SVS Securities - shut down?

johnburman

Quantifying loss is a problem. But there must be some measure of loss for not having access to property you own owing to say negligence. Need to look at the law of conversion. And don't they have a fiduciary duty towards clients? 

masonic

My2penneth said:

johnburman said:

adeel26 said:
I dropped an email this afternoon to X-O regarding transfer of my assets. They replied back stating that they haven’t heard anything back from ITI and they still have transfers outstanding from July and have not heard back from them.

This must be reported to the FCA  -make sure you do so.  This is in breach of the TREATING CLIENTS FAIRLY regime and is something that the Regulators should be told.  They need to investigate this.  and what about asking ITI for compensation for the delay?

The difficult bit would be to define/ quantify your loss for which you require compensation. 

It shouldn't be difficult. It is for you to point out the problems and the impact they have had on you. It is for ITI, or ultimately the Financial Ombudsman Service, to decide what compensation is appropriate. It would certainly be worth reviewing FOS guidance regarding compensation for non-financial loss: https://www.financial-ombudsman.org.uk/consumers/expect/compensation-non-financial-loss

The problems people are currently facing would mostly fall into the moderate band, but some might tip over into the substantial, for example if access was needed for a purchase or you were put into financial hardship because of the issues. I can't imaging the FOS would award less than a 3-figure sum if it got as far as them, and ITI would be sensible to make a good offer to avoid that.

My2penneth

johnburman said:

Wonder why only one paper, Citywire, has picked up on this. Why not MoneyMail or the FT. Let's see if there's anything in the Sunday papers. 

I wrote to the Daily Mail a few weeks ago now....

Danie6

I think one should forget the opening of a Phoenix account. ITI is not gonna get it right. I must be the only one whose assets actually got transferred to a new broker, and I can still not open a Phoenix. I now have two ITI accounts and both tell me there is no data, and both tell me I cannot open Phoenix. They have obviously not migrated the SVS information to the new accounts and cannot use them as a source of information. I started the transfer process from my new broker, I e Interactive brokers, and sent their details to ITI by email while quoting my SVS account number as well. This probably worked because the ITI accounts are a mess while the stuff transferred from LC must be still traceable.
My  next issue is to get the cash portion, which they still have, into my bank account. I have filled in their withdrawal form and sent it off seven times since 27 July 2020, but they ignore me like a traffic light here in my part of the world.

johnburman

My2penneth said:

johnburman said:

Wonder why only one paper, Citywire, has picked up on this. Why not MoneyMail or the FT. Let's see if there's anything in the Sunday papers. 

I wrote to the Daily Mail a few weeks ago now....

Time to contact again?

johnburman

Other than Danie6 (who has some magic power, obviously), anyone else in the world "whose assets actually got transferred to a new broker" by ITI?

My2penneth

I think we should suggest that ITI update their website message to, perhaps,  something like 

"Take control of your investments...because we can't "

My2penneth

My2penneth said:

I logged in earlier today and again a few minutes ago - the account values have moved again.  

Just logged on again...values have jumped back. 

johnburman

I logged in just now and the account values have not moved - they are wrong.  Saga, Shell and VOD show as 00.00 value.  I can not trade of course.  And there is no list of dividends received.  And no transfers out have taken place. And the request to pay out some cash t the bank made on their pdf form has been ignored for 14 days now.   

sweeter_strudel

johnburman said:

Other than Danie6 (who has some magic power, obviously), anyone else in the world "whose assets actually got transferred to a new broker" by ITI?

Nope. I'm doing two separate transfers for my trading and (part) of my ISA out of SVS/ITI to two different brokers. Both brokers have said we have sent ITI my transfer out request but have heard silence in return so far. That's at least two weeks or more.

There again, maybe my error was to try and transfer to ITI to do a few trades to tidy up my investments first. Rather than not signing up and initiating a transfer instead of the onboarding process. I got the impression Danie6 had never attempted the ITI on-boarding but opted to transfer at 24th July.

But there again on 23rd July  ITI had published diddly squat in terms of information or overview of what their processes were going to be.....

If only hindsight had been invented sooner.....