SVS Securities - shut down?

collin618

As anyone written to their MP yet, after all this is tax payers monies that have been used and monopolising a Russian company? if they have a template be handy.

My2penneth

I'm thinking a protest outside their building might be a consideration.  It would need to be carefully planned such that the road didn't get blocked because then the  press would get involved......

collin618

MPs can assist their constituents in a variety of ways, from making private enquiries on your behalf, to raising matters publicly in the House of Commons.

First steps

Keeping the issue private, your MP might write to the relevant department or official, send a letter to the appropriate Minister or make a personal appointment to discuss the issue. These steps can often go a long way to providing a solution

collin618

Just sent Nadia Whittome PM an email hopefully she might ask the right questions

Carols101

My onboarding accounts have gone to zero this morning, whereas I had fairly accurate balances showing yesterday. Still nothing in the Phoenix accounts but  taking it as a sign that something is happening. Ever hopeful...

snipkin

As I posted here earlier today, worried about the non-arrival of a large amount of cash one week after a withdrawal request, I telephoned the ITI dealing desk this morning on the 8355 number (it's the only way I can actually get through to ITI). They requested I forward my cash withdrawal request to them and they would get the problem sorted. I have now had an email reply from Head of Dealing, Private Clients:

"I hope you are well and apologies for the issues you have had.
I have been assured by my back office that the money has been paid for value today, please check at the end of the day to see if it has arrived. Please let me know if that’s not the case.
I have also passed over your email to our compliance team to register your complaint.
Thank you and once again apologies for the inconvenience this has caused.".

I must say it feels good to get some kind of response from ITI and I feel fairly reassured now - but why has the money only been 'paid for value today' - one week later? What does 'for value' mean in this context? Anyway, let's see if it arrives now...

sweetsand

Gosh, this is a right saga for you guys, takes me back to my boker going belly up a long while ago but nothing like this

All of you must complain to the financial ombudsman, the more of you do it now the better as they will get a good idea what you are all going through and others that lack capacity or the will to complain.
It is your money/shares, you have waited long enough and ITI bidded for the business and it has been over a month since you should have had access to your money/etc.

Michael_Reynolds

1.33PM UK TIME FRI 27/8/20. TRIED FOUR TIMES TO LOGIN UNSUCCESSFULLY. I KEEP GETTING A WEIRD ERROR MESSAGE FROM THE ITI CAPITAL WEBPAGE! THIS IS GETTING WORSE BY THE HOUR

collin618

Just received this from the FCA

Thank you for contacting the Financial Conduct Authority (FCA).  I understand that you’ve been unable to access the funds from your ISA and SIPP that you held with SVS Securities PLC and that were transferred to ITI Capital Limited by the special administrators.  Neither the firm nor the administrators seem to be able to provide you with further information, and you are concerned you may have lost xxx  I understand that this situation and your xxxx concerns must be very worrying for you and can appreciate why you’ve approached us for guidance about this.
ITI Capital info
We’re aware of issues in contacting ITI, and we have been assured that ITI are working to resolve the situation. Please only use the contact details supplied below to contact this firm.  There’s a cloned firm warning that indicates scammers are using some of the details of the genuine firm to pretend they work for them.  Using the contact details below will ensure you speak to the genuine company:
Phone: +44 (0)20 7562 8010
Email: Accountmanagement@iticapital.com
Updates are provided on both the ITI website www.iticapital.com, and on the Joint Special Administrator (JSA)’s website at www.leonardcurtis.co.uk/svs.
If you want to make a complaint about ITI Capital, you can follow the formal complaints process.  Given your xxxx situation and as no one from either firm has been able to help you so far, you may want to contact the Financial Ombudsman Service to see if this is something they can look into for you. 
Financial Services Compensation Scheme (FSCS)
You mentioned that you may have lost xxxx  and so I wanted to provide you with some information about the Financial Services Compensation Scheme. The FSCS protects consumers when financial services firms fail and is the compensation scheme for customers of UK authorised financial services firms. It has eligibility criteria that must be met in respect of both the people and businesses who are covered. 
The FSCS will cover custody assets and client money shortfalls, including the costs associated with their distribution back to clients, for eligible clients up to £85,000.
The Special Administrators will work with the FSCS to determine the position and will provide further updates. 
For information and updates from the FSCS about the situation with SVS, you can go to their dedicated web page for SVS where you’ll also be able to sign up for email updates.
Info about the special administrators
The FCA did not select the purchaser of the SVS book. This was a decision made by the Joint Special Administrators (‘JSAs’).
The FCA reviewed the regulatory history for each firm presented to us by the JSAs as having an interest in taking on the SVS book of business, and discussed each with the JSAs. Ultimately, this was a decision for the JSAs after consultation with the creditors’ committee and which was confirmed by the Court as part of the JSA’s Distribution Plan.  
The Special Administrators will carry out an assessment of the client money and assets held by the firm to confirm the current position. Following the assessment, the Special Administrators will work to return as much client money and assets to customers as possible, as quickly as possible.
The Special Administrators will determine in due course how best to return the client money and custody assets.
There are costs associated with distributing client money and custody assets back to clients, including the administrators’ fees.  Under the legislation, these costs will be deducted from the client money or custody assets.
The Special Administrators are officers of the Court and need to comply with all insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England & Wales (ICAEW), and we are liaising closely with the Special Administrators. 
If you want to make a complaint about Leonard Curtis, you can do so through the ICAEW complaints process.
  What I've done with the concerns you shared
Although we’re unable to investigate or intervene in individual cases, we do have supervisory teams that are responsible for monitoring regulated firms to ensure they follow the correct rules and procedures.  When concerns such as yours are shared with us regarding the conduct of a firm, the information is recorded against them.
The supervisory team can use this information to understand how the firm is treating their customers and how they’re behaving in the marketplace.  This insight can also be used to help form guidance that can be issued to the firm or, if necessary, to inform any disciplinary action that may be taken against them.  Due to limitations on information we can share, we’re unable to provide feedback regarding any further action that may be taken as a result of the information that’s shared with us.
Seeking legal guidance
If you feel that you may need to seek legal guidance, a good place to start is with the Citizens Advice Bureau who may be able to provide you with some free legal advice on this matter.
The Money Advice Service
You may also benefit from contacting the Money Advice Service who were set up by the Government to provide free and impartial guidance to consumers on most money matters.
Whilst we’re unable to assist you directly, I hope the guidance I’ve provided will be useful to you.
Kind regards,
Heidi Daugherty
Supervisor / Supervision Hub

Supervision – Retail and Authorisations / Tel: 0800 111 6768 

My2penneth

And I can't log on again! I tried both mine and the wife's accounts).

I'm waiting for ITI to phone me back in "10 to 15 mins".....that was 55 minutes ago.