SVS Securities - shut down?

Michael_Reynolds

John Burman. I can't see any direct contacts details for the Financial Conduct Authority who are the approved regulator on pages 298 or 297? I need an email address to put this complaint in writing I'm 12,000 miles away. Thanks

My2penneth

My2penneth said:

15 members of staff (including ex SVS staff (5) on temp contracts who can't help because ITI won't give them access to Phoenix).

Let's work with the 15 though.....15 staff split between 4 major tasks. let's say 4 people per task rounding up!  4 people to transfer 20,000 accounts line by line, manually, to their Phoenix system......  

carrying on (had to go out shopping...)
each one of the 4 people needs to process, on average, 5000 accounts. If each account takes 20 minutes to type in each shareholding, quantity and cash, and to verify -  then that's 10,000 working minutes - or approx 5 working weeks of 35 hours per week. Just a ball park "swag".

I wonder how many transpsoitional errors there will be?

(yes, that was deliberate!)

My2penneth

Michael_Reynolds said:

John Burman. I can't see any direct contacts details for the Financial Conduct Authority who are the approved regulator on pages 298 or 297? I need an email address to put this complaint in writing I'm 12,000 miles away. Thanks

https://www.fca.org.uk/contact

My2penneth

Standard_Goose said:

I have some news to share!

I just looked at my previously empty Phoenix account and it now has the cash balance of my account in it. Not only that, but that amount has grown by an amount equal to my missing VOD dividend, so I think that confirms that our Qort 'accounts' are just dummy pages with the information given from LC to ITI in them. At least this shows that the dividends aren't completely missing and I hope it gives some of you a little reassurance even if you haven't seen yours yet.

My stocks have not arrived in the account yet, but i have already asked for a transfer of them, so they might not bother (if they've got any sense).

I'll let you know of any further developments.

If you run a custom report with "dividends" as the selected entity, do you see any more info?

(see my post on Page 285 which discusses running reports - posted at 1.00pm)

reg_capitulation

My2penneth said:

Michael_Reynolds said:

John Burman. I can't see any direct contacts details for the Financial Conduct Authority who are the approved regulator on pages 298 or 297? I need an email address to put this complaint in writing I'm 12,000 miles away. Thanks

https://www.fca.org.uk/contact

Michael_Reynolds said:

John Burman. I can't see any direct contacts details for the Financial Conduct Authority who are the approved regulator on pages 298 or 297? I need an email address to put this complaint in writing I'm 12,000 miles away. Thanks

or consumer.queries@fca.org.uk

johnburman

This is the form that can be used to complain about the regulators.  I made use of it.  https://www.fca.org.uk/about/complain-about-regulators/form
We need to complain abou the firm. Hence the email address given in an earlier post
AND
Anyone had a contract note for a transaction done on the phone by their trading desk?

My2penneth

Selection of ITI Capital.?.the story of how they got the accounts has been told previously but I wonder if others walked away because they wouldn't pay for the Ex SVS accounts?   
I'm sure that will be a question that the FCA will ask LC.

reg_capitulation

johnburman said:

This is the form that can be used to complain about the regulators.  I made use of it.  https://www.fca.org.uk/about/complain-about-regulators/form
We need to complain abou the firm. Hence the email address given in an earlier post
AND
Anyone had a contract note for a transaction done on the phone by their trading desk?

I blame the regulators for the transfer to an inappropriate and incompetent firm.  I assume this was financially motivated.  As I understand it, any money paid by ITI for SVS clients would offset money paid out by the FSCS, etc. I, certainly, have been financially disadvantaged due to this.  The theory is that the regulators are there to protect consumers.  I don't feel that my interests have been protected.  I don't feel that my assets have been returned in a timely fashion.  I don't feel that an appropriate decision was made.  I pass on the information about the official way to complain about the regulators so that others may express their dissatisfaction. 

sweeter_strudel

rnf11 said:

I see the dismay has now reached Trustpilot too.

The word is spreading....

Maybe everyone reading this  MSE forum should use Ttustpilot to show the scale of the issue by reviewing the company. A couple of dozen folks on here posting is probably read by ten times as many.

Could be a record - a few hundred organic reviews, wouldn't want to be presumptuous but I reckon all bad, generated "organically" within a week or two. That may help put this debacle on the radar of the financial press which may elicit a proper response from the powers that be....

Jools2001

johnburman said:

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

Thanks for address, sent mine last night around 4.30pm
but not had a ref no back yet, how long did yours take to get an e mail reply and case number back?