SVS Securities - shut down?

My2penneth

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.

I know what you mean! ITI have asked me to go down the same route and I started ( then abandoned)  the process for the same worries you state.
I'm of the view that I've followed the correct procedure of requesting a transfer via my new broker. It is upto the new broker and ITI to resolve. 

I've sent  paperwork to ITI twice containing address and bank details.....they have misplaced both sets ( and the wife's) ...whatever happened to GDPR...how do I know my details are safe if ITI cannot locate them?

My2penneth

Just had a look at the accounts that ITI want me to close...they are not correct ...so I won't be instructing them to close incorrect accounts!

shiznit76

i would be very wary of closing my ITI accounts, fear is once that is done god knows where my holdings may disappear to

johnburman

With an eye to shiznit76 I have closed our accounts with ITI this evening.  It was upon the instruction of an ITI employee (I got through - 4th attempt but I got through).  He had been working for ITI for 3 weeks: he did not know waht "sterling" was as in "pounds sterling" [fills you with confidence!] 

The closure form was wrong in that the securities were incorrect.
Now lets see what happens.  I was told it would take 4-5 weeks to transfer and when i said what has been going on for the last 6 weeks since they had received the transfer requests, I was met with silence.

For those interested, my incorrect Contract Note has not been corrected and for my transaction 10 days ago, no Contract Note has yet been received.

Finally i saw a post querying why all the complaints on the forum were from XO clients and not FX clients.
I can think of 2 reasons:
1   XO clients are based in the UK and the FX clients are in China/HK and may not know about the forum
2   FX clients are gettign the Rolls royce service from ITI whilst we are getting the TRABANT (or perhaps skateboard) service.  I said earler that ITI did not want the XO clients and I still believe that to be the case - that is why they under-resourced the entire transfer operation.

johnburman

I have done just that My2penneth.  We live in interesting times and I want out from ITI.  I don't have correct for one transaction, and for the other, any, contract notes, but the trades were recorded so I might have to ask for the recordings if everything goes pear-shaped.

Michael_Reynolds

I lodged a formal complaint over the weekend about the behaviour of ITI Capital and Leonard Curtis with the London Stock Exchange. This morning I received tax certificate statements from Leonard Curtis for the years 2019/2020 and 2020/2021. The figures were correct for 2019/2020 but blatantly wrong for 2020/2021.The 2020/2021 statements show USD & GBP balances and no documented evidence that these balances were paid over to ITI Capital. I have repeatedly asked LC to provide final statements showing 0 balances on my three GBP, EUR & USD cash accounts which are conclusive evidence of all monies being transferred to ITI Capital. No date I have had no success in obtaining these final statements. In addition there are five missing dividends paid by on June 24th 2020 which should have been included but are MISSING. THIS IS FRAUD! The suggestion of  a march to ITI's offices is a great . Sadly I'm in Ausralia so I can't attend. I can't see any light at the end of this tunnel. We seem to be getting nowhere. It's a desperate situation. Noone seems to be protecting our interests!

Michael_Reynolds

I intend to start regular badgering phone calls from Australia to both Andrew Poxon & Alex Cadwallader at LC and to ITI Capital

Michael_Reynolds

Just saw this article on the FT dated Aug 14th which I hadn't seen before. https://www.ftadviser.com/your-industry/2020/08/14/svs-clients-plagued-by-delays-at-new-broker/?page=2 There is an email address at end which we should follow up on? fa.letters@ft.com

My2penneth

With reference to Page 343

"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."

t237

Michael_Reynolds said:

I lodged a formal complaint over the weekend about the behaviour of ITI Capital and Leonard Curtis with the London Stock Exchange. This morning I received tax certificate statements from Leonard Curtis for the years 2019/2020 and 2020/2021. The figures were correct for 2019/2020 but blatantly wrong for 2020/2021.The 2020/2021 statements show USD & GBP balances and no documented evidence that these balances were paid over to ITI Capital. I have repeatedly asked LC to provide final statements showing 0 balances on my three GBP, EUR & USD cash accounts which are conclusive evidence of all monies being transferred to ITI Capital. No date I have had no success in obtaining these final statements. In addition there are five missing dividends paid by on June 24th 2020 which should have been included but are MISSING. THIS IS FRAUD! The suggestion of  a march to ITI's offices is a great . Sadly I'm in Ausralia so I can't attend. I can't see any light at the end of this tunnel. We seem to be getting nowhere. It's a desperate situation. Noone seems to be protecting our interests!

I got my tax certificate statement for one account but not the ISA account which has most of my holdings in. I'm so dejected by everything about this saga.