SVS Securities - shut down?

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

My2penneth

Jamesram said:

I think your comments are justifiable ("harsh but fair" as my old boss would have said). I just had the same thing when a promised phone call was not returned.    When someone says "I'll get back to you within x minutes" then one is left hanging round waiting for the call. It is, IMHO, very discourteous...almost like they have said "I'll phone you back" just to get you off the line. 

I feel that the average employee at ITI Capital (the brokers, customer accounts, receptionists, etc) have been let down by their senior management team in chasing the 20,000 accounts. They have failed to support their employees and left them to face a barrage of complaints.  Your email above sort of reflects the arrogance of their Head of Compliance making out that it is your fault. Yep, seen it all before!

shawdon

Jamesram said:

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

James,
Spot on, excellent email and it may be worth reminding Mr Moss that the FCA are formally requesting all complaints to be sent to him for an appropriate response and this example of his reply to your complaint does not inspire any confidence in either him or his company and it is very unlikely that either will be in business in a few months time! I am formally awaiting reply to my FCA approved complaint with bated breath!

My2penneth

logged on - seeing Eight accounts now (balance still zero) .

The PX accounts have been duplicated - same numbers but different colour markers.

Looks like my VOD divi has been paid and a further dividend from Merchants IT (but at a rate of 6.7p rather than 6.8p per share for some reason)