SVS Securities - shut down?

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.

Chaffers69

Same issue as a couple have mentioned, no ability to actually login .. weird IT sounding error on the login page. Oh and still nothing on my Phoenix request of 3rd August and subsequent weekly emails.

johnburman

1  We seem to be able to trade, albeit by telephone and manually by the Trading Desk
2  One person has received contract notes others have not.  So take care when dealing over the telephone
3  FCA and FOS are involved - good.  More pressure they can put the better.  This is an apalling state of affairs
4  Heidi Daugherty works for the Supervision Hub - seems to be the right Department in the FCA
5  Cash may or may not be paid to your accounts, upon request
6  No transfers out are taking place - my 2 were sent to  ITI on the last week of July.  i wonder if the FCA are aware of this
7  Mr David moss Compliance Manager at ITI is a very busy man, but I do not hear him offering compensation to us...why not?
8  The FCA asking us to go to Citizens Advice is beyond parody.
9  Thus far the press are taking little interest in this - I wonder why?

Nbs222

I  did log in this morning but can't log in now.

My2penneth

I've emailed the Financial Ombudsman to complain.

I'm still waiting for that phone call that was promised "in 10 to 15 mins" over an hour+ ago. 

FairDinkum

I could login this morning and found zero balance for cash and holdings. I sold about half my shares last week and this didn't make any change to the details on the onboarding (SCxxxx) account. I sent a withdrawal form last week (paying £10 for CHAPS) and still no funds received. I sold all my other holdings on Tuesday (2 days ago) and sent a withdrawal form today for the full balance of my account and requesting closing the account. I've had no transaction notes confirming the sales. In my email this morning I also made it clear that if the cash didn't materialise by Monday I'd be complaining to the FOS etc.. I have had so many emails ignored by ITI that there sems no point is sending any more.

I can't believe the insecure way we have t request payment of our cash. The onboarding process also was not a 'secure' experience and I was quite reluctant to send all that info without the usual safeguards.

The only light on the ITI horizon was the guy I dealt with on the phone to sell the shares who was helpful and efficient. 

My2penneth

My2penneth said:

I've emailed the Financial Ombudsman to complain.

I'm still waiting for that phone call that was promised "in 10 to 15 mins" over an hour+ ago.

I decided to phone them rather than keep waiting. The guy I spoke to told me that the accounts were in the process of being transferred line by line so it looks like work might be underway on our accounts. It would have been nice if they had issued an email or a posting on their website to say "don't panic" (I think most of us are past the don't panic stage!).

Fortunately (well, there is only a few people there), I'd spoken with this chap before so he knows that I  want to transfer all accounts to other brokers and we have discussed missing transfer request forms. So, once again, "they're looking into it!"

One day....!   

p.s. I also asked about visibility of dividends paid.

Jamesram

Just a bit of fun: Here is Mr Moss, "Compliance Officer", on "timely responses" to phone calls

On 06/08/2020 10:00, David Moss wrote:

Dear Mr Rampage,

Thank you for your communication.  I note there are sill some outstanding issues and I will revert back to you in this regard.  I note you have spoken with a colleague in Account Management this morning and you are due a response to your query. You have highlighted that you have not received a timely response to your call at 8am this morning:    Needless to say I have heard nothing from him two and a half hours later. With the greatest respect, I feel this comment is unjustified as on writing to you we are dealing with your complaint and the issues you have raised and whilst you are expecting a timely response, you should be mindful that we are engaging with other SVS clients in trying to resolve these issues in an orderly manner.

Thanking you in advance for your patience in this regard.

Here is my response

Dear Mr Moss

Thanks for your email. My surname is RamXXX, not Rampage- perhaps you are trying to be funny?

As regards your colleague- if he says "I will call you back in a few minutes" am I not entitled to complain that he did not?

This was compounded by the fact that when I tried to phone him back after two hours or so, your telephone system just cut me off twice without any opportunity to leave a message- ITI effectively just hung up on me, twice.

The suggestion that my complaint that he did not phone me is "unjustified" rather indicates the level of standards you are setting as Compliance Officer, does it not?

The last sentence of your email seems to suggest that  it is my fault for being generally  impatient, because other SVS clients are having a terrible time of things too, and I should wait my turn!

As I write, I am still unable to trade my stock or buy stock using my account cash balances, and your company has failed to do what it said it would do. Please do not tell me again what I should be mindful of - a bit of humility on your part might go down better!

Let me suggest that you should be mindful of the fact that your company ITI Capital bid for the ex-SVS accounts, and represented to the FCA and the Administrators that you would provide a better, enhanced experience for SVS clients. This is just not the case so far as I, my partner and my ex-wife, all SVS account holders, have experienced. ITI Capital has had since 11 June to prepare for transfer of SVS accounts.  It has failed with 3 out of the 3 accounts I personally know about, and from hearsay from the administrators many many more, as you yourself indirectly acknowledge by the last sentence of your email.

As each day passes I am more and more inclined to engage in the hassle of a complaint to the Financial Services Ombudsman. Nothing in your last email dissuades me from doing so - rather the reverse. All these exchanges are  being logged for purposes of a reference to the Ombudsman.

Although the impression I get at present is that no-one at ITI Capital cares very much anyway.

Regards

IanManc

That really is an excellent response "Mr Rampage".  😊  It nails him completely.