SVS Securities - shut down?

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?  

 

Scottcollier

Hi All, firstly I'm very 'glad' to find everyone else is having the same problems as I am with ITI. 
So far, I have had three Phoenix accounts created for me (who knows why...?) and am still awaiting my assets to be transferred to any of them. The first Phoenix account was created on 10th August and I've managed to get through to ITI Account Management and have been told to wait a few days as there are 'IT Issues' (which are not mention in any of the communications sent out via email or on the website). I am also experiencing the same issues as others on here whereby I either 1/ have no assets 2/ double assets 3/ assets at the current price 4/ assets at the price when they were transferred to ITI.

My2penneth

Looking at the website I reckon that the 5 star reviews are suspect! If ITI Capital want to go down that route, they will have several hundred forum posters "creating reviews" .....THEY SHOULD SPEND THEIR TIME SORTING OUT THIS MESS AND NOT POSTING FAKE REVIEWS!!!

shawdon

Still no progress nearly 5 weeks after starting the share transfers process from ITI to H.L. My 10 accounts with ITI are a mix of £0, double value or just plain incorrect data. There is still no audit trail showing which dividends have been credited in cash and my ISA accounts are still not marked up as ISA accounts. The website when I login is still showing as “not secure” and of course the compliance manager, David Moss still completely ignores every email I send which is about 10 now!
Apart from that ITI are just great! My new broker, HL, is not getting any reply from ITI so they cannot update me on progress.

manted

My2penneth said:

Looking at the website I reckon that the 5 star reviews are suspect! If ITI Capital want to go down that route, they will have several hundred forum posters "creating reviews" .....THEY SHOULD SPEND THEIR TIME SORTING OUT THIS MESS AND NOT POSTING FAKE REVIEWS!!!

Its much too simpler to hire cheap labour to do fake reviews than to do proper work. Really dont like the way this is heading, no progress on anything for most, and partial progress for some which mostly feels like going backwards rather than a solid foot forward. I'm Still missing my divs from end of august and beginning of this month, which I'm complaining about. All of us definitely need to keep pushing, We need notes from Wednesday meetings that ITI have with SVS. This needs publishing weekly to us either by ITI or LC, dont care who.

CameronRiley

Managed to get through on the phone today (twice) and spoke to a helpful English bloke and then a helpful English female who  between them changed a load of incorrect info on my account and allowed me to log in.  Only one of my two accounts  (the ISA) is showing and after showing zeros at first, now shows the correct holding and cash. The only option I am given is to close/transfer the account and I would do that but am wary of transferring the holding, as the only info they ask for is the name of the new broker (the 'counterparty', whatever that is).  Is that really all the info needed?  Will the shares actually be transferred to the broker (HL in my case)  if I hit 'Go'?  The cash might end up in my bank and I could live with that, but the shares need to stay in an ISA and I would prefer the cash is transferred to the ISA as well.  I don't want to fuxor this up due to my own incompetence if at all possible.

Sheris

leonde said:

Fraud Alert: Protect yourself

Fraudsters claim to be from a legitimate firm authorised by FCA. Fraudsters look for new ways to scam consumers, but one scam increasingly reported to us and to the FCA involves share scammers pretending to be from a regulated firm, who are authorised by FCA.

From the ITI Capital website. Make sure you use a legitimate firm authorised by the FCA I guess.

After many conversations with L&C many months ago, I was not happy, the !!!!!! that they stated was unbelievable and still giving it !!!!!! to this day.
If anyone knows the truth facts who has paid for all the costs, is this the Tax payer ?     

snipkin

CameronRiley said:

Managed to get through on the phone today (twice) and spoke to a helpful English bloke and then a helpful English female who  between them changed a load of incorrect info on my account and allowed me to log in.  Only one of my two accounts  (the ISA) is showing and after showing zeros at first, now shows the correct holding and cash. The only option I am given is to close/transfer the account and I would do that but am wary of transferring the holding, as the only info they ask for is the name of the new broker (the 'counterparty', whatever that is).  Is that really all the info needed?  Will the shares actually be transferred to the broker (HL in my case)  if I hit 'Go'?  The cash might end up in my bank and I could live with that, but the shares need to stay in an ISA and I would prefer the cash is transferred to the ISA as well.  I don't want to fuxor this up due to my own incompetence if at all possible.

CameronRiley - I presume you have an ISA account with Hargreaves Lansdown? You must have an ISA account opened with HL and request the ISA account transfer with HL by filling in HL's ISA transfer online form including your ITI SCnnnn account number and whether shares, cash, or both are to be transferred to them from ITI. Normally you should not have to involve ITI at all - the transfer should all be done by the new broker you are transferring to - but ITI request you notify them as well for some reason (perhaps to save them time by not bothering to move your account to their Phoenix platform?).

I am doing the same as you: transferring my ITI ISA account to HL. I understand that it could take some time...