SVS Securities - shut down?

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.

My2penneth

Being an ISA......no  tax to declare. Maybe that's why no statement.  I had my statement from LC at least a week ago but it was only for the non ISA account. 

Halty2

I am like many others very frustrated by this ongoing situation. I do not understand why ITI were selected when clearly they neither had the staff or technology to take on SVS customers. LC  selected them and for that reason I have leff a review of LC on Trustpilot. Like others I have not had all of my assets returned to me and any attempt to contact has gone unanswered

Danie6

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!!!

It's called "propaganda". Quite a well known aspect of life in Russia.