SVS Securities - shut down?

Sheris

shiznit76 said:

ahouse185 said:

I still cannot log in to the ITI site, it keeps telling me that my user name or password are invalid, but I know that they are correct. So even if I wanted to do something, I can't.
Frustration and anger.

use your ITI username "ITIXXXXX" for some reason they stopped using email address for login and reverted to that

Log in today for the first time with the ITI xxxx. its been ages
Why was i not informed of the change ? even after a conversation on Thursday with L&C did not give this advice.
They just stated it will be passed on to ITI. What would we do if this Forum was not available.

shawdon

Jools2001 said:

As our isa accounts are wrongly not listed as isa accounts,but both accounts show as Individual trading types,
how do we ensure they get transferred as an ISA,and not just over to a standard trading account?
im intending on transferring all mine over to HL OR INTERACTIVE INVESTOR, anyone else doing the same to hl, if so how did it go?

I have applied to HL to transfer out all 10 of my accounts from ITI as ITI have already proved themselves to be completely incompetent and possibly fraudulent as they have not actioned any of my 10 cash withdrawal requests posted 8 days ago. Surely a class legal action can be taken to reimburse us for all of our extra costs and lost interest!

Sheris

Can anyone if possible let me know who gave the authorisation for L&C to act as the administrator ?
(A) FSCA or (B) the Courts  

masonic

Sheris said:

Can anyone if possible let me know who gave the authorisation for L&C to act as the administrator ?
(A) FSCA or (B) the Courts  

Under the Financial Services and Markets Act 2000, the FCA must approve the choice of administrator. The directors of SVS will then make an application to the High Court to have the administrator appointed.

johnburman

Make a complaint about ITI to the financial ombudsman service. You can do it online. And remember that you can complain about any delay iti causes in the transfer. The transfer should take no longer than 30 days from the date of the request. And although interest rates are very low at the moment you have still lost something caused by the delay of iti. But I would make sure that you have requested your funds properly from iti. 

johnburman

The directors. The FCA approves. And the court must then approve. Can anyone please let me know what LC did not do that an ordinary reasonably competent Special Administrator would have done in the administration of SVS? (if anything) 

sweetsand

Toki said:

masonic wrote: »

I can understand why you might think you would not be covered. FSCS cover does not apply to losses within individual shares, ITs and ETFs. However, this situation is not one in which your investments have lost money, it is one in which your FCA authorised investment firm cannot meet its obligations to you, so regardless of what you have invested in you have coverage for the value of your investments up to the £85k limit (increased as of April this year).

Thank you again. Appreciate your help I should have said that I am DIY (no advice from SVS of Financial Advisor) and hold in SVSXO. Total around £25k in individual shares, Vodafone, Tesco etc.

Hopefully you are right and will find out more tomorrow. Noted Alexland, think you are right. I was reading an old post which stated £50k.

You will get your shares though they may be worth a lot less than what they were a year+ ago when SVS was shut down.
My BiL used them and had shares and a cash balance of about ??k. He got his cash back every penny the other day the shares in two co's were wroth close to ??k but now worth xxk becuse of Covid,

My2penneth

My2penneth said:

We submitted 2 cash withdrawal requests (one in my name and one in the wife's). This was early on Aug 5th (half past midnight) I noticed that the cash balance on my account had been reduced this morning (Sat 8th) but has not yet arrived at my bank.
I've just checked my wife's account for her, there has been no progress. Both requests were emailed to ITI within a few minutes of one another.


 

Following up - I'm glad to report that both sums of money withdrawn from ITI have arrived in my bank....early Monday morning. 

(the ITI login appears to be down..again..hopefully just temporary!) 

"500 - Internal server error. There is a problem with the resource you are looking for, and it cannot be displayed."

masonic

johnburman said:

The directors. The FCA approves. And the court must then approve. Can anyone please let me know what LC did not do that an ordinary reasonably competent Special Administrator would have done in the administration of SVS? (if anything) 

LC have done what is required of them under insolvency law. Since they are agents of the court once appointed, the only route to complain about something they have done is to complain to the court. This would be a waste of time in my view and would require you to specify which part of the law they did not follow.

This would be a big distraction from the issue at hand, namely ITI's incompetence. There is nothing to stop anyone making a complaint to ITI right now about their experience initiating their transfer and/or setting up their accounts. It should be assumed ITI won't deal with said complaints very efficiently and therefore won't issue a final response (letter of deadlock) prior to the 8 week deadline they have to resolve your complaint before the FOS would be willing to take it up, so the earliest anyone is likely to be able to get the FOS involved is late September.

johnburman

Not so quick masonic.  Yes there is an 8 week period in which a complainant firm must send a "final response" letter but look at the FCA Rules about this:

DISP 1.6 Complaints time limit rules

Keeping the complainant informed

DISP 1.6.1R01/11/2007RP

On receipt of a complaint, a respondent must:

1. (1) 

   send the complainant a prompt written acknowledgement providing early reassurance that it has received the complaint and is dealing with it; and

2. (2) 

   ensure the complainant is kept informed thereafter of the progress of the measures being taken for the complaint's resolution.

Now who thinks ITI are able to, or will, keep to this?  When they fail to do so, is that not grounds for another compliant.

It is all here by the way https://www.handbook.fca.org.uk/handbook/DISP/1/6.html
Suggestion
When you do complain to ITI about their poor performance/failure to deal with requests/slow (if any) transfer, mark your letter/post with the words 'COMPLAINT'.


Finally My2penneth well done for getting a payment out of ITI and into your account.  Yes it was your own money, but that is still progress.  Perhaps we are all being too hard on ITI after all?