SVS Securities - shut down?

SteveJohnson56

bnet said:

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

Thanks for the reply,  lucky you, almost too good to be true, others have been waiting weeks.

My2penneth

We hold 4 accounts, 2 in my name, 2 in the wife's. 
I listed what shares should be in each account ( ITI Capital should KNOW) as requested by ITI.
I also highlighted which ones are missing from each account. 

(I quote SC, ititi, iti, PX numbers, ISA, non-ISA as appropriate for each account). I provide a spreadsheet list of 4 columns with share names and quantities.  I send to ITI.

Three days later ...question from ITI...which shares are missing from your accounts to transfer out? 

Well....that depends.....Phoenix says one thing and the on boarding accounts say another!

If ITI Capital actually told us which accounts they plan to use to transfer out of, then I wouldn't need to waste my time telling them what should be in my accounts that they  supposedly have ring fenced custody of! 

shiznit76

at least ITI are actually replying to you M2P

Halty2

 I did not have a problem with SVS, everything worked fine. But now the financial authorities that closed them down do not want to accept responsibility for the mess they have created. Any attempts to contact ITI have gone unanswered,  I did try to contact the administrator this week but again no reply. I just want my shares and money back that are rightfully mine, not an unreasonable request.

shawdon

A very useful update below from Mark Bentley at ShareSoc following his virtual meeting with ITI which sums up our frustrations and keeps the pressure on them to resolve our issues. Please join ShareSoc as a member (free at the basic level) to get regular updates from them:

I attended a virtual meeting with ITI yesterday. It was organised and led by their PR advisor – not a good start – but key executives were also present, including Rahul Agarwal (head of private clients) and David Moss (compliance), amongst others.

To be honest, little was achieved directly in the meeting, in my opinion, but we agreed that I should send them details of our top priorities, and they would respond with their proposals.

I have now done so, as follows:

Dear xxxx,

Thank you for arranging yesterday’s virtual meeting. As agreed, here is a brief list of the key priority issues that SVS clients have expressed concerns to us about.

1. Problems communicating with ITI Capital: unanswered telephone calls and no replies to emails. This morning Xxxx xxxxxxxx advised me that he has sent 15 emails to David Moss and has not received a reply. In my opinion, some sort of “hotline” (i.e. some form of dedicated communication channel) is required, where a prompt response will be received to SVS client enquiries. We do not expect that all problems will be resolved immediately, but there should be a prompt response to enquiries, indicating the status of the issue that the client is raising and (ideally) an approximate timescale for resolution.
2. Problems viewing portfolios/getting statements. Several clients have reported that when logging in to the “Phoenix” system, cash and assets shown are not as expected and seem to be inconsistent, with different amounts shown in different sessions. A particular issue seems to be recording of dividends received, which several clients report seems to be missing. A subsidiary issue reported with your client portal is that it doesn’t seem to be secured by SSL, but that an insecure http connection is used.
3. Failure to action transfer requests. Unsurprisingly, several clients are dissatisfied with ITI’s service, given their experience of the problems identified above and so have requested transfers to another broker/platform. A number of these clients requested transfers several weeks ago but their receiving brokers report that they have contacted ITI Capital to effect the transfer, repeatedly, but have not received any response. This appears to be most serious and in contravention of the TRIG standards (https://www.abi.org.uk/globalassets/files/publications/public/lts/2018/trig—industry-wide-framework-for-improving-transfers-and-re-registrations—final.pdf) endorsed by the FCA, following their platform market study which ShareSoc participated in. I do appreciate that transfers are a complex matter and cannot be effected immediately, but the TRIG standards do specify a two business day standard for responding to each step in the transfer process.

I look forward to hearing your proposals on addressing these issues, which appear to be ongoing.

Kind regards,

I have copied this email to key FCA staff.

Now we’ll have to see what response is forthcoming.

Mark Bentley

johnburman

I have asked this before but here goes again... Has anybody actually been transferred out of ITI to new brokers? My view is let's get out of ITI ASAP. Worry about your correct share valuations etc. after the transfer. (yes I know this is a rediculous statement but the ITI platform is clearly screwed and we now need to get out of it) 

RasputinB

shawdon said:

A very useful update below from Mark Bentley at ShareSoc following his virtual meeting with ITI which sums up our frustrations and keeps the pressure on them to resolve our issues......

ITI Capital already have their excuses which have been endorsed by Mr Justice Miles http://www.bailii.org/ew/cases/EWHC/Ch/2020/1501.html

"[They] would be overwhelmed with premature enquiries from clients, who might understandably be anxious about their assets and interests. [ITI Capital] has explained in a letter to the administrators that its preparations for addressing enquiries from clients have been affected by the Covid-19 pandemic which has required homeworking. It has had an impact on IT systems and slowed the recruitment of additional staff".

johnburman

Useful post Rasputin but the excuses ITI told the court were before the transfer to ITI and not after the 23 July.
Plus you forget the judge refers to the ability NO, THE RIGHT of clients to transfer out of ITI. I have tried to exercise that right and it has thus far not been granted by ITI. 
My feeling which I have expressed before, is that ITI knew that the transfer in to them of the XO clients was doomed from the start and ITI were understaffed then and now. Why did ITI allow untruths about transfers out by them to new brokers be made to the judge? 

n_aftab

Hello,
Same boat as everyone else, really angry about this now, having not had access to my cash or funds for more than a year, the administrators need a heavy fine and the victims need compensating ..

I started sending emails to iti over 2 months ago, and received 1 line responses that don't even answer the question.
If i call nobody answers the phone, 

I called the fca they didn't want to know .. honestly they are a joke, they agreed to the transfer, and yet take no accountability for the mess

I called the ombudsman, they said write to them with a complaint .. they have 8 weeks to respond .. whole system is a joke and a mess, there is no real protection for retail clients.

Stocks should be in our own names and if the broker goes under we should be able to port then stocks elsewhere without ad administrator cashing in 5 million to do a few months of work. 

I am awaiting transfer out i just hope i end up with all of my stocks in full and no someone elses account .. at this stage i am not holding my breath.

rugby7170

I have now decided to take direct action. I need to be in control of my portfolio. So I have started selling shares held by ITI and investing the same amount on the same day with another broker (no CGT issues). Yes, I will probably lose out on commission and the spread, but I'm willing to take that hit just to be out of this shambles. I am fortunate as my account is straightforward and all the shares are correct in the Qort portfolio.