SVS Securities - shut down?

Icyberg

Extract from ITI Capital email dated 28th July. 
We would like to assure you, that your assets and money have been transferred to ITI Capital and are secure.
We are committed to having all of these issues resolved as soon as possible and expect to have a resolution in the next 24 to 48 hours.
Secure ? 'Inaccessible for the foreseeable future'. would have been more appropriate.

snipkin

johnburman said: "I have learnt one thing. Don't ever use one broker use several  [...] And you complain!"
I will complain to the FCA using the draft complaint letter as a starting template posted by shawdon on page 298 - which is very useful starting point.

By the way shawdon said (my italics): "Still no update from ITI but i do now have confidential information which confirms that the FCA will soon have no choice but to get very actively involved in resolving this debacle in favour of the poorly treated ex SVS clients.". So perhaps something will happen. But I hope whatever action is taken does not result in another long period of no access to our shares when we are on the brink (one assumes, one hopes) of getting that..

I agree with johnburman - I too have learnt my lesson the hard way - I must spread my investments across several brokers - I intend to use three now and have opened accounts (Jarvis, IWeb, HL) ready and waiting for when I can get hold my of my cash and, later, my ISA share account (for which I have requested a broker transfer with HL but heard nothing yet).

My2penneth

I think it only sensible to have funds split over the bigger brokers and I would avoid any of the "free trade" accounts (personal opinion). If you were relying on an income from SVS via dividends, one would have had no income stream from one's shares for 13 months. 

I'm not so worried about the £85k compensation limits for losses if a company is regulated by the FCA and is underwritten by the FSCS (ring fencing rules). It is simply the hassle and having a major percentage of one's income suddenly stop - particularly difficult if in retirement.  

shawdon

Michael_Reynolds said:

JOHN BURMAN. WHY DO YOU KEEP TELL US ALL TO COMPLAIN TO THE FCA OVER AND OVER AGAIN? THERE ISN'T ANY FACILITY TO COMPLAIN DIRECT TO THE FCA OTHER THAN VIA THE OMBUDSMAN.

Michael,
Please see my template complaint letter to the FCA on page 298. This does work and i have already received a case number so i suggest the more of us who complain to the FCA directly the better the chance of the FCA ensuring ITI allow us to transfer immediately to a proper broker.
Shawdon

My2penneth

Of course one can complain to the FCA directly....The way to do this has been previously discussed and I have done so and obtained a case reference number from them.

(Case ref 206838351)

johnburman

Thank you My2
And my number is 206840117
You phone up to the Customer Contact Centre on 0300 500 8082. There is an email address too

It is worthwhile saying that the response email includes them telling you that "you have done the right thing by making a formal complaint..." 
So make your complaint 

PS there is no need to write in capital letters to this forum. 

Monsieur_Bourse

I really cannot believe that after nearly 5 weeks of not being able to access our shares via our Phoenix account that somebody in authority is not doing something about it. We can only hope that something is going on in the background and progress will either be made, or ITI will go into administration, not my desired outcome.

I today made a formal complaint to ITI as suggested by others on this forum, and wish to complain to the FCA. Can somebody please post the e-mail address that they have used to contact the FCA, as their site does not openly to my mind provide a viable e-mail address. I must say that I do not hold out too much hope contacting the FCA after reading the reply that JohnB posted when the last line read: 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. Sure they are the people who should be resolving the situation!

johnburman

Tel 0300 500 8082
consumer.queries@fca.org.com

Danie6

Also lodged a complaint with FCA today. Case ref# 206863792. If everybody send their complaints they must surely do something.

My2penneth

Danie6 said:

Also lodged a complaint with FCA today. Case ref# 206863792. If everybody send their complaints they must surely do something.

It really is a case of complaining and making sure you get a ref number.
Hopefully it will prevent ITI charging custody fees if nothing else.