SVS Securities - shut down?

rnf11

After receiving the email that many others have had from ITIC on Tuesday evening, I was surprised to receive a personal email from ITIC on Thursday about needing to log in (to the onboarding account) and complete the closure formalities. What followed was a quickfire (!!!!) exchange of messages and after some rapid scanning, I was able to copy across some documents. Then it went quiet. Maybe they are satisfied, or they might still want a "signature"?

I would have thought the order of play should have been in reverse.

PS. In the course of the exchange, ICIT stated that the ISA account would be identified as such.

Jamesram

Correction (and last post today!)

Re my previous post above - "NBS22 So sorry to hear about the further hassle on transfer out

Sadly I am not surprised- this is a copy of my email to Pras Kumpati- an LC employee seconded to ITI who has helped me with one matter and is trying to assist my iWeb transfer (which was not in the iWeb 250, but really should have been- it was requested 21 August) :-

NOTE   It was Second of August - don't want anyone thinking "that johnny- come-lately is trying to steal a march!"

bnet

SteveJohnson56 said:

When you submitted the cash withdrawal what was the date, how many days did it take to hit your account?

The signature date of the form was 26/08 
And money was receipt on 27/08 
I selected the option of urgent payment with a fee of 10 GBP

bnet

shiznit76 said:

bnet said:

Hello everyone,
A couple of weeks ago you recommended me to write David Mos an email. Well, I have to tell you that I spammed him threatening to go public to the media, not before I told him that I was going to the nearest police station to report him for what I thought it was a financial crime.
 
He replied me very quickly and he involved his team to solve the issue. I kept sending him emails every 24h and openning tickets every day. Finally, the asked me to fill-in the form for cash withdrawal (you can find it in FAQ section) and they transfered my cash into my bank account.

What a relief...

But my portfolio of shares are still held by these !!!!!!. They sent me the Phoenix account credentials which still says that my account is pending of approval. And in ITI Capital account, I see my portfolio multiplied x2. 

Is there any way I could transfer my shares to a new broker? Or would be faster to wait Phoenix account to be validated? Or may be... I could call them and sell the shares and then do the same process I did to withdraw the cash... 

what's his email address?

david.moss@iticapital.com 

shiznit76

rnf11 said:

After receiving the email that many others have had from ITIC on Tuesday evening, I was surprised to receive a personal email from ITIC on Thursday about needing to log in (to the onboarding account) and complete the closure formalities. What followed was a quickfire (!!!!) exchange of messages and after some rapid scanning, I was able to copy across some documents. Then it went quiet. Maybe they are satisfied, or they might still want a "signature"?

I would have thought the order of play should have been in reverse.

PS. In the course of the exchange, ICIT stated that the ISA account would be identified as such.

I thought your new broker would deal with everything and that you shouldn't have to close the ITI account 

Nbs222

MF11 : How would the receiving broker know what the accurate situation actually is?

In IWEB case they send out options letter ,  and the account holder can verify.  I don't know if other brokers do the same.   

In my case they are now not going to send me  letter but write directly to IWEB. They asked me to contact ITI as well but I said it would be difficult.

I told  IWEB that  all  the other valuations  will be wrong , they said  that is true and as they have others having similar issues.

shiznit76

Nbs222 said:

MF11 : How would the receiving broker know what the accurate situation actually is?

In IWEB case they send out options letter ,  and the account holder can verify.  I don't know if other brokers do the same.   

In my case they are now not going to send me  letter but write directly to IWEB. They asked me to contact ITI as well but I said it would be difficult.

I told  IWEB that  all  the other valuations  will be wrong , they said  that is true and as they have others having similar issues.

Iweb will write to us for confirmation the holdings are correct before transferring?

rnf11

shiznit76 said:

I thought your new broker would deal with everything and that you shouldn't have to close the ITI account 

I was indeed rather hoping that would be the case. In my situation - not having completed any of the onboarding process - I had thought/hoped the ITIC closure process could be by-passed. I do not see what they could lawfully use this additional information for. The account codes should be sufficient - with an audit trail existing all the way back to SVS (via LC) and then onwards to the receiving brokers.

If I detect any oddities involving personal information in the times ahead, ITIC will be a prime suspect.

Jamesram

Shiznit76 - just to answer your Q above, I NEVER requested an account Closure- that was ITIs interpretation. I have always and only asked for a Transfer to iWeb- I have attached a copy of the actual iWeb Transfer Request form I filled in and printed out to numerous emails to my contact Pras and to Transfers@ ITi and to Accountmanagement@ ITI. They had me shown the SC account  as a Transfer Pending up to last week  and I was just waiting for it to be actioned- then that TP notification disappeared- hence I contacted this Pras guy again, and LC, and complained to ITI  and generally kicked up a fuss. This resulted in the account being re-instated for Closure/Transfer- see my point in the above copy email about that. As I say , and we all know, its just a disgraceful shambles.

gibson81

LEAR1 said:

gibson81 said:

shawdon said:

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

I received a message from HL this afternoon to say that ITI had acknowledged my transfer request and sent over a valuation. They couldn't give a timescale but at least progress is being made. I submitted my transfer request in early August.

gibson81, shawdon, johnburman - from memory, I think we are all seeking to transfer away to HL. I was initially mildly disheartened to learn yesterday that iWeb and Jarvis (i think it was) had received acknowledgements from ITI with bulk valuation info while there was no news from HL. But, like you gibson81, I received a message from HL late last night saying that they received acknowledgement from ITI and bulk valuation information. My question for you gibson81 is whether you have been supplied with your own valuation info from HL or whether, like me, HL's message was actually a reference to bulk valuation info having been received (but no further details of your own account at this stage)?

I haven't received a valuation from HL. 
HL have told me that ITI have sent them a valuation. I assume HL need to check they can receive the shares, all of which are FTSE 100 holdings. I haven't been in this situation before so don't know if HL confirm the holdings with me or simply proceed with the transfer.