SVS Securities - shut down?

Ravima

Still nothing heard from ITI. Methinks I need to file complaint with FSCS tomorrow.

shawdon

Most of my accounts are still showing as empty with all the cash and shares worth £0, in fact the shares have completely disappeared and the site is still unpadlocked and showing as "not secure". I think the FCA and the FSCS will be busy again for the next 12 months. What a monumental !!!!!!-up!

My2penneth

Ravima said:

Still nothing heard from ITI. Methinks I need to file complaint with FSCS tomorrow.

FCA .....on Tuesday! 

johnburman

Shame on you for not contacting the FCA already. Why are you delaying...? 

Monsieur_Bourse

Not sure that it is really worth complaining to the FCA Ravima, I received my reply to my complaint this morning. All the usual garbage, they are monitoring the situation, we can't tell you what action we are taking and wishing me the best of luck! Totally pathetic. We are now approaching 6 weeks of not being able to access our accounts, and the FCA are still monitoring the situation. Big deal!

johnburman

No thats not right M Bourse.  Yes they formally can not take action on individual complaints - we have been through all this before - but collectively they monitor and supervise a regulated entity.  And  they are monitoring and how will they know if there is a problem if they have no information of complaints/unhappy  clients?  Further the FCA know of "teething troubles" with on-boarding but not the complete shambles that is ITI.  Nor their refusal/inability to transfer out to other brokers.  So we clients must TELL THEM.

in addition that will also form part of the evidence of complaints one makes to the FOS (made now or later) for requests of compensation.  I've already made one; and will continue making...and many other clients will too.  the FOS will ask, quite properly to see the complaints made, and all the emails to the FCA, an dot ITI itself of course will form part of that claim.

My2penneth

All of what JohnB said!
In addition, if this draaaags out we will be in fee paying time. 
This is all very concerning! 

pafpcg

I went the route of voting "No" to transfer-out without "on-boarding" or accepting ITI terms of business.  Here's the chronology of events sofar:

Email with login details for my joint account received:  Sun 2-Aug   [I must have been amongst the last batch sent out]
First login to ITI account:  Mon 3-Aug  [Cash and holdings all appear correct in accordance with latest SVS statement]
Closure request submitted:  Tue 4-Aug
Email received to say closure accepted:  Tue 11-Aug  [No Closure Form visible on the account web-pages]
Closure Form appeared in the account:  Wed 12-Aug
Closure Form completed & submitted:  Wed 12-Aug  [Front web page for account status now shows closure submitted and the cash & holdings are no longer visible]
Email to say closure approved and asking for account number at external broker:  Sun 30-Aug
Front-page for account shows status as "Closure Approved":  Mon 31-Aug

Of course, there's not yet been any sign of any cash sent to my bank account or holdings to the new broker.

shiznit76

i've only got a shares in a few companies , i am wondering if should just cut my losses, sell them with ITI and removed the funds then buy again with new broker. It will be a hit, but surely much quicker than hoping they do the broker move that i initiated a couple a weeks agao and new broker has still not heard anything back from iTI

rnf11

ShareSoc have now taken the matter up.

That will bring more pressure to bear on the failings of all concerned.