SVS Securities - shut down?

gibson81

I have just received an update from my new account provider on my transfer request, which they received one week ago. ITI have not yet acknowledged receipt. I can only assume they have been inundated and can't manage all the requests....

jenwrendorset

This website has proved a god-send to me - I thought I was losing the plot but now realise that this entire operation has been cacophony of errors.  Thank you everyone for your invaluable inputs - I've now managed to find the withdrawal forms and have emailed them off complete with proof of bank statement - I can't recall ever providing bank details up to this point.  Out of the 4 accounts my family hold (and intending to transfer a.s.a.p), only my son received any email notifications from ITI, the rest of us had to chase them up and only received them a week or so ago.  A few days after struggling to transfer 'on board' as a client (I say 'struggle' as I have neither a smartphone or a camera on my PC) my son then receives the email outlining a few steps to help 'onboard as a client or withdraw your assets' - three of us have yet to receive this email but it would have been a great help to have set eyes on this prior to transferring - I never realised we had the option not to transfer - my understanding was that if we said NO then our assets/money returned to SVS. 

It may be wishful thinking to hope that our money arrives within the next 5 days but as soon as it does then we'll be onto iWeb to start the transfer back to them.  With regard to the transfer form, am I right in presuming that the account number that is requested would be the one shown on ITI page as SC...., I see there is also a Master Account number !  As someone has pointed out, there is no indication on ITI page that our shares are held in an ISA but hopefully that is all in order.  As for the Personal Information - heaven knows how that will get sorted out - we're all now American, my son's birth country was listed overseas (which is correct) but town of birth is listed as being in England and country of residence is the USA........you couldn't make it up.......these people could be dangerous if they had brains !!

Next comes the letters of complaint but where to start !!!!

My2penneth

On the ITI Capital website I've seen a couple or three 5star ratings.  I wonder if they are genuine reviews  and ..if so...how come THEY are getting a good service? 

manted

leonde said:

My2penneth said:

On the ITI Capital website I've seen a couple or three 5star ratings.  I wonder if they are genuine reviews  and ..if so...how come THEY are getting a good service? 

God, that stinks. Three (at least) such reviews I can see, all of the same form (about having transferred from SVS, how the transfer has been smooth etc.). Now I'm convinced they're corrupt.

Worth reporting those reviews as affiliates, you can do so using the flag under the review.

rugby7170

So if you transfer to another broker are your share stuck during the transfer, ie you can't trade ?

My2penneth

Snapshot of the ITI Review screen.  How can they be impressed with it's functionality..they don't have access to it for one thing.
Standards of service? Clearly everyone on this forum is "just unlucky" when they come to call the hotline number.
It has been much smoother .... seriously?
These are complete fabrications !!

johnburman

Wonder if the FCA should be told about these? 

shawdon

I also just coincidentally saw these 5* reviews on google and nearly fell off my chair in amazement. Of course they are not genuine and apart from reporting them to the authorities the best remedy is for each of us 20,000 disgruntled ex SVS clients to post our own 1 star review to make the reporting a little more accurate (not that i am telling anyone what review score to give of course!)

My2penneth

I reckon that all our transfer requests are sitting in mail sacks, unopened, in ITI's office.

shawdon

shawdon said:

I also just coincidentally saw these 5* reviews on google and nearly fell off my chair in amazement. Of course they are not genuine and apart from reporting them to the authorities the best remedy is for each of us 20,000 disgruntled ex SVS clients to post our own 1 star review to make the reporting a little more accurate (not that i am telling anyone what review score to give of course!)

Here is a more accurate review of ITI, i hope others are able to support this view;
" ITI have mishandled the transfer from SVS very badly with very poor communication, inaccurate data on their website, misleading and contradictory information and a total disrespect for the 20,000 ex SVS clients who have been through a very difficult journey over the last 12 months. Be very wary of this business who are not fit to handle clients assets and the FCA need to urgently investigate them to ensure more investors do not suffer."