SVS Securities - shut down?

helencary

Love the article on the Leonard Curtis website about their successfully completed and orderly transfer of clients accounts from SVS to ITI!!!!!!

Sheris

helencary said:

Love the article on the Leonard Curtis website about their successfully completed and orderly transfer of clients accounts from SVS to ITI!!!!!!

Add another one to long list of rubbish with ITI home page (Take control of your investments) 
Still unable to log in  

masonic

helencary said:

Love the article on the Leonard Curtis website about their successfully completed and orderly transfer of clients accounts from SVS to ITI!!!!!!

In fairness, the transfer was orderly. It was everything that followed that was a catastrophe, for which ITI are solely responsible.

Danie6

Can anyone please tell me the meaning of the message: "object reference not set to an instance of an object"? I am trying all the time to download the @#$%^&* Phoenix platform and run into this message all the time. Advice will be much appreciated.

helencary

May have been orderly before it reached ITI  but it certainly hasn’t allowed 99% of clients to have access to their assets and cash as stated in their nice little advertising write up 

johnburman

Oh no. I agree with masonic!  LC got rid of 20k clients on 23 July.  The fact that on the 7th August no one can trade is of no concern or interest to them.  they did what was necessary, and the Court and the FCA agreed.  Who attended at the court hearing to say "...wait a minute, can this small company with big ideas cope with doubling its client base on one day.  How many extra staff have they taken on"?  No one. 

The poin tnow is for those transferring (which includes me and my family) to have ITI do it quickly and effeciently.  I know that is some hope, but we should hold them to the fire on this.  What is the FCA address to complain about any delay, if there is a delay?  

masonic

johnburman said:

Oh no. I agree with masonic!  LC got rid of 20k clients on 23 July.  The fact that on the 7th August no one can trade is of no concern or interest to them.  they did what was necessary, and the Court and the FCA agreed.  Who attended at the court hearing to say "...wait a minute, can this small company with big ideas cope with doubling its client base on one day.  How many extra staff have they taken on"?  No one. 

The poin tnow is for those transferring (which includes me and my family) to have ITI do it quickly and effeciently.  I know that is some hope, but we should hold them to the fire on this.  What is the FCA address to complain about any delay, if there is a delay?  

The FCA is not consumer facing, if you want to complain about the FCA (if you think they are liable or partly liable for the mess you are in) you can do so via: https://www.fca.org.uk/about/complain-about-regulators

If you want to complain about ITI, then you should follow their (rather sparse) complaints procedure: https://iticapital.com/assets/pdf/Complaints-Procedure.pdf

masonic

leonde said:

Regarding the transfer of an ISA away from ITI Capital specifically: https://www.gov.uk/individual-savings-accounts/transferring-your-isa

This suggests that a Stocks and Shares ISA should be transferred within 30 days, and that people should complain to the Financial Ombudsman Service about delays. With COVID-19, you might add a week or two to that but the 30 days is probably supposed to be generous.

edit: better link

It actually says you should complain to your ISA provider about a transfer taking longer than 30 calendar days, and if you are unsatisfied with their response you can take it up with the FOS (subject to the usual requirement to receive a final response or wait 8 weeks after making the complaint). The clock starts ticking when your ISA transfer request is accepted, and this may be rejected if you have not completed your water-boarding. Said complaint would need to be against your new ISA provider unfortunately.

Sheris

masonic said:

leonde said:

Regarding the transfer of an ISA away from ITI Capital specifically: https://www.gov.uk/individual-savings-accounts/transferring-your-isa

This suggests that a Stocks and Shares ISA should be transferred within 30 days, and that people should complain to the Financial Ombudsman Service about delays. With COVID-19, you might add a week or two to that but the 30 days is probably supposed to be generous.

edit: better link

It actually says you should complain to your ISA provider about a transfer taking longer than 30 calendar days, and if you are unsatisfied with their response you can take it up with the FOS (subject to the usual requirement to receive a final response or wait 8 weeks after making the complaint). The clock starts ticking when your ISA transfer request is accepted, and this may be rejected if you have not completed your water-boarding. Said complaint would need to be against your new ISA provider unfortunately.

So when will I know that my ISA transfer request is accepted ?

johnburman

Interesting.  Stocks and shares ISA should take 30 days to transfer.  Mine went in early on about 29 July and was sent to ITI by the new broker on 30 July.  Therefore my complaint will go in on 30 August WITHOUT FAIL.
And I will be sending them the below from the website mentioned by masonic : https://www.gov.uk/individual-savings-accounts/transferring-your-isa

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Deadlines and complaints

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer

If you want to transfer investments held in an innovative finance ISA, ask your provider how long it will take.

If your transfer takes longer than it should, contact your ISA provider.

If you’re unhappy with the response, you can take the matter up with the Financial Ombudsman Service.

Financial Ombudsman Service
Telephone (for landlines): 0800 023 4567
Telephone (for mobiles): 0300 123 9123
Monday to Friday, 8am to 8pm

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