SVS Securities - shut down?

johnburman

The mystery is why the FCA agreed to ITI. They were doubling their client base with almost no extra staff. I was told in July they had only 5 extra staff. This has been increased but even so they simply cannot cope. What is so weird is that their fees are not attractive for XO clients who were bound to want to transfer out anyway. And did they have the staff to action this anyway? And now they ignore us. The FCA ignore us. The FOS are too slow. And the LSE appear to ignore us. BUT we must still keep up the pressure. 

shiznit76

is there and email for ITI accounts management team?

rebea

So yesterday I finally had a reply from the FCA, this is 15 days since my first email to them and 4 emails later.
Most of the response was the usual platitudes that so many of us have received from all concerned with this fiasco, but a couple of interesting ideas tacked on at the end.
The first one being 
((How to complain about Leonard Curtis

If you want to make a complaint about Leonard Curtis, you can follow this link to the gov.uk web page with information on making a complaint to the Insolvency Service for cases being handled by an insolvency practitioner you’re not happy with. ))
And the second being
((If you think fraud is involved

If you’re concerned that fraud could be involved, you may want to report this to ActionFraud, the UK’s National Fraud and Cyber Crime Reporting Centre. ))

So what the hell I'm going to register complaints with both of the above.

My2penneth

shiznit76 said:

is there and email for ITI accounts management team?

accountmanagement@iticapital.com    

My2penneth

ITI Capital are regulated by the FCA and are thus 100% genuine..there is NO DOUBT about it. Thoughts of them being a scam company and simply incorrect and pointless in even raising.

Now if you were to ask me if ITI Capital were up to their necks in doo-do (and not worried about the alligators), then I would agree. I think they bid for the work and didn't really expect to get it. But as other interested parties dropped out, they were the last man standing.  They (ITI) underestimated the work load required to on board accounts.

shiznit76

Agree with My2penneth, i just think ITI have underestimated the work this transfer would take and are seriously lacking in their IT department, I think things will work out....eventually. Hopefully my broker transfer will be through before then though

rnf11

I had a lengthy chat with an IWeb rep yesterday evening. A month has now elapsed since the transfer request for two accounts went in to them. They promptly sent the necessary on to ITIC and have since not once, but twice, tried to chase up ITIC. To date there has still been no response at all. He indicated that ITIC had disconnected the means of communication.

On my asking whether there had actually been any transfers at all received from ITIC, he stated that there had not been any.

Later this morning I intend to contact the other brokers with whom I do business, and seek to ascertain whether IWeb's experience is universal. The responses will determine my next steps.

rnf11

My2penneth said:

ITI Capital are regulated by the FCA and are thus 100% genuine..there is NO DOUBT about it.

A bit of a change of tune there,,,,,,

Be that as it may. And yet a "legitimate " operation, whilst a long time operating withing the laws, rules and norms, can at any time suddenly "go off the rails". This could be whether a corporate decision, or by an individual either alone or acting in collusion with others.

It has been noted by most on here that ITIC at least to some extent is in a state of chaos. That alone increases the risk of error in the transacting of business.

The fact must also be faced up to that such circumstances can also open the way to opportunities for commiting fraud.

Prenez garde.

shiznit76

That is impression i got from talking to Iweb agent last week, no transfers had been completed and they were dealing with many former SVS clients wanting to jump ship.  Surely ITI must be is some sort of breach by not fulfilling these transfers in a given time? If banks have 7 days to switch current accounts surely it is not unreasonable to expect broker transfers could take a similar length of time

johnburman

I have just spoken to  my new broker
They have 70 clients requesting transfers to them from ITI with no action on anyone's account by ITI despite repeated reminders
They are regulated by the FCA and there is a systemic fault with ITI Capital.  Don't they have a duty - an obligation as a regulated entity - to report defaults of other regulated entities to the FCA?  If so why have they not done so?  

We should all ask - demand - our new brokers on behalf of all their clients requesting transfers to them, as some of the earlier ones are now 8 weeks old, to report ITI to the FCA.