SVS Securities - shut down?

manted

rnf11 said:

Monsieur Bourse/Manted:

Your two posts above refer to a response from an employee of ITI Capital. Not the FCA.

Good to see that at least two others have now raised formal issues with ITI, even though the reply does read rather like a "template" response.

Wondering who will be the first to successfully achieve a full transfer out. I submitted two transfer requests directly to another broker last week. No response as yet.

Are you saying the broker did not receive a response from ITI ?

9406824

Got the exact same response from David moss also.

reg_capitulation

johnburman said:

ITI Capital have not responded to Broker X for any transfer requests going back to 23 July.  How do I know - I spoke to Broker X this morning and they told me! 
ITI Capital did not pick up their phone on their support line 40 mins ago when I tried to call them.

I have the same information from two of my brokers.  

Danie6

I also had a response from David Moss this morning. Is something going to happen now? If not, I intend to demand a reverse transfer next week. 

saitai

1. I haven't really posted before, but have found the posts and help offered by members helpful, so thanks.
   I, like most of you, have had similar issues:

   1. Initially no emails with login credentials for both my accounts (Trading/ISA), then got email for the Master Account on Sat 25 July 2020, but only trading acct displayed. The ISA acct appeared a few days later.
   2. DASHBOARD & EXISTING ACCOUNTS SUMMARY list occasionally shows correct figures, but mostly incorrect. Although DETAIL accessed via EYE icon have been correct.
   3. Going to MY PROFILE > MASTER ACCOUNTS > Click on EYE icon under ACTION column > 1 PERSONAL INFORMATION, shows 'Town of Residence' in ‘Place of Birth’ even though the correct value was provided when ONBOARDING.

             Under RESIDENTIAL ADDRESS > COUNTRY, UNITED KINGDOM was selected/entered, now shows UNITED   STATES.

             Under RESIDENTIAL ADDRESS & COMMUNICATIONS ADDRESS > STATE, there was no option listed for WEST MIDLANDS, but think other counties also missing and TOWNS names appearing in the STATE value list.

             If I’m being pedantic then the NATIONALITY should show BRITISH CITIZEN (as per Passport) and not UNITED KINGDOM as it does now.

   4.     System not always accepting certain typed data, especially when logging ISSUES

   5.     ISSUES raised not being actioned or updated.

   6.     ONBOARDING took ages and finally got PHOENIX login details 6/AUG/2020, one AM and the other PM. PENDING status finally changed today (13/AUG/2020) to OPEN.

   7.     Finally had an email from ACCOUNTMANAGEMENT (8/Aug/2020), apologizing for delay in getting back to email sent when no login details were received initially. Also asking if I have any issues, which I pointed out again referring to REQUESTS raised in SUPPORT CENTRE, but as it stands today no reply by email or on the SUPPORT CENTRE.

   8.     Taking advise from what has been posted I opened iWEB accounts last month in preparation to get the transfer initiated when accounts get approved. I sent the forms last week with the SC%% account number, before the PHOENIX details were received. I am holding off making the transfer from the SC%% to the PX%% accounts, in case it hampers the iWEB transfer.

   On point 8, hoping the transfer to iWEB is successful.  

Tonyiti

I’d really appreciate anyone telling me if there’s a secure way to upload my details for onboarding?

My browser warns me the connection is not secure, so I’m reluctant to send all my details ie. Name, NI, DOB, address etc

(I’ve only just had my login details working)

Do I even need to do onboarding as have just instructed iweb to transfer?

Thanks in advance

Thrugelmir

Monsieur_Bourse said:

This morning I received this reply from the FCA:

Thank you for your communication.

 By way of introduction my name is David Moss (Head of Compliance) for ITI Capital Limited (‘ITIC’).  As you may be aware ITIC has been working closely with the Administrators (Leonard Curtis) for the purchase and migration transfer of SVS clients to ITIC.

 I note from your complaint you have highlighted a number of key issues including delays with your log-on credentials on your account and not being able to trade via the ITI Capital trading platform Phoenix.

 Whilst we will record your complaint at ITIC, I would like to take this opportunity to apologise to you for the issues you have raised which forms part of the SVS transfer process and I am sorry to hear that this exercise has resulted in us not being able to meet your expectations and you have felt the need to complain, as I am very disappointed to hear this.

 We are seeking to improve the quality of our services and managing customer expectations, as we are currently prioritise our work efforts to ensure all customers are well informed of the SVS migration process and we are looking to remediate these key issues for you.  I have now referred your communication to our Account Management team, as we should be in position to address all these key issues for you.

 Thank you for bringing this matter to my attention, to improve the quality of our services and managing customer expectations, the compliance team will now investigate all the matters you have raised.   As part of our complaint handling process we look forward to communicating with you in this regard, as we want to ensure all matters are fully resolved and such timely deliverable actions have been addressed as part of your complaint.

Kind Regards,

David Moss
Head of Compliance

At least David Moss took the trouble to answer my e-mail, more than can be said for ITI, not sure it really answers anything but obviously the FCA is aware of the situation at ITI.

Did you actually read the letter before posting? 

johnburman

I RECEIVED EXACTLY THE SAME RESPONSE from Mr Moss as that received.  Good to know that Word works at ITI as almost no other application does!  

Thrugelmir

johnburman said:

I RECEIVED EXACTLY THE SAME RESPONSE from Mr Moss as that received.  Good to know that Word works at ITI as almost no other application does!  

If you had received a different response. Would you then be complaining about Mr Moss wasting his time? 

johnburman

Thrugelmir not sure I understand your comment.
What I would say is that Moss has not answered any of my queries or dealt with any substantive issues i raised.  He issued a standardised response; no doubt he will issue it to may scores, hundreds(?) of cleints.
A copy of my complaint was sent to the FSA.

AND

Tongue in cheek or otherwise  Moss is HEAD OF COMPLIANCE of ITI who are in breach of fair chunks of the FCA Rulebook.  And they are not "Treating Clients Fairly" [ the TCF obligation].  He should act and act fast.  AND he has a duty to report the faults of ITI to the FCA himself.  I wonder if he will do so.