SVS Securities - shut down?

Nbs222

our boarding accounts are all zeroes , but ISA PX accounts  has values.

collin618

Anyone have the contact details for Tony Hetherington

My2penneth

shiznit76 said:

My2penneth said:

Oh, and despite supplying my account details and my name on the email, the ITI representative has now marked my Wife's accounts for closure and within the on boarding platform everything is now set to zero (both the SC accounts and the PX accounts). 

Is it your wife's account that is showing zero and marked for closure? Where can you see it is marked for closure? Maybe they are actually now closing the accounts to be moved, for that were wanting to go

After realising that ITI Capital had marked my wife's accounts for closure I initially logged onto Phoenix - there were no changes since last week. Shares were shown along with cash (although some shares are still missing). Hmmm..

So, I logged onto my on-boarding account and was presented with a banner offering account(s) closure.
I ignored the banner (skip for now) and had a look at the SC and the PX accounts - all 4 were completely empty.
I faffed around in the on boarding account and was presented with the transfer banner again. I decided to play along and action the closure. I started the process to transfer assets ....cash first (but the balance was zero). Then shares......but the shares in the portfolio to be transferred were missing so, it would appear I am asking for a transfer of no cash and no shares to iWeb.

I have asked to speak to the MD..although I doubt the MD will phone me.  
  

Jamesram

Update to my 11.12 am message this morning- my response to LC, Special Administrators (copied to ITI Compliance)

Dear Craig

Thanks for that information- as regards the meeting with ITI, might I suggest that other matters are raised with ITI if not already on the agenda:-1. Why have ITI no, or no available, ISA Terms and Conditions? Reference is made to "ISA Terms in Annex VII to the Retail Terms of Business, but they are nowhere on the website so far as I can determine. They certainly have not made them available to me and are consequently in breach of important ISA requirements:

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#transfer-apps

"Investors have the right to transfer their ISAs whenever they want and this right must be included in the manager’s ISA terms and conditions.

2. Why are ITI insisting that further information and form filling  be provided by SVS clients trying to transfer ISA accounts? - the protocol is laid down by legislation and dealt with by the CMA. It is quite clear and simple it seems to me.

"They do this by making a transfer application to the new manager, they cannot transfer an ISA by closing it and paying the proceeds into a new ISA with the new ISA manager"  [from the gov.uk guidance, above]

 And now I refer to  https://www.gov.uk/individual-savings-accounts/transferring-your-isa

"How to transfer your ISA

To switch providers, contact the ISA provider you want to move to and fill out an ISA transfer form to move your account. If you withdraw the money without doing this, you will not be able to reinvest that part of your tax-free allowance again.

Deadlines and complaints

ISA transfers should take no longer than:

• 15 working days for transfers between cash ISAs
• 30 calendar days for other types of transfer"

3.  ITI have had custody of our ISA and ordinary share accounts since June- what right have they to deny access to  accounts pending transfer, which they have done to anyone opting for the "NO" red button and opting fror transfer accounts? This is a breach of the rules and their is nothing in their own general Retail Terms of Business which even purports to allows ITI to do this. In any case, ITI  have agreed in Annex VII that the ISA Rules prevail in any case, which is probably right as a matter of law, so is certainly unlawful for ISA accounts, and almost certainly for all accounts.

4. Finally, the deadline of maximum 30 days calendar days for transfer of Stocks and Shares ISAs has now been exceeded in many cases. What are ITI going to do about this - they appear to be in breach of the LSE Code which requires then to maintain sufficient and competent staff to comply with their obligations as an LSE Member and broker within the legislative framework.

This cannot go on, surely? There has been no announcement to ex SVS clients from ITI since 25 August.

Where is Rahul Agarwal  ITI Head of Private Clients UK in all this? His welcoming message of July has a very hollow ring about it now.

Regards

James Ramage

RasputinB

ITI Capital should "undertake proactively a redress or remediation exercise, which may include contacting customers who have not complained". - FCA Handbook DISP 1.3.6

Also, there is a rule in DISP 1.3.3 that "A respondent must put in place appropriate management controls and take reasonable steps to ensure that in handling complaints it identifies and remedies any recurring or systemic problems".....

shiznit76

from having zero value this morning i now have double value. Got to love ITI

rnf11

RasputinB said:

ITI Capital should "undertake proactively a redress or remediation exercise, which may include contacting customers who have not complained". - FCA Handbook DISP 1.3.6

shiznit76 said:

from having zero value this morning i now have double value. Got to love ITI

ITIC can be so quick on the uptake.......

shiznit76

and now the figures are back to being correct. Who needs fair grounds when you can have a roller coaster with ITI

My2penneth

Here's a good one:
https://www.financial-ombudsman.org.uk/businesses/resolving-complaint/case-fees
It is in ITI Capital's interest to keep ex-SVS clients better informed and reassured.

Too many complaints to the Financial Ombudsman and things can get expensive for ITI !

"You won't need to pay a case fee for the first 25 complaints against your business that we deal with in each financial year. From the 26th complaint onwards, we charge a case fee of £650.

If a case does need to be investigated, it becomes a chargeable case, regardless of the outcome.

Most businesses have very few cases referred to us, meaning that most businesses don’t pay any case fees. For businesses that do pay case fees, the cost involved is likely to be much less than the legal costs of defending the case in court.

So, the first 25 complaints are free, then they get charged £650 per complaint. 

So, it is a useful tool in the armoury to remind ITI Capital..... 

Not that I'm suggesting you contact the Financial Ombudsman on 0800 023 4567 Mon-Fri  8:00am to 5:00pm.

My2penneth

My2penneth said:

Oh, and despite supplying my account details and my name on the email, the ITI representative has now marked my Wife's accounts for closure and within the on boarding platform everything is now set to zero (both the SC accounts and the PX accounts). 

When I looked at my Wife's accounts at 12:00 via the on boarding account, all accounts were zeroed out. If I clicked on an account number, it was completely empty (no shares visible, no cash balance).

However, they have now been repopulated with some shares and some entries are negative and some positive (net effect zero). Hence the information in them is incorrect. However, we've seen all this before!



I really thought progress was being made but ITI seems to have regressed about 2 weeks worth of progress. Why can't they action the transfer requests that were made at the start of August via the other broker?