SVS Securities - shut down?

rnf11

I see that word about this debacle is reaching a wider audience - Citywire has an article.

Monsieur_Bourse

So LC have resorted to sending out template replies now, exactly the same reply that I received yesterday, and posted on the forum, it would seem that they have washed their hands of us.

Do you have a link to the Citywire article mf11?

rnf11

..... and also FTAdviser..

Both seem to have summed up the all round discontent with the current state of affairs.

Surely a fair chance of the weekend traditional press picking up on it too...

rnf11

https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644?section=wealth-manager

https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/

Monsieur_Bourse

Thanks mf11 for the link.

I think that the last paragraph says it all really:

Asked about the selection process that led it to pick ITI out of 120 potential bidders, the due diligence it had performed on the firm, and what ongoing support it was able to offer clients, Leonard Curtis declined to comment.

My2penneth

rnf11 said:

pafpcg - 11.30:

2. The matter of denoting the ISA accounts - has anyone seen their ISA specifically identified as such yet?. I raised this with ITIC "Account Management" last week but still no response from them.

ISA Status.
I queried this with Harry Callaghan who is broker for ITI Capital.  Whilst WE currently cannot see that an account is an ISA, Harry sent me a screen shot of what HE could see on the ITI database for my ISA account...confirming it was marked as "ISA".

email received 29th July (account number & name redacted)

My2penneth

rnf11 said:

..... and also FTAdviser..

Both seem to have summed up the all round discontent with the current state of affairs.

Surely a fair chance of the weekend traditional press picking up on it too...

I hope so as I alerted the Daily Mail about a week ago..(maybe they are not interested.) 

I did also alert the FCA. 

rnf11

An earlier one from a week ago that I had missed:-

https://www.financemagnates.com/forex/brokers/technical-issues-cripple-svs-clients-access-to-their-money-at-iti-capital/.

Interesting comments beneath the article too...

HopefullyHelpfull

There is an FT Adviser article written today online regarding this subject. I'd post a link to it but I am not allowed as I am new to the forum, so use google to get to the article yourself if you are interested to read it :
There is an interesting quote made in the article :
"A spokesperson for ITI Capital told FTAdviser the delays were the result of "teething issues" during the transition period, but these had now been resolved. "
The article includes contact details for it's author and solicits letters to the publication.

shawdon

Can the debacle get any worse? Yes of course it can, ITI are now not allowing access to the clients accounts as the OTP passwords are not being sent so not only do we still not have access to our cash or shares, we now cannot even access the website portal to look at the misinformation which ITI are pretending to call our dashboard!