SVS Securities - shut down?

pafpcg

I've received a mass circulation email from ITI (timed at 15:50) entitled "Important Updates Regarding Your Account".

The first sentence is: "Based on feedback from a number of clients, we believe the following information may be useful for you no matter which stage you are in the process: ....".  The email covers just the initial on-boarding (passwords & ID documentation) and trading (Phoenix and telephone).  Nothing at all on progress with cash withdrawals and asset transfers.  I fail to recognise anything in the email which could be an "update"!

It's clear that ITI have very crude systems for their client data-base.  What's the point in emailing ex-SVS clients who have already refused ITI's terms of business, have submitted a closure & transfer form and the ITI system has locked us out of even viewing our transferred assets?

How sad it is that ITI just don't seem to realise how poor are their client relations.

Edit: crossed with posting from NBS222 above!

jenwrendorset

Has anybody else been asked to complete this form ??? I have no intention of trading in US stocks and shares, in fact I have no intention of trading at all with ITI Capital - I want out, sooner the better !!!

Instructions for Form W-8BEN (07/2017)

Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)

Letters of complain going to everyone - thanks for info.

 

johnburman

Anyone writing to the papers about this?  I know that MoneyMail have been contacted.

rnf11

In the same boat as only too many others are.

The VOD dividend was paid on 7.8.20 and appeared in my other broker accounts that same day. I appreciate that VOD is widely held, but a proper process should be in place for ITIC to make the necessary allocations promptly to individual accounts.

I am concerned that not only ex SVS clients are suffering, but there must surely by now be a much wider knock on effect on the service level being given to ITIC's existing client base. Which must be highly damaging to the business as a whole

It cannot be that recent dividends will only appear on Phoenix accounts when they are fully established - ie when online dealing becomes available, since I can see one cash balance that has (correctly) increased since the date of transfer (and no, it is not the missing VOD dividend....).

I cannot help but wonder how much more time will pass before it begins to dawn upon someone that there might just be the possibilty of fraud, and so decides to refer the matter to the police for an investigation.

My2penneth

I phoned up iWeb this morning to see if there was any progress on my transfer from ITi? 
Short answer - no!
The iWeb representative told me that she had heard that ITI were very busy...... no doo-dah Sherlock! - but it is a problem of their own making and that doesn't help us recover our assets to where we want then to go!.

My2penneth

I've just logged on to my ITI account merely to fire off another 2 complaints. I am the point of considering raising a complaint every day.  

masonic

johnburman said:

Whether you complain to Moss at ITI as well is up to you.  I got a nice long 100% standardised response not dealing with any of my queries at all when I compalined.

You definitely should complaint to ITI as well if you are considering taking the matter up with the Financial Ombudsman Service in the future. Start that clock ticking.

johnburman

And the FCA

MK62

In ITI's latest email....

After you have received access to your Phoenix Trading Account, it may take up to a week in order for your shares to become visible on this platform, at which point, you will be able to trade them electronically.....

This is simply not true - it's been 2 weeks now and my Phoenix account is still sat at zero.

Really annoying that that ITI are sending  "updates" out containing information they know isn't true......it undermines trust in anything they say now going forward.

My2penneth

I made a request to create a Phoenix account ( logged) on 26th July.... give it another day and that will be one month! 

ITI then created 2 Phoenix accounts for me on the 7th August
with the promise of a 2 day timescale - screenshot below. 
As of 25th August....none are ready for use,  none have been loaded with my shareholdings, they are empty! 

None of my wife's accounts are ready neither!