SVS Securities - shut down?

pafpcg

Michael_Reynolds said:

Wow! Received two emails this morning from ITI.
......

The second email:

Dear Mr. Reynolds,

By way of introduction my name is Valeriya and I work in the compliance department at ITI Capital Limited (‘ITIC’). 

.......

Thank you for bringing this matter to my attention. As part of our complaint process we look forward to communicating with you further in this regard, as we want to ensure all matters are fully resolved and such timely deliverable actions have been taken to address your concerns, as part of your complaint.

..........

Kind regards,

Valeriya - Compliance Team

What kind of masochists do they have in the ITI compliance team?  "Looking forward to communicating further..."?  They enjoy getting chewed out?

The whole message just drips PR insincerity:  "Thank you for bringing this matter to my attention".  Compliance is not just reacting to complaints; they should have checks built into their systems so that the compliance team can monitor that the procedures are working properly.  If it needs clients to tell them that the systems have broken, then the compliance function has failed abysmally.

But at least her english is good.

shawdon

Going from bad to worse!
just got an email dated 4th August telling me I could not withdraw my cash as there was not enough money in my account, this is completely bonkers as of course I have successfully withdrawn all my cash albeit about 10 days late.
my 10 accounts are still all incorrect and one of them has gone from £150k of assets to just £15k with the rest just vanishing into thin air. Still no reply from David Moss or any of his team to my 12 emails sent day after day.
how can the FCA allow a company to run in this way. Still 0 transfers fromITI to HL according to my HL account manager!

Monsieur_Bourse

If you have an overseas address which broker have you had any success in opening an account with to enable the transfer away from ITI? I ask the question because my efforts to transfer away to HL for my wife and I have been less than successful to date. Sadly HL are taking over 20 minutes to answer the phone and it took them a week to reply to my e-mail. It took them over 3 weeks to acknowledge receipt of my transfer request, and my wife has not received any response from them. I have been looking at Trade212, has anyone any thoughts on this broker.

It hardly seem worth the effort to comment about ITI anymore, but somebody asked if any overseas clients have their Phoenix account populated. Mine has some of my shares in it, some with the wrong price and 1 Aim share is missing altogether. One dividend is not showing, so pretty much business as usual at ITI.

KingGBK

Hi all, not sure if this has already been said in the forums but I just opened an account on interactive investors and guess what comes up, my two iti pheonix accounts lol! So ITI is just a white label company using interactive broker for their back end!

shawdon

It’s double your money day today! Most of my accounts are now showing double the correct valuation of shares and cash and one of them is still missing 90% of my shares and cash. still no answer at all from the ITI management team and of course still no escape allowed to HL. It’s a “hotel California” company, “you can check out but you can never leave”!
Has anyone actually managed to escape with their shares yet?

shawdon

Copy of an email sent to my account manager at HL to try to support our case and get some more details from one of our escape routes out of this mess:
Xxxxxxxx,
Is there any progress yet on any of my 8 transfers requests?
I would also like to know if HL have managed to get any accounts transferred from ITI yet for any other clients.
This is now becoming a very big story and will soon involve escalation to parliament for one of the select committees to start asking questions. 
I will be seeing my MP, Dominic Raab, the foreign secretary, next week to raise the matter personally particularly as this has implications for UK/Russian relations as this is basically a Russian company Misusing UK taxpayer funds.
Please can you give me a detailed timeline of exactly what actions ITI have taken in reply to our requests to get the accounts transferred as I think we are nearing the point where they are exceeding the allowed timescale for actioning the transfers.
If you can give me the contact details of the senior manager at HL who can provide Additional Support in pursing our case against ITI that would be very much appreciated.
Thanks again for your support in trying to get my accounts transferred as soon as possible.
Xxxx xxxxxxx

Jamesram

Well this should sort everything out then. Or keep those pesky clients at arms length anyway!

Jamesram

"We are now looking for immedially available..." OK, so my Russian ain't great, but then again I am not the one requiring "attention to details" in the job spec, am I Ekaterina?

shiznit76

shawdon said:

It’s double your money day today! Most of my accounts are now showing double the correct valuation of shares and cash and one of them is still missing 90% of my shares and cash. still no answer at all from the ITI management team and of course still no escape allowed to HL. It’s a “hotel California” company, “you can check out but you can never leave”!
Has anyone actually managed to escape with their shares yet?

i take it you never got one of the Tuesday evening emails about your transfer being processed?

Jamesram

King GBK  said:Hi all, not sure if this has already been said in the forums but I just opened an account on interactive investors and guess what comes up, my two iti pheonix accounts lol! So ITI is just a white label company using interactive broker for their back end!

Welcome KingGBK- is this really real? had you applied for a Transfer out from ITI to ii, or did these accounts just appear? This seems very new and bizarre information on its face. Did the special addminisrators know about this, and the FCA etc etc. What implications are there, if any?