SVS Securities - shut down?

Michael_Reynolds

If you read the FCA and LC response to the question "On what basis was ITI selected" you'll see that they merely pass the buck between them! Each blaming each other! Neither taking responsibility! ITI are Russian owned but even worse their entire senior management team without exception are Russian! At a time when UK/Russian diplomatic relations are at an all time low it seems incredible that LC could have made this selection and the FCA approved it? ITI Capital simply do not have the professional competence to resolve these problems. They will be permanent not temporary.

shiznit76

My2penneth said:

shiznit76 said:

i have put in a broker transfer using my Qort account number, if by the time ITI get round to doing this and my shares have transferred in to the Phoenix account by then will i be back to square one?

I was told by ITI that I could use the SC account number or the Phoenix account......we shall see! 

I take it you transfer is still nowhere near complete?

shiznit76

just spoke to Iweb regarding my transfer out. They put in the request to ITI three weeks ago but been told that due to large numbers of requests at the moment that timescales will be greatly longer than normal!

Nbs222

My2penneth , which number did you use   SC or PX for the requests  for which response by ITIC has been received by IWEB.

Michael_Reynolds

Complaints sent to Chris Smith - Ops Manager at ITI and the FCA last weekend remain unacknowledged & unanswered. What do we have to do to get some attention from anyone? Almost nothing in the national Press. This is the most incredible situation? We remain in a permannt state of limbo. I still have no Phoenix account. My Quora portfolio and cash have been doubled. My valuation is worth 3.5m "I WISH" and the missing dividends complaint has been agreed and approved but the money still hasn't appeared in my cash accounts! Why should we have to endure this level of stress and anxiety? It's intolerable.

johnburman

shiznit76 said:

just spoke to Iweb regarding my transfer out. They put in the request to ITI three weeks ago but been told that due to large numbers of requests at the moment that timescales will be greatly longer than normal!

Now this is just what should be reported to the FCA. We also want a definitive time line for transfers. Mine are now 5 weeks old and no action. The question for the FCA is WHY DO THEY NOT HAVE THE STAFF to deal with their new clients. 

johnburman

They are ITI

snipkin

Michael_Reynolds said:

[...] 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..

Why was SVS deregulated?? Someone who is much more knowledgeable about this might like to answer the question from Michael_Reynolds quoted above (from a few days ago). Indeed, one or two other contributors have spoken about doing a 'reverse transfer' from ITI back to SVS!! And I thought they no longer existed?

So. instead of all this special administration nonsense over the last 12 months why could we not have continued on the SVS platform last August 2019 - under strict supervision by FCA or whoever - and been able to still trade whilst doing an orderly exit from SVS over, say, a 6-month period? Probably because there was no money in that for the likes of LC...

Well, it's all water under the bridge now and we have to deal with the situation as it is - but for how much longer will it be allowed to continue in its current shambles? It's amazing that there is, from my layman's point of view, no effective and swift regulation of the financial industry. Anyway, the point about SVS above is something that I wondered about.

sweeter_strudel

Michael_Reynolds said:

Complaints sent to Chris Smith - Ops Manager at ITI and the FCA last weekend remain unacknowledged & unanswered. What do we have to do to get some attention from anyone? Almost nothing in the national Press. This is the most incredible situation? We remain in a permannt state of limbo. I still have no Phoenix account. My Quora portfolio and cash have been doubled. My valuation is worth 3.5m "I WISH" and the missing dividends complaint has been agreed and approved but the money still hasn't appeared in my cash accounts! Why should we have to endure this level of stress and anxiety? It's intolerable.

I complained to the same 2, plus Leonard Curtis, atvthe weekend and-  got replies from all by Wednesday. Put responses up on this forum. Fluff and hand washing on the whole.....

gibson81

johnburman said:

shiznit76 said:

just spoke to Iweb regarding my transfer out. They put in the request to ITI three weeks ago but been told that due to large numbers of requests at the moment that timescales will be greatly longer than normal!

Now this is just what should be reported to the FCA. We also want a definitive time line for transfers. Mine are now 5 weeks old and no action. The question for the FCA is WHY DO THEY NOT HAVE THE STAFF to deal with their new clients. 

Simple - they did not want to incur any costs whilst receiving very little in the way of income from exSVS customers, the majority of which would be transferring away. LC need to dig into the fee for this mess and contribute towards the costs of temp staff to deal with the backlog of transfer requests, cash withdrawals, etc. 
I won't hold my breath....