SVS Securities - shut down?

johnburman

Within 48hrs

johnburman

I have asked this before but has anyone received any contract notes for transactions done manually by the ITI trading desk? I have not and it worries me. 

My2penneth

johnburman said:

I have asked this before but has anyone received any contract notes for transactions done manually by the ITI trading desk? I have not and it worries me. 

No, and I've raised a complaint with ITI ( yeah, right, that'll worry em!). One more for the FCA.

My2penneth

And STILL no progress on the 4 accounts I can see. 

Jamesram

 This is a copy of my last Comment at https://citywire.co.uk/wealth-manager/news/svs-client-fury-as-new-broker-fails-to-return-278m/a1390644? 

" It is a little surprising that this scandal has not yet been picked up by the nationals. I have done my small bit by alerting Robin Amos who kindly took the trouble to compose the above article that we are commenting on, but unfortunately for personal health reasons I am not in a position to press this further with the dailies or even Private Eye. I don't know if someone, or a group of people, would take that up. This really is an ongoing disgrace, presided over lets remember by the FCA who have been supposedly supervising from the start. There is by the way a bulletin board line of chat over several pages and continuing over at - phttps://forums.moneysavingexpert.com/discussion/6032496/svs-securities-shut-down/p278 . Its worth a look. The FCA won't take "individual complaints" from the public, but if sufficient people phone in it might apply pressure. When I have phoned, and attempted to complain by email as a "whistleblower" ( don't qualify under that heading either) the FCA reps have at least said they will pass my info on to the relevant "team" dealing with ex- SVS.Good luck to all ex-SVS account holders- we surely could use some for a change!"

Please note that the FCA really will not take individual complaints about ITI Capital- the Reference no. they give you does not signify an investigable  Complaint has been accepted: From FCA website:  "We do not investigate individual complaints, but the financial firms we regulate must have a procedure in place for resolving disputes with their customers. These firms must also respond to you within set deadlines.If you are unhappy with a financial product or service, follow these 4 steps to making a complaint [ this goes on to outline the procedure for complaint to FS Ombudsman]"

Also, while it is possible to complain ABOUT FCA, this will initially be looked at by their internal complaints team and "If we consider your complaint to be justified we will apologise and if appropriate, explain what we intend to do to fix the problem or prevent it from happening again. Depending on the circumstances, we may offer you a goodwill payment in recognition of any inconvenience you have suffered." There is the possibility of a further complaint to the "Complaints Commissioner" (who s/he? ed.) but frankly it doesn't look very promising to me.

However all that said, I do think that the more people who DO contact FCA to complain about ITI, get a reference no., and ask that the FCA team dealing with the ex-SVS Administration, the more likely it is that FCA will realise that they have a BIG problem on their hands and start to tackle it.

johnburman

Jamestram you are right that the FCA technically doe snot investigate idividual complaints but does so collectively.  If they dont know there is a problem, how can they take action?  They are monitoring ITI and their conduct.  As they approved ITI as a purchaser there is obviously embarrassment on their part .  They can put pressure on ITI to get matters sorted.  The increase of staff to 15 shows something...if only how they underestimate the problem.
I still wonder why the Financial Press have not picked up on this story. It is a disgrace to the whole financial services sector in this country.

snipkin

johnburman said:

I have asked this before but has anyone received any contract notes for transactions done manually by the ITI trading desk? I have not and it worries me. 

And I have answered this before...
YES - I received 7 pdf contract notes from ITI Capital 4 business days after selling 7 shares by telephone. Three days after the share sale I telephoned ITI again (on the tel number 0203 889 8355 which was answered promptly both times I rang) to complain that I had received no paperwork relating to my share sales. The contract notes were emailed the next day. This was two weeks ago,

However, after one week of applying for a substantial cash withdrawal there is still no cash in my bank account... This is unacceptable. And - yes - I am complaining to the FCA and ITI about this (and everything else that went before).

I just phoned ITI again on the above number (it is a dealing desk number) to ask about the 'progress' of my cash withdrawal. The nice man there said to forward my withdrawal request to him at dealing and he would chase it up. He totally agreed that I should not be waiting this long - whatever amount of money was involved.

shawdon

One more week on and still no access to my shares or even my latest dividends which have gone missing. The ITI dashboard is still incorrect  and the Phoenix accounts are all blank and my requests to transfer out to HL are all being ignored by ITI so what can we do?
Well we can complain to the FCA which i have done (page 298) and i encourage everyone else to do the same, we can leave feedback on google for ITI (50 reviews score 1.5 out of 5) and we can leave feedback on trustpilot  (6 reviews 2.3 out of 5)
https://uk.trustpilot.com/review/iticapital.com
Has anyone else received this meaningless email from ITI copied below?
Of course when i logged onto my account there is no data or link to this activity statement so it means nothing!
Dear Client,
Your Daily Activity Statement and Official Trade Confirmation for August 26, 2020 are now available for account U*******.
ITI CAPITAL Limited

My2penneth

The 8355 number is for a particular dealers telephone number (I won't name him other than by initials of "HC" whom I've contacted before and has been helpful as far as he can be).

My2penneth

Can't log in at the moment on neither my nor the wife's accounts. 10:10am.

Just noticed in my email that I had this msg at 4:00am. Not had this before.