SVS Securities - shut down?

masonic

Danie6 said:

Is it not a logical option to opt for a reverse transfer back to LC?

If you were to do that, the assets would still be held in trust by ITI (as per the distribution plan) and LC would explore other options for those customers not willing to become a client of ITI. Either way, ITI would need to do some work to transfer your assets onward to a new broker, so there really is no escape.

rnf11

    A moment to reflect, perhaps...

1.      Rahul Agarwal, Managing Director for private clients UK, commented (not so long ago): 

“We are thrilled to welcome the SVS client base to ITI and we are confident that we will be able to deliver a much superior proposition at a competitive price to the client base. These clients will be able to trade almost any asset class, globally, all via a single online platform. Our advisory service is a true hybrid model where we plan on leveraging technology to offer a customised as well as an automated advisory service. All of this accompanied with our commitment to brilliant customer service. 

We appreciate the client base has not had access to their assets in nearly a year and this is difficult. We are doing what we can to speed up the process for these clients.”

     Also:-

 ITI Capital, the global financial services provider for institutional investors and private clients, has appointed Leonardo Brummas Carvalho as Group Co-CEO and CEO of Wealth Management, having been hand-selected for the position by its Chairman, Oleg Jelezko.

ITI Capital, which is owned by Da Vinci Capital, a global private equity fund, has hired Carvalho to use his experience in management and financial Services to take the company on its next phase of digital transformation and accelerate its growth.

           But, back at the ranch:-

                                                        a new job advert

Complaints Handler

ITI Capital

Hounslow

Apply on LinkedIn

2 days ago

Full–time

ITI Capital Limited is a brokerage house offering an in-house developed trading platform which is scalable and reliable, affording a range of market access routes for clients to confidently have their trading strategies serviced and supported. As a Complaints Handler, you will ensure all complaints are acknowledged, resolutions are managed within the given regulatory timescale (8 weeks) and customers are kept updated throughout the process. You will conduct analysis into complaint trends and identify the root cause of any grievance. Communicating your findings to the Head of Compliance , you will ensure service levels are improved and aim to reduce recurrences. Reporting to the Head of Compliance, your role will also involve: • Managing investigations, resolutions and reporting for all complaints • Entering complaints onto the complaints register • Actioning monthly and daily update reports • Making recommendations for process improvements and remediation • Ensuring that all complaints are responded to within regulatory guidelines
Ideally, you will be familiar with financial ombudsman rules and regulations, but this is not essential. Experience with data subject access requests would also be beneficial.

   In conclusion,

No lack of chiefs among ITI Capital and Da Vinci Capital (ITI's owners), but when it comes to the horrendous ex SVS client problems - oh, just get someone in to face against the complainers, but no additional resource to actually get a grip on what they are all complaining about....

Yet another grim week (and counting)  ahead.

Sheris

Danie6 said:

What now are the chances of this fiasko dragging on for another year or two? This is something I can not afford. Is it not a logical option to opt for a reverse transfer back to LC?

I think this situation will continue for many more months, this week alone I have recevied two telephone calls with reference to brokers wanting me to open accounts with them and Im ex directory, data broken again, in the conversation they are fully aware of the problems with ITI and had lots of inquires for transfers, I gave nothing away with my problems to what is going on.
L&C should refund all monies to clients. 

masonic

Sheris said:

Danie6 said:

What now are the chances of this fiasko dragging on for another year or two? This is something I can not afford. Is it not a logical option to opt for a reverse transfer back to LC?

I think this situation will continue for many more months, this week alone I have recevied two telephone calls with reference to brokers wanting me to open accounts with them and Im ex directory, data broken again, in the conversation they are fully aware of the problems with ITI and had lots of inquires for transfers, I gave nothing away with my problems to what is going on.
L&C should refund all monies to clients. 

Needless to say, if someone phones you asking you to open an account with them, or offering to help you transfer your investments, just hang up - it is probably a scam.

Most investors do not want their investments sold and the proceeds refunded to them. Those with ISAs would normally want to keep the ISA status of their investments and even those using normal trading accounts don't want to be out of the market. For those who can sell up everything and withdraw the cash, that will be the quickest option - quicker than declining the transfer to ITI and asking LC to return their assets by other means.

Sheris

masonic said:

Sheris said:

Danie6 said:

What now are the chances of this fiasko dragging on for another year or two? This is something I can not afford. Is it not a logical option to opt for a reverse transfer back to LC?

I think this situation will continue for many more months, this week alone I have recevied two telephone calls with reference to brokers wanting me to open accounts with them and Im ex directory, data broken again, in the conversation they are fully aware of the problems with ITI and had lots of inquires for transfers, I gave nothing away with my problems to what is going on.
L&C should refund all monies to clients. 

Needless to say, if someone phones you asking you to open an account with them, or offering to help you transfer your investments, just hang up - it is probably a scam.

Most investors do not want their investments sold and the proceeds refunded to them. Those with ISAs would normally want to keep the ISA status of their investments and even those using normal trading accounts don't want to be out of the market. For those who can sell up everything and withdraw the cash, that will be the quickest option - quicker than declining the transfer to ITI and asking LC to return their assets by other means.

