SVS Securities - shut down?

johnburman

A repost for which apologies but I see much angst on the forum but not much action.  DO NOT DELAY COMPLAIN TO-DAY!

How to complain to the FCA [my underlining] 
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Extract from email sent to me by the FCA.
Ms Samantha Stewart, Supervisor | Supervision Hub, is your initial contact at the FCA - phone number below

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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

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DO NOT DELAY COMPLAIN TO-DAY!

rugby7170

I seem to be one of the lucky ones. Sold 4 lots of shares on Monday, emailed them the withdrawal form and bank statement on Wednesday, cash received today !!! 

Danie6

At last! It appears that my shares have been transferred to Interactive Brokers yesterday. I am now waiting for my cash to hit the bank. Haven't heard anything since my first cash transfer request on 27 July 2020 and have so far submitted seven requests already.

Nbs222

Danie6  wrote :At last! It appears that my shares have been transferred to Interactive Brokers yesterday

That's promising ,  that means shares transfer doesn't take that long once ITI   acts on it. I  believe Danie6 selected  "NO" while most of us  selected "YES" option  initially when registering with ITI.

Hopefully ITI will start acting on all  the transfers they have received.

manted

Danie6 said:

At last! It appears that my shares have been transferred to Interactive Brokers yesterday. I am now waiting for my cash to hit the bank. Haven't heard anything since my first cash transfer request on 27 July 2020 and have so far submitted seven requests already.

Hello ! Very good news indeed. If my memory serves me right - you requested transfer out on 5th of August ?
Can you please give us a brief overview of steps taken as i know you had quite a few issues logging on and viewing assets.

My2penneth

Danie6 said:

At last! It appears that my shares have been transferred to Interactive Brokers yesterday. I am now waiting for my cash to hit the bank. Haven't heard anything since my first cash transfer request on 27 July 2020 and have so far submitted seven requests already.

Falls off chair in amazement!   Congratulations! 

olderbutnowiser

Seems that waiting for "cash to hit the bank". is the key here. ITI's belatedly sent withdrawal instructions make it clear that the shares go to your new broker and the cash to your bank. They are clearly not used to the concept of transferring shares and cash to a new broker which is, of course, essential with an ISA that has accrued 12 months of dividends.

Danie6 was presumably dealing with a non-ISA account and has got a good result. However I am not convinced that the rest of us who are part or completely on-boarded will not still have to wait a lot longer to get hold of our shares.

shiznit76

Right on boarding is complete (finally) and have phoenix account created. So the share values for my holdings are wrong, or don't appear at all in my holdings. How do i go about rectifying this?

manted

shiznit76 said:

Right on boarding is complete (finally) and have phoenix account created. So the share values for my holdings are wrong, or don't appear at all in my holdings. How do i go about rectifying this?

That my dear friend is the 240 Mn£ question ! We are all stuck with the same problems, values are incorrect since day1.

olderbutnowiser

shiznit76 said:

Right on boarding is complete (finally) and have phoenix account created. So the share values for my holdings are wrong, or don't appear at all in my holdings. How do i go about rectifying this?

I think you just wait until ITI get around to doing it "manually line by line" by which time some of us will probably be pushing up the daisies!

Out of interest, on the RHS in green, how does your account read? Mine show "On-Boarding Approved" for both Qort  accounts and "Open" against both Phoenix accounts. One Qort account shows a reasonably accurate amount for the shares whilst the other only has the value of  one share showing. Both accounts show the cash transferred from LC but no subsequent dividends. Both Phoenix accounts show zero for shares and cash.