SVS Securities - shut down?

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.

jenwrendorset

I've got emails set up to send to the FCA and FOS but short of scrolling through 322 pages I wonder if someone can give me the correct emails addresses for both.  I've already sent a letter of complaint a while back to David Moss but no response to that yet, surprise surprise.  I am also going to copy the emails to my MP.  To date out of 4 family accounts we have received only one cash withdrawal and that was sent within 2 days - my son was the lucky recipient but actually he is the only one who has been receiving any emails at all, including the original 'welcome' email - our log-in credentials followed slowly behind and that's our lot so we have to piggy back on the information he receives.  Even the post office has let me down - I sent all our transfer forms off to iWeb 'signed for' over 10 days ago and according to their 'track & trace' have not yet been delivered.....according to iWeb they have them in their grubby mitts......so another letter to the Post Office I guess.  What would we be doing if we hadn't got all this mess to sort out !!!!

sweeter_strudel

ITI Progress report
Yes, that is an oxymoron....
Logged in to ITI to discover the status of my Phoenix accounts had, after four weeks, moved from "InPending" to <blank>. Found account status listed as "Approved" I think somewhere under my user profile. Delighted I tried to log in to both of my Phoenix accounts directly only to be greeted by a screen saying "Pending Approval".
Farcical.

My2penneth

ITI staff in work over the Bank Hols ?

shawdon

rnf11 said:

ShareSoc have now taken the matter up.

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

I can confirm i have been working very hard with the CEO of ShareSoc and the !!!!!! will very soon hit the fan with the FCA and financial press about the way LC, ITI and the FCA have dealt with this sad saga. ITI will not be able to keep this a secret for very much longer!

Monsieur_Bourse

johnburman said:

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.

Whilst I agree with you about complaining to the FOS John, I don't agree that it is necessary to have complained to the FCA. I made a complaint against a financial institution many years ago seeking compensation, at no time did I contact the FCA, just made a formal complaint to the company and lodged my complaint with the FOS. The ombudsman ruled in my favour and I received compensation.

I still think that the FCA have been very poor to date with sorting out this mess, I can only hope that things are happening behind the scenes and something will happen very soon, not just saying that they are monitoring the situation. I am really intrigued to know what shawdon knows.

johnburman

I still think that the FCA have been very poor to date with sorting out this mess, I can only hope that things are happening behind the scenes and something will happen very soon, not just saying that they are monitoring the situation. I am really intrigued to know what shawdon knows.
Correct Monsieur B.  I agree wiht every word.  but still complain tot them
And yes whilst it is not obligatory when you to complain to the FOS to have made a complaint to the FSA, but again I would still do so - it is extra evidence of the complaint 

Michael_Reynolds

ZERO progress over the weekend. The situation isn't improving. It appears to be getting worse. I lodged the following on Fri. The strongest letter of complaint to Chris Smith - Ops manager at ITI. I then completed the online complaint form to the FCA. The link is on this site. I should stress that this form is a formal complaint ABOUT the FCA. I have demanded to know how the FCA  could possibly have approved the sale of the SVS Client database to a Russian owned and staffed company who clearly don't the professional ability to protect the interest of 18,000 new SVS clients. I have also demanded to know how LC could have been allowed to select this company without answering any questions regarding the tender process. The form asks for a required remedy. I have stated that the FCA must stop monitoring and step in immediately. They must impose a deadline of mid Sept to complete this shambolic process. I have made it plain to the FCA and ITI that tif this  doesn't happen hey could well be staring down the barrel of a Class action for damages. I agree with various other contributors to this site. Why the hell was SVS deregulated? I had an account for 7 years and never saw any sign of financial impropriety? As far as I'm aware LC didn't find any misappropriation during the tortuous one year period Aug 19-Aug 20 for which they have been paid GBP5m in fees by the British tax payers? This is the most extraordinary story! One thing I do  know is that right now NO ONE appears to be protecting our interests..