Sorry to say but they have a reputable background followed up with a email which they already had details. If I thought for one minute, the phone would go straigth down, Im making no commitment as Im still unable to see what I have in my accounts.
Thanks for your reply

masonic

Sheris said:

masonic said:

Sheris said:

Danie6 said:

What now are the chances of this fiasko dragging on for another year or two? This is something I can not afford. Is it not a logical option to opt for a reverse transfer back to LC?

I think this situation will continue for many more months, this week alone I have recevied two telephone calls with reference to brokers wanting me to open accounts with them and Im ex directory, data broken again, in the conversation they are fully aware of the problems with ITI and had lots of inquires for transfers, I gave nothing away with my problems to what is going on.
L&C should refund all monies to clients. 

Needless to say, if someone phones you asking you to open an account with them, or offering to help you transfer your investments, just hang up - it is probably a scam.

Most investors do not want their investments sold and the proceeds refunded to them. Those with ISAs would normally want to keep the ISA status of their investments and even those using normal trading accounts don't want to be out of the market. For those who can sell up everything and withdraw the cash, that will be the quickest option - quicker than declining the transfer to ITI and asking LC to return their assets by other means.

Sorry to say but they have a reputable background followed up with a email which they already had details. If I thought for one minute, the phone would go straigth down, Im making no commitment as Im still unable to see what I have in my accounts.
Thanks for your reply

Scammers often use the names of legitimate companies to dupe victims. Reputable investment firms do not cold call customers touting for business.

Sheris

masonic said:

Sheris said:

masonic said:

Sheris said:

Danie6 said:

What now are the chances of this fiasko dragging on for another year or two? This is something I can not afford. Is it not a logical option to opt for a reverse transfer back to LC?

I think this situation will continue for many more months, this week alone I have recevied two telephone calls with reference to brokers wanting me to open accounts with them and Im ex directory, data broken again, in the conversation they are fully aware of the problems with ITI and had lots of inquires for transfers, I gave nothing away with my problems to what is going on.
L&C should refund all monies to clients. 

Needless to say, if someone phones you asking you to open an account with them, or offering to help you transfer your investments, just hang up - it is probably a scam.

Most investors do not want their investments sold and the proceeds refunded to them. Those with ISAs would normally want to keep the ISA status of their investments and even those using normal trading accounts don't want to be out of the market. For those who can sell up everything and withdraw the cash, that will be the quickest option - quicker than declining the transfer to ITI and asking LC to return their assets by other means.

Sorry to say but they have a reputable background followed up with a email which they already had details. If I thought for one minute, the phone would go straigth down, Im making no commitment as Im still unable to see what I have in my accounts.
Thanks for your reply

Scammers often use the names of legitimate companies to dupe victims. Reputable investment firms do not cold call customers touting for business.

As you are talking of scammers I would say have a look at L&C and ITI, please dont take it personally, as you have been a great help on here with good info.

johnburman

Come on Monsieur don't get dispondent. Complain yourself to the FCA. Contribute to the complaints snowball to the FCA. 

masonic

Sheris said:

masonic said:

Sheris said:

masonic said:

Sheris said:

Danie6 said:

What now are the chances of this fiasko dragging on for another year or two? This is something I can not afford. Is it not a logical option to opt for a reverse transfer back to LC?

I think this situation will continue for many more months, this week alone I have recevied two telephone calls with reference to brokers wanting me to open accounts with them and Im ex directory, data broken again, in the conversation they are fully aware of the problems with ITI and had lots of inquires for transfers, I gave nothing away with my problems to what is going on.
L&C should refund all monies to clients. 

Needless to say, if someone phones you asking you to open an account with them, or offering to help you transfer your investments, just hang up - it is probably a scam.

Most investors do not want their investments sold and the proceeds refunded to them. Those with ISAs would normally want to keep the ISA status of their investments and even those using normal trading accounts don't want to be out of the market. For those who can sell up everything and withdraw the cash, that will be the quickest option - quicker than declining the transfer to ITI and asking LC to return their assets by other means.

Sorry to say but they have a reputable background followed up with a email which they already had details. If I thought for one minute, the phone would go straigth down, Im making no commitment as Im still unable to see what I have in my accounts.
Thanks for your reply

Scammers often use the names of legitimate companies to dupe victims. Reputable investment firms do not cold call customers touting for business.

As you are talking of scammers I would say have a look at L&C and ITI, please dont take it personally, as you have been a great help on here with good info.

LC has had an inherent conflict of interests with SVS clients from the outset and I pointed that out many pages ago in this thread. It is true of all Special Administrations. They have followed their obligations set out in law, which involve acting in the interests of all creditors and carrying out activities not conducive to the swift return of client assets.

ITI has proven itself incapable of taking on such a sudden influx of new clients, and incompetent in resolving early issues. The lack of information about exactly what steps investors needed to take to get up and running or get to the stage of transferring their assets away was a major contributing factor.

Neither firm could reasonably by described as "scammers". Which is why you actually have some assets you will eventually be able to move elsewhere or withdraw. My only concern in warning you about the cold calls you have received is to avoid you resolving the situation of not being able to get your assets where you want them by actually engaging with real scammers and losing your assets. If you think I'm barking up the wrong tree then it's no skin off my nose, we can just end the discussion here and you can do as you wish with your assets.

masonic

johnburman said:

Come on Monsieur don't get dispondent. Complain yourself to the FCA. Contribute to the complaints snowball to the FCA. 

I'd agree with this, the FCA will tend to prioritise issues based on volume of complaints received.