SVS Securities - shut down?

Thrugelmir

johnburman said:

Thrugelmir not sure I understand your comment.

I didn't think it would. 

3rdParty

Haven't posted to this site before.  My elderly parents had Shares and some Cash with SVS and are now trying to; access these via ITI?  and then transfer them to a local broker who they can visit in person.  I'd be so very grateful if someone could give me a succinct procedure for gaining access to holdings at ITI and then transferring these to another broker.  This seems to be very complicated and is becoming very distressing for them.     

Monsieur_Bourse

Thrugelmir, Not quite sure as to why you are attacking posters on this thread, I would have thought that your energies would be better aimed at ITI. You are quite right that the reply came from ITI and not the FCA as I thought, I used the link provided by a poster on this thread on the assumption that it was an e-mail address for the FCA. So my mistake, which would explain as to why the reply was so bland.

I have also received a reply from Leonard Curtis, as some people seem more concerned on this thread to criticise others posters I am not inclined to post the reply in full. The one really striking comment in the whole e-mail which really sums up ITI being:  

We are also aware of a number of technical difficulties which ITI faced following the transfer which had not been identified during the testing of their software prior to the transfer.

My2penneth

3rdParty said:

Haven't posted to this site before.  My elderly parents had Shares and some Cash with SVS and are now trying to; access these via ITI?  and then transfer them to a local broker who they can visit in person.  I'd be so very grateful if someone could give me a succinct procedure for gaining access to holdings at ITI and then transferring these to another broker.  This seems to be very complicated and is becoming very distressing for them.     

edit: you can get cash out within 5 days or so by filling in the Withdrawal form (see below) or , if you are prepared to wait, your new broker should be able to take across everything - cash and shares.
 So, it just depends if you want access to the cash asap or don't mind waiting. 

CASH
 To get cash out of ITI Capital you will need to fill in their transfer request form. The form is available to download from their website here https://iticapital.com/deposit   if you click on the above link and then page down, you will see the "Download the Withdrawal form" ..see the picture below


They want you to download, fill it in and then scan it and send it back to them for actioning. I would also suggest adding a copy of a bank statement, the same bank you wish to have the funds transferred to (if it is different to the one you may have provided to ITI Capital already). 

Transfer of Shares to another Broker
Start the process with your other broker, not ITI Capital. They will ask you to fill in a transfer form (available online, usually). You will need your account numbers with ITI capital and their address.
.
The process to transfer to another broker will undoubtedly take time because ITI capital are completely snowed under with their problems. I wouldn't be surprised if it takes 2 months to move from ITI Capital.   

johnburman

M_Bourse I think what LC say about ITI is important and I woulf welcome a full post.  I am not sure if LC really went into th ebackground of ITI, presumably they had the fundsm were regulated, th eFCA did not object and so they were OK.  Only they are not.
To Thirdparty.  Don't . Transfer out of ITI to a  simpler broker who can do the job. It will be a wait but its all to complex otherwise.    

johnburman

My2p
The process to transfer to another broker will undoubtedly take time because ITI capital are completely snowed under with their problems. I wouldn't be surprised if it takes 2 months to move from ITI Capital.   

A  maybe and maybe not
B  even if it you still want to get out ASAP
C  compensation from them for the delay.  The FOS will order it

Monsieur_Bourse

OK John seeing as you asked nicely here is the full reply:

ITI has been inundated with calls and emails since the transfer and are currently experiencing a significant backlog which they are working through as quickly as practicable. I met with ITI on Tuesday of this week at their London office and understand that they are recruiting additional resource to service the demand placed on their account management team since the transfer took place.

 We are also aware of a number of technical difficulties which ITI faced following the transfer which had not been identified during the testing of their software prior to the transfer. ITI have assured us that a number of fixes have been implemented on their software systems, and they are in continual development with their software provider. We have asked on a number of occasions that ITI communicate with clients, and keep clients up to date on matters.

 Please be assured that we are trying our best to assist in this process, although it is ultimately only ITI that are in a position to resolve the issues you and other clients are facing.

 You may contact Roman Khamedulin (Roman.Khamedulin@iticapital.ru) who is the manager of account services at ITI should you wish to progress this matter further.

 Should you have any further queries or would like any additional information, please do not hesitate to ask.

 Kind regards,

 Carl Lever

Manager for the Joint Special Administrators

 

helencary

On a plus note I have been able to sell shares today with ITI. I spoke with a very nice gentleman who seems as frustrated as we all are. 

Jools2001

helencary said:

On a plus note I have been able to sell shares today with ITI. I spoke with a very nice gentleman who seems as frustrated as we all are. 

Probably being nice, as it seems this is the only money Shiti are going to make from any svs investors!

All our 4 accounts, now waiting to be transfered out, from this pile of crap firm!

johnburman

M_Bourse.  Tnx for the letter
So I must write to Russia to cpmlain about the poor service in London as you squote "You may contact Roman Khamedulin (Roman.Khamedulin@iticapital.ru) who is the manager of account services at ITI should you wish to progress this matter further." 

This is the best bit tho':
and understand that they are recruiting additional resource to service the demand placed on their account management team since the transfer took place.
So we have a small outfit in London buying 20k new clients and give them 4 months to prepare for this and lo and behold it all goes wrong and they are recruiting additional resource to solve the problems 3 weeks after onboarding the clients.  Crazy.  No wonder everyone is leaving....and that is before they read the new rate card.

A piece of advice for ITI and Mr Khamedulin.  An email shudl be sent to all clients with a full apology and a new ratecard and a TRUE estimate af when everything shoud be OK. And probably a costs sweenter to keep the clients happy. of the first 5 trades in September commisision free type.