SVS Securities - shut down?

rnf11

In the light of the ongoing complete failure of ITI Capital to progress my transfers out, I have today formally brought matters to the attention of the CMA. The grounds being that I see a parallel with the recently resolved issue of customers who were having difficulty in making bank to bank transfers of their (current) accounts.

sweeter_strudel

ITI progress update....
My two Phoenix accounts  - still can't log in 
Messages all unanswered on their ticketing system
.....back to despair

Jamesram

Thank you Johnburman and rnf11 for info on Stock Exchange and CMA. I will also contact them, and am sending Complaint to FS Ombudsman on basis that I have now had a "final" response from ITI's Compliance Officer, in that he has not got back to me after his initial inadqequate reply of a few days ago.

In the mean time I have been venting my rage with ever more abusive and foul-mouthed messages to ITI Capital management- slightly pathetic I know, but what other immediate weapon have I got- they have the Novichock after all.

Still no response of course but it makes me feel slightly better- I am wondering how far I can go before I get a response, and whether it will be from ITI or the Police. I know its not the "front line" staff who make the big decisions, but they are still the people who are not replying to me, so f-- 'em,  I have had enough. Not advocating such behaviour (thats probably an offence of itself)- just saying like!.

johnburman

All
THE ADDRESS TO COMPLAIN TO THE LSE IS:

"Banton, Dagmar" <DBanton@lseg.com>, "Cote, Diane" <dcote@lseg.com> [she is Head of Risk] cc:  Default Official <defaultofficial@lseg.com>
PLUS the Rules of the LSE are here: https://docs.londonstockexchange.com/sites/default/files/documents/rules-lse.pdf And look at Rule G1020

sweeter_strudel

Trustpilot now has 22 reviews - all of them rating ITI Capital as bad......lowest possible score 1 star.
Like others here I fear for their solvency the longer this farce continues. If they are charging #7.95 for a trade and it is taking them 15 minutes to faff about between multiple systems to actually sell SVS shares then I can't see that as being cost effective no matter what margin spread they have to also make money out of.

Michael_Reynolds

 Monsieur_Bourse and Jamesram

I also waiver between extreme anger and all time low depression. I have pleaded, cajoled and threatened both ITI and LC. Everything I've said is true fact so I have no fear. I had a healthy profit on my modest portfolio built up over six years with SVS. All that has gone over the last thirteen months. All I have to show now for six years is the dividends. I don't have a Phoenix account yet and in any case I'm not interested in trading with ITI particularly by phone. We will never be able to trust these people after this charade. The only good thing is that ITI are FCA regulated and therefore if they go belly up our portfolios and cash are protected by FSCS. Another's year's wait! Knowing our luck LC will be reappointed to handle that administration as well and collect another GBP 9M in timesheet fees from the long suffering British tax payer. The thing that makes most angry is the total absence of communication from ANYONE. In the meantime we have to just continue with the bombardment and wait which I find very hard to do. Sooner or later either the FCA, LC or ITI will break rank. If ITI were making any real progress I think by now they would be singing that from the rooftops?

meuok

I have made two cash withdrawal applications, the first on 24 August.

No money. No response from chase-ups.

Is anyone receiving any cash back?

manted

https://www.thisismoney.co.uk/money/saving/article-8701161/How-did-three-months-50-000-invested-Premium-Bonds.html
This journalist had issues withdrawing money from Premium bonds and got compensated for it. GIves me hope that maybe we will also be able to claim compensation for our losses during this period.

johnburman

I have asked this before but is it necessary to close your accounts BEFORE ITI will action your transfer out request ? I say this as the pdf closure form which they want you to sign has our securities incorrectly stated on it. And I don't want to sign an incorrect document. 

SECONDLY 

 I see lots of posts concerning people trading on ITI. You can trade by phone manually. Sure you may not get a contract note or it may be wrong but at least you can trade. But for most TRANSFERRING OUT OF ITI to a new broker is clearly the best option. That is what everyone with an XO account should do. And that's what is NOT happening.

My request went in from our new brokers to ITI at the end of July... and so far nothing. Surely the press and regulators must now start acting.

THIRDLY 

Per my earlier posts complain to the LONDON STOCK EXCHANGE about ITI. They are in breach of the Rules of membership of the LSE and the LSE should be taking action. 

rnf11

sweeter_strudel said:

Trustpilot now has 22 reviews - all of them rating ITI Capital as bad......lowest possible score 1 star.
Like others here I fear for their solvency the longer this farce continues. If they are charging #7.95 for a trade and it is taking them 15 minutes to faff about between multiple systems to actually sell SVS shares then I can't see that as being cost effective no matter what margin spread they have to also make money out of.

,,,, just you wait till their hefty "custody" fees kick in next month.....