SVS Securities - shut down?

My2penneth

Just logged on to my ITI account.  Numbers have changed yet again! How the hell do these guys have approval from the FCA...their accounts are random nunber generators.  I'm going to take a snapshot of the screen as evidence.

Another call to the FCA tomorrow,. 

desertorchid123

Michael_Reynolds said:

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..

Yes, I am sure there are as many people who have lost out by this administration than have been 'protected'. I am still seething that 2 days after SVS sent a reasonable time frame for full repayment of the SVS bonds plus interest the FCA closed them down. Now where is that money? Of course in LC's bank account. What a joke!

johnburman

And why have no... Well only one... Transfers to new brokers taken place. And why have after 9 days not got a contract note for my manual transaction done by their trading desk. 

rebea

For some reason, I know not why, as of this morning I have now been sent login details for two separate Phoenix accounts..Of course neither of which have been loaded up with my stocks.
I fear chaos continues..... 

My2penneth

My2penneth said:

Just logged on to my ITI account.  Numbers have changed yet again! How the hell do these guys have approval from the FCA...their accounts are random nunber generators.  I'm going to take a snapshot of the screen as evidence.

Another call to the FCA tomorrow,. 

Just logged on again....and the account balances have changed on both mine and the wife's accounts. 

ITI are still balancing a negative and a positive shareholding. Have they not realised that the net effect is zero? If you have +100 shares in X and then add -100 shares in X, net value is zero.


There was over £4k cash in one account....gone!

(FCA contacted again - after the call I thought... was it worth it?)

johnburman

UPDATE ON MY 7.46 to-days post:

I HAVE JUST RECEIVED A CONTRACT NOTE FROM ITI

AND IT IS WRONG!

SEE below message sent to ITI:

===================

Tnx

Sadly the price is wrong for the deal!!

It is not £11 odd but £18 odd

Please correct and resend

  ISIN IE00B4X9L533 Quantity (units) 326 Price per unit GBP 11.8424 Gross Consideration GBP 5947.02 Commission GBP 7.95 Net Consideration GBP 5939.07 Settlement Basis DVP   

I have never known this sort of thing to happen before.
=========
I have reported this to ITI and the FCA.
So message to everybody - take care when using the dealing desk.  Keep an independent record of transactions.

Nbs222

I don't know whether ITIC worked during the bank holiday weekend , but if they did , they certainly didn't correct anything , everything is still in  a mess , wrong.

ISA cash doesn't show in two accounts , in the third  PX account account has the ISA cash and duplicated. Stock holdings  makes no sense . Is  their IT team using this as a training exercise. It's trial & error.

My2penneth

Nbs222 said:

I don't know whether ITIC worked during the bank holiday weekend , but if they did , they certainly didn't correct anything , everything is still in  a mess , wrong.

ISA cash doesn't show in two accounts , in the third  PX account account has the ISA cash and duplicated. Stock holdings  makes no sense . Is  their IT team using this as a training exercise. It's trial & error.

I'm seeing similar - duplicate account numbers (cash balance doubled as counted twice..but still incorrect), negative and positive counterbalancing share quantities, missing funds.  

manted

If folks have not read it already - some interesting points with regards to selection of ITI - 
https://www.leonardcurtis.co.uk/wp-content/uploads/2020/08/Joint-Special-Administrators-Second-Progress-Report.pdf

johnburman

I'm seeing similar - duplicate account numbers (cash balance doubled as counted twice..but still incorrect), negative and positive counterbalancing share quantities, missing funds.  
So am I.  But this is ITI...is this really "news".  I just thought it was their usual way of doing business /cheering us up suggesting we are twice as wealthy as we realy are!  Not that we can get access to funds/cash.