SVS Securities - shut down?

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?  

My2penneth

The best way to complain is to get ones assets out ASAP.  There is a trail of information on ITI Capital now,  even on their own website. Besides being 'expensive ' ( see rate card) their customer service is inadequate.  There are cheaper,  better and more suitable platforms out there for myself and I would hazard a guess for the  majority of UK shareholders that were ex-SVS clients. 
Hats off to Leonard Curtis for the 6 months free transfer clause.

rugby7170

Has anyone bought or sold yet ? Yes or No !!

johnburman

rugby 7170 - not me
My2penneth - agree with every word.  But you have got me thinking about one thing.  You say:
Hats off to Leonard Curtis for the 6 months free transfer clause.
Not sure about "Hats off" but it is a good thing to we XO clients.  But it makes me think that LC knew from the outset that ITI would not be suitable for the majority of the XO clients, who want a simple cheap service. Also it meant thay could say to the judge (as they did say) if "clients do not like ITI and they are unsuitable they can leave free of charge. So no one is going to really object to the transfer to ITI"  And LC are right.

Mind you having a broker and not being able to trade (ha like SVS form the last 13 months!) is clearly problematic for the FCA.  For how long will they allow such a state of affairs to continue before they act?  Action must be to (at least consider) closing down said broker and force the transfer of shares to a yet another broker?  Which is why we must get the transfers done ASAP.    

sweeter_strudel

rugby7170 said:

Has anyone bought or sold yet ? Yes or No !!

Nope - two linked Phoenix accounts pending; and one separate Phoenix account live but no way of getting SVS shares into it.....

My2penneth

Latest email from LC.

"Dear Mr xxxxxx, Thank you for your email.  Have you now tried accessing your Phoenix account with ITI using the details that they issued to you on 6th August?  Hopefully you should start to see holdings/cash appear in this account now, as we have bene (sic) advised that once the Phoenix account linked to you as a client is created it can take up to a week for all your holdings to be manually transferred across on a line-by-line basis. If you are still not seeing anything on your Phoenix account by the close of business on Wednesday this week, please contact ITI on +44(0) 207 562 8001 or by emailing accountmanagement@iticapital.com to ask them to look into the matter for you."

They forgot to add

(and they won't bother to reply to your email and you won't get through on the phone- I have still internal msgs that are unanswered form July 24th).

Ah, it's in the wording - ITI said in their email titled "Phoenix Account Access Credentials" that "PLEASE NOTE THAT ACCOUNT ACTIVATION TYPICALLY TAKES 2 BUSINESS DAYS."  (ITI used capital letters).

What they mean is that it takes 2 days to open a PX account..no mention of up to 7 days to manually transfer our holdings line by line (we will need to check our accounts yet again!). 

Well, when and if the FCA look into this hodgepodge of affairs, they will have plenty of things to consider.

johnburman

Well, when and if the FCA look into this hodgepodge of affairs....,
They won't if we don't tell 'em ...

My2penneth

Just musing!
If there are 20,000 clients - how many have 2 accounts or more?
Now if they all have even 10 holdings in their accounts, that is 20,000 x 2 x 10 = 400,000 manual transfers.

I have actually just totted up my shareholdings - 85 in total so I would guess that 400k of manual transfers will
(i) be a lower estimate
(ii) there will be transpositional errors made if this is all done manually (tiredness will creep in).
(iii) How long will it take to transfer these lines into Phoenix ?  

snipkin

My2penneth said:

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

Same with me - finally my cash withdrawal of 5 August from ITI has appeared in my bank account - until today I have been overdrawn for over six months - so that's one small achievement but there's some way to go yet!
My Phoenix accounts are still 'pending' after 5-6 days so no dealing possible.... I wonder if anyone has managed to trade with ITI/Phoenix yet? I would like to sell one or two holdings before I transfer my accounts to other brokers.
My ISA account is still not shown as such - this is unacceptable - but I figure that complaining to ITI will just slow them down even more....