SVS Securities - shut down?

rugby7170

shiznit76 said:

i felt like doing the same rugby7170. fear is the cash from these sales isn't being transferred out much quicker. At the moment, having the shares is at least not in dispute, I'd fear the money from the sales could disappear in the ether
Do any of your holdings appear in your Phoenix account or are they all still in the Qort one? Are you seliing via the telephone?

I sold some about 2 weeks ago and it was all very efficient. Cash received in 2 or 3 days. But you do have to email a withdrawal form every time, but no big deal. All are in my Qort account. Nothing in the Phoenix accounts. And not in an ISA. 

RasputinB

The FOS upheld a complaint, DRN2800608, relating to a transfer delay of over 6 months from Barclays Stockbrokers.

£391.68 plus 8% interest was awarded for financial losses.

The Ombudsman said that "this whole experience has caused a great deal of distress. I understand that it has been very time consuming and frustrating. And I’ve also taken into account that Mr A has a medical condition that is exacerbated by stress and Mrs A has been unwell. So I appreciate these matters affected them greatly".

The final decision was for an additional £2,150 "for trouble and upset" plus £50 to charity.

If ITI Capital were faced with the prospect of paying an average of £2,000 for 11,100 SVS clients (£22.2 million) I wonder what they would do?

ITI Capital's accounts show that they made a loss of £5m in 2017 and almost £3m in 2018. https://beta.companieshouse.gov.uk/company/02926252

At 31/12/2018 they had net assets of only £3m but "the company's immediate parent undertaking" confirmed that it would support the business financially for a further 12 months.

I think Leonard Curtis should confirm the current financial standing of ITI Capital.

Jamesram

RasputinB  And if the result was that ITI Capital goes bust, would the Financial Services Compensation Scheme be obliged to pick up the tab?!

rnf11

SteveJohnson56 said:

.........
I would like to know if you submit a transfer out and closure at the on-boarding stage as long as it is submitted before 23 October will there be NO 25bps Custody charge or will the charge be applied if you have not fully transferred out. No point ringing /emailing as SHhhh ITI are a bunch of shysters IMO.

Two points arising:-

 1.. In all fairness, IWeb (inter alia) must surely be facing a substantial increase in workload themselves (and the Covid-19 situation is deteriorating again).

 2.  If you have not accepted the ITIC Terms of Endearment, then any fee charges would be out of order.

RasputinB

Jamesram said:

RasputinB  And if the result was that ITI Capital goes bust, would the Financial Services Compensation Scheme be obliged to pick up the tab?!

Yes, I should think so. But the FSA, FOS and FSCS only get fully involved after the event. If ITI Group (registered in Guernsey) decide not to continue to support ITI Capital then the mess we see now is only the start. Leonard Curtis would have checked out the financial standing of ITI Capital prior to transferring our assets to them. I think they have a lot to answer for and should be parachuting in an administration team to sort this problem out before it escalates.

rnf11

ITI Capital filed the 2017 accounts (loss) in May 2108; the 2018 accounts (loss) in July 2019; the 2019 accounts are still outstanding.

Vide Companies House.

shiznit76

Jamesram said:

johnburman said:

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) 

      And in answer to Shiznit 76 " jamesram sounds like you are furthest down the line in the transfer stakes out of all of u" :-

     AFTER a massive number of phone calls to Leonard Curtis in early August and dozens of emails to both LC and ITI, I got a call from the LC guy Pras, temporarily seconded to ITI. I told him I just wanted out, and that I had put in a transfer request via iWeb on 26 JUNE as regards my ISA which had only CASH in it (after the Sirius Minerals debacle if anyone wonders why- yes an ISA featuring only SXX.L- investment planning at its finest.. But I digress)

So after 2 further weeks of emails, with attachments of copy iWeb Transfer instructions, and a hell of a lot of messing about- "IWeb haven't sent their bank details" (for f-- sake) " we have sent the money - iWeb are incompetent" ( £52K sent over to H'fax banking with no reference numbers to trace it),  and then no required ISA documentation from ITI (which legally stopped iWeb crediting it to my ISA account even though they knew they had my money). FINALLY, and you can imagine all the stress and frustation resulting from all this, the cash arrived in my ISA on 21 August, almost 2 months after my iWeb Transfer instruction, and I was able to buy some nice divi bearing investment trusts.

My Trading account Transfer to iWeb dated 2 August remains as stuck as everyone elses- my previous posts refer.

The reasoning I had, which probably was correct, was that ITI was in a complete mess with share Transfers, but a cash only ISA should have been simpler to deal with. In reality I was only partially correct, and it took a formal Complaint through the "complaints system" (there isn't one really, in practise, and other points in my complaint go unanswered and undealt with) and a lot of aggression and persistence on my part to finally get this cash released to iWeb as an ISA transfer. Also it was the LC guy Pras who was the mover and shaker in this - not any ITI staff, they were the one's making all the c*ck ups.

So there you go Shiznit 76 If I am further down the line it doesn't much feel like it, and anyway, I  perhaps had a head start from 26 June when I first asked iWeb to arrange a  transfer out (I could see this sh*t storm coming - in fact I emailed LC on 6 July to predict it if anyone wants to see a copy of that email)

ITI still have close on £50K of my stocks and like I said yesterday I am on a promise of a great effort to help me get them transfered out to iWeb---by 30 October!

30th October? That's a joke. Have you contact info for your LC Prs guy?

Jamesram

Shiznit76 I assume you are referring to Pras. He works currently  in account management at ITI. I don't think he would appreciate me putting more about his contact details on an open bulletin board. I don't have his phone no anyway. Also, I expect him to be fully engaged on my transfer out request until 30 October!

shawdon

Email number 16 sent today to David Moss copying his team. I think I may get a reply this time!
David,
As I think you know I am in the process of transferring all of my accounts from ITI to HL although this seems to be taking a very long time and you have ignored my last 15 emails.
One of my accounts for my son (account ITI xxxx) has suddenly lost all the shares transferred from LC except for 1 Line which is RDS Worth about £16k. The rest of his holding seems to have vanished!
Please can you urgently confirm where the shares have vanished to and when they will reappear.
I am copying Mark Bentley from ShareSoc as he is taking a keen interest in what is happening and we are keeping the FCA updated on progress or lack of it.
Please do not ignore the 16th email I have sent you as I am keeping a log and will consider a referral to the FOS for compensation if I am not fully satisfied with your reply.
In addition I have a meeting set up next week with my MP for Esher & Walton, where I live,
Dominic Raab, the foreign secretary As this may need escalation to a parliamentary sub-committee For closer examination of the way ITI are operating particularly with the Russian based management team in charge of the business.
Thank you 

shiznit76

@shawdon have you logged in to your phoenix account? I thought mine had gone awol too till actually logged in to the account (was showing zero in my dashboard) and 3/4s of my holdings were there