SVS Securities - shut down?

Jamesram

Dear Mr Shawdon

Although I would like to investigate the issue you raise and am of course extremely concerned I regret that due to Data Protection and Confidentiality issues I am unable to accede to your request regarding your alleged family member.

I note what you say about your meeting with Mr Raab and unfortunately I have to advise that on this occasion we here at ITI Capital  do not give a f**k.

Assuring you of our best intentions at all times despite the fact that we have none.

With my best regards

Da svidania

David

snipkin

New 'Message for Clients of SVS Securities' on ITI website (updated 11 September 2020):
ITI really should inform us more noticeably when they actually bother to do it. This has been sitting on their website since yesterday with the same heading as always - I only checked it by chance.
[QUOTE]

Message for Clients of SVS Securities

Updated 11/09/2020

Message for all SVS Securities Discretionary Model Portfolio Clients

Following on from our communication sent on the 23rd of July, 2020, informing you of a delay in providing you access to your account due to an issue, where ITI Capital received holdings in fractional units when the positions were transferred over from the Joint Special Administrators.

We are pleased to inform you that we now have a solution in place and will be in touch with you imminently with registration details for you to access your account. However, in the meanwhile, if you do require access to a valuation statement for your account, please feel free to contact us at: accountmanagement@iticapital.com

We would like to thank you for your patience and look forward to serving you as an ITI customer.

Migration of Assets on to our Phoenix platform

A number of SVS Securities customers have already had their positions migrated on to the Phoenix trading platform. However, as we migrate additional customers and their positions on to Phoenix, there will be an interim period, where the positions will be temporarily removed from the Client Portal on the ITI website. Once the position has been successfully migrated on to Phoenix, customers will be able to view their positions on both, Phoenix as well as the Client Portal.

Please also note that there are certain instruments, namely AIM listed stocks, that cannot be migrated on to Phoenix. These will continue to be available on the Client Portal. In order to sell these positions, please call the Dealing desk on 02038898355 or email dealing@iticapital.com and a member of the Dealing team will sell this position for you at the same rate you were charged at SVS Securities.

[END QUOTE]

So, AIM stocks cannot be migrated to Phoenix... What a joke!!  ITI really are out of their depth!! They desperately need some decent IT staff to sort out their systems, or perhaps start again from scratch. But they are probably all working on ITI