LC do any due diligence on this? Would be very interesting to know what they were promised. The fact that most of us haven't completed onboarding , some not even getting the chance to and those that have unable to trade must ring alarm bells somewhere. Surely it must be getting to the point this is escalated  to FCA?

snipkin

I requested a cash withdrawal from ITI on Monday and now, this afternoon, I am asked for a copy of a recent bank statement...  Needless to say I have emailed the bank statement to them, I just need the money. I have incurred £100s in bank overdraft charges since the beginning of this year - hardly ever had an overdraft in my life before. As soon as I receive the cash I am going to request transfers of my two ITI accounts from other brokers in which I have already set up accounts (Jarvis XO, IWeb and Hargreaves Lansdowne seem to suit my needs best).
LC said something about us being able to claim for other losses related to this fiasco - although when that will be I have no idea. I wonder if my overdraft interest payments could be claimed for?

My2penneth

I've put in a request for a money transfer out. I pointed out in the email (withdrawal form attached) that the funds are to be transferred to "account 12345" which is the same account that I on boarded with and for which you have had a recent statement. I only sent that in last night (near midnight) so I don't expect any action ...  

Brynismydog

Just filled out my Barclays account transfer for one account, had enough of this fiasco. 

pafpcg

My2penneth said:

I've put in a request for a money transfer out. I pointed out in the email (withdrawal form attached) that the funds are to be transferred to "account 12345" which is the same account that I on boarded with and for which you have had a recent statement.

But will ITI have seen that bank statement?  If it was submitted for the ID verification process outsourced to HooYu, then it's possible that HooYu have done as promised and deleted all your ID documentation and NOT passed it on to ITI.  Or am I misreading what HooYu claim?

moneytroll

ITICAPITAL said:

Update: I’ve been on the phone this morning with LC and apparently they have had a long conference call with ITI and have Basically told them to sort this mess out ASAP.

ive been told that ITI have guaranteed LC all issues will be resolved this week apparently they will have people also working thru the weekend to make sure of this.

Also been told again LC are sending staff to liaise with ITI.

Has LC any say anymore in this matter? Who is responsible if ITI make a mess out of it now?

snipkin

Thank you for your e-mail. Please accept my apologies for the length of time taken respond to your e-mail as we are currently experiencing an extremely high volume of calls and e-mails. I have reviewed your account, and can see that your selfie has been uploaded successfully. Please feel free to contact me should you require anything furhter. Kind regards, 

This is the email reply I have recently received today from ITI to my 'ticket' enquiry of 24 July... I have long since resolved the problem I had with uploading a 'selfie'. ITI are, for sure, under a very large backlog of emails if it has taken them this long to reply... (they may be prioritising their replies towards more urgent queries, of course).

It felt kind of good, though, to receive an apology.

rugby7170

LC should have checked that ITI were able to handle all the 30,000 SVS accounts. Clearly they did not. It seems that this isn't ITI's market. Do they have any other retail clients like SVS's ?