SVS Securities - shut down?

shiznit76

pbcinlondon said:

Thanks to Trustpilot this forum came to light. Another ex SVS client wondering how and why this disaster is continuing to unfold. What have the JSA, Leonard Curtis, done to SVS clients? How much have they earned from this debacle? How can ITI be so inept? The FCA, once contacted, have been efficient at communicating. But what actions to make things happen are they actually taking? It is clear there are thousands of affected people, who, let's remember, have been deprived of their assets and cash for over 13 months. On the back of writing to the FCA and emailing directors at ITI (firstnamedotsurname@iticapital.com) I have some good news. The cash balance was transferred to my bank earlier this week. Next stage is ongoing: transfer of shares to another company.

Stating the obvious: ITI and Leonard Curtis are not fit for purpose and the authorities (FCA, FSCS, Financial Ombudsman and the ICAEW for LC) need to review their suitability / viability and licences.  

who did you contact at ITI ?

fmmajid

It is an absolute disgrace.
I can not even log into my ITI account today.
13 months of failure while Leonard Curtis took their time - deliberately IMO - milking extortionate fees all the while charging hundreds of pounds an hour and then after a year of this handed us over to an inept broker.
We all deserve compensation.

reg_capitulation

shiznit76 said:

reg_capitulation said:

Does anyone have a direct phone number for the Transfers team (person?)?

999

Thank you for eliciting a smile.
And on the subject of compensation, I have requested it here.    https://www.fca.org.uk/about/complain-about-regulators/form#webform-client-form-3706  I'm not expecting great things, but I find that I become less angry after I fill one in.  I am asking for more compensation each time I do so.  I expect that there will need to be court proceedings, but I recommend the form as part of an anger management strategy.

johnburman

The full link is here
https://www.fca.org.uk/about/complain-about-regulators

And yes complain

And nobody would give me the phone extension/name of anyone in the Transfers Team when I manage to speak to someone at ITI 

johnburman

LSE Rules

1020.1 adequate trade execution, recording, reporting and settlement procedures and systems and, if relevant, order and quote management procedures and systems;
1020.2 sufficient staff with adequate knowledge, experience, training and competence;
If we all complained to the LSE on the lack of reporting and they have admitted the lack of staff the LSE *may* take *some* action against them.  One hopes that other member firms are also reporting them too (but somehow one doubts it!).  We should ask our new brokers what they are doing about reporting ITI: it is not enough for them to simply send reminder emails to them.  Transfers are now some 6 weeks old.

manted

johnburman said:

The full link is here
https://www.fca.org.uk/about/complain-about-regulators

And yes complain

And nobody would give me the phone extension/name of anyone in the Transfers Team when I manage to speak to someone at ITI 

That's because, like the rest of the staff that they hired on the fly, there is no "transfers" team, 

desertorchid123

Can I make this suggestion:
Arrange a group of SVS clients to visit their London Office!!!
I would 100% willingly join but I am overseas. I cannot see how being continued key board warriors will achieve a great deal immediately, and some people are clearly being affected emotionally by this. Demand answers at the office.Personally I would cause a fuss until  some guarantees are provided. 
More direct action will actually wake a few people up.

ahouse185

As of now, my cash and share account balances have all gone to zero!

Standard_Goose

The cash for the one stock i sold appeared in my account a couple of days later. It was on the iti website account and also appeared in my Phoenix account (I think, but am getting confused by the constant changing of values in my account).

Now, the shares have gone and the money from their sale has gone. Neither are appearing on the website or in my Phoenix account. It's as if they never existed. I am in complete despair at the incompetence of this firm.

Back to writing emails in the morning...

sweeter_strudel

Reading on here about what your Phoenix account shows when you actually get access; and how prices, charges, proceeds and and contract notes are a veritable smorgasbord of chaos, part of me is quite grateful that I still see the Pending Approval message when I try and log in to my accounts.

The calm before the storm....

I emailed ITI compliance in response to their "you can phone us to trade" resspovse to my first complaint;  asking why they thought I had unlimited time in my day to listen to a phone ringing out, leave an answering machine message that I am certain will never get a response - or just getting cut off.

They gave the generic 8001(?) London number - not even a dealing desk number....