SVS Securities - shut down?

My2penneth

Within Phoenix there seems to be an option to create a custom "Report" - maybe this is the way to get the dividend and cash movement data (I can't tell as I have no data in Phoenix at the moment!) ?

One selects what info one wants from a list and then saves the report under a unique name. There is then a small arrow (I'm not showing that on the screenshot) that you press to run the report. 

The question I would have, what about transactions in the  transition period between LC saying "goodbye" and our PX account (maybe!) going live in the next few days - what happens to all that info - where is the info - by this I  mean cash movements in or out or dividends received?

olderbutnowiser

rnf11 said:

Dividends. More fuel to the fire...

Message from LC yesterday re "missing" VOD divi; LC stated it was received on the 7th and subsequently passed on to ITIC (and also stating an awareness of ITIC's "problems").

So it should be there - somewhere.

Looking forward - if and when the a/c transfers out do actually happen, I foresee a tedious long haul chasing up "missing" dividends during and just after that process.

That's exactly what I have feared all along. I have found LC diligent in accounting for all the dividends over the past 12 months but am fearful of the mess that we will now find ourselves in for the foreseeable future. ITIC should never have been appointed - they are not fit for purpose.

johnburman

Guys.  Thsi is getting worse and not better.  I hope we are all reporting the problems to the FCA.
This is all going to continue for some time and I ant out to the new broker.  The new broker has done his bit but is now waiting upon ITI.   All we can do is to ask the FOS for compensation when we complain and ,=make sure the FCA knows about the transferring out difficuties.  Where is TREATING CUSTOMERS FAIRLY in all this see https://www.fca.org.uk/firms/fair-treatment-customers

Madmel

I have some small progress to report.  I have never been a trader and would rather leave it to people who know more what they are doing.  I rang the number someone kindly suggested a few pages back: 0203 889 8355 which got me through to a dealing room person.  He was a bit grumpy to start with but then I started crying (sorry, the frustration of this and everything else just got to me) and he was really kind. He pulled up my information on his screen and agreed that the shares SVS had put me into were crap.  I said I didn't understand half the emails and he said he would get someone from their account management team to phone me either this afternoon or tomorrow to help me to sort it all out.  That was only a few minutes ago so no complaints there yet.  I will update when I have spoken to someone...

snipkin

I sold a number of share holdings from my non-ISA ITI account on Monday (17 August) via telephone. Today, once again checking my ITI 'dashboard' and account listings, the share sales are still not showing up on my account! This is an appalling state of affairs - at least the SVS online dealing system was simple and fast.

I immediately got back on the phone to ITI to check if my instructions had been carried out as I believed and, crucially, to find out what my current cash balance was (it was certainly way more than the '£127' stated on my ITI dashboard). A very pleasant man at ITI confirmed the share sales had gone ahead on Monday and told me the exact cash balance. He seemed to imply that, until we are able to access our Phoenix accounts, sales/dividends etc will not show up on the 'temporary' system we seem to be stuck on at the moment with its regularly wildly fluctuating account values - but this is surely not an acceptable state of affairs for any reputable company.

Anyway, at last I can shift a major part of my assets out of ITI, as cash, into my bank account and then to another broker. OK, it cost me approx £50 in dealing charges (I hope - I forgot to check if he charged me the 7.99 'SVS rate')  but I cannot wait for weeks (months?) for an in specie account transfer to complete - although I have no choice but to do that with my ISA account.

Monsieur_Bourse

Thanks for posting that information snipkin, I was going to ask the question what happens if you trade via the telephone. I certainly want to make some adjustments to my portfolio. It is now a bit of a tough choice, wait until the Phoenix account is up and running, we could all be old and grey by then, or trade now via the telephone and hope that this incompetent shower manage to place the share dealings in the right account.

What an absolute mess.

johnburman

Monsieur I hope you have told the FCA about this almost incredulous state of affairs. 

snipkin

johnburman said:

Monsieur I hope you have told the FCA about this almost incredulous state of affairs. 

It is not immediately obvious how one complains to the FCA. To quote from their website:
"We do not investigate individual complaints, but the financial firms we regulate must have a procedure in place for resolving disputes with their customers."

The FCA seem to be saying we must complain to the company in question first (ie ITI) and show evidence of a reply from that complaint before approaching the FCA - or is it the Financial Ombudsman and not the FCA at all??

Did you just email the FCA? At what email address? Apologies if you have already covered this in what is now a 286-page forum but, briefly, how did you contact the FCA and what response did you get?

johnburman

snipkin - How to complain to the FCA:

Extract from email sent to me by the FCA.

Ms Samantha Stewart is your initial contact at th eFCA


========
I understand that you have contacted us with a letter of your complaint to ITI Capital and you want to know if the FCA will be taking any action against the firm. I can appreciate that this must be an incredibly frustrating situation for you.

I can also see that you spoke to my colleague Jerome about this matter on 11 August 2020 and I want to thank you for taking the time to send us additional information.

What I have done with this information

Whilst I can’t confirm what action the FCA will be taking in this matter, I do want to let you know what I have done with this information. As the regulator, we are interested in any information about the firms who are authorised by us and given the situation I can appreciate why you have contacted the FCA. The information you provide to us helps us understand what is happening within the industry and how firms are treating their customers.

We have Supervision Teams who oversee the conduct of the firms we authorise and I want to let you know that I have made the information you have provided about what’s been happening with ITI Capital available to the team who are responsible for overseeing them and their conduct.

I do want to let you know though, I won’t be able to let you know what we do with the information or provide you with any feedback, as this forms part of our supervisory work, which is confidential but I would like to thank you for taking the time to contact us about this.

Making a formal complaint

You’ve done the right thing by making a formal complaint to ITI Capital if you’re unhappy with the situation or if you feel you have been treated unfairly. We have more information about the complaints process on our website (including a step by step guide) which you may find useful.

Thank you once again for taking the time to contact the FCA and I do wish you all the best in resolving this to your satisfaction.

Yours sincerely  

Samantha Stewart (Ms)
Supervisor | Supervision Hub
Financial Conduct Authority | www.fca.org.uk
Consumer Helpline: 0300 500 8082

=====================

DO NOT DELAY COMPLAIN TO-DAY!

johnburman

But My2p that is to complain about the Regulators.  (which we should also do, but lets get ITI sorted first)
It says

Complain about us, the PRA or the Bank of England (the regulators)

 although I see the odd wording in the last sentence. Anyway ask the FCA how many clients have been transferred away from ITI Capital yet.  Answer will be despite lots of requsests, none