SVS Securities - shut down?

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.

johnburman

Oh no. I agree 99% with masonic again.  This is become worrying!  Joking aside we - experienced and inexperienced - all need to be wary.
masonic says:

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.

and he is right.  you must be really careful with whom you transfer to now it is out that ITI are having problems and there are many thousands of clients who desperately want access to their assets and cash.

masonic goes on:

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.
I'm sure that this is right


This may or may not be true:
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.

I doubt that there will be many clients with ISAs who want to sell everything.  I do not.  But even if I did, I do not trust ITI to do anything.  I want to transfer, and in this case if they can do a quick transfer to a new broker, i want that.  And if I wanted to sell then I would use the new broker.  
====
NEW POINT

ITI are members of the London Stock Exchange.  Anyone complained to the Stock Exchange about their conduct?
https://www.londonstockexchange.com/member-directory/iti-capital-limited/50288

johnburman

I will send a copy of my complaint to ITI & the FOS at the same time in approx 14 days time.  Unless there is some change in the behaviour of ITI.  And if the complaint takes a little while to resolve....what do I lose?   

Sheris

masonic said:

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.

Dogs always bark up at the right tree, remember that one, for your future reference. 

johnburman

Mon am - No OTP messages are being sent by ITI to allow me to even see my (inaccutate) accounts.  Anybody else having this problem this morning? 

My2penneth

JohnB...there have been times when no OTP code has been sent. Anyway, just logged on and ....why did I bother? No progress.  

rugby7170

I seem to be one of the lucky ones !! I can see my portfolio online BUT I have no idea how to trade , online ? how; by phone ? can't find a number that gets through. 
Anyone else in the same boat ?

johnburman

My2penneth...you lucky fellow. You can at least log on and see the misery.  As for  me today I am left in limbo.

It reminds me of that day in July 2019 when I tried to log onto the SVS and could not and.....well we all know how that ended! 

The worst thing is that I am as I type this I am on the phone to ITI to try and get some sense from them and it just rings and rings and rings (and then there is a message that says leve a message, but there is no facitlity to and the phone continues to just ring and ring and ring....).  What a waste of my time.  And my life.

I have already reported this to the FCA  this morning. 

Monsieur_Bourse

So another week starts with no access to our Phoenix trading platform, no communication from ITI or Leonard Curtis, just business as usual then. Still as long as Leonard Curtis have carried out their legal obligation, and opened the window wide and let due diligence fly away as free as a bird, I guess we should all be happy.

For what it is worth I can log-on to my Phoenix account, but it is as empty as ever.

JohnB, when you contacted the FCA did you do it by letter or e-mail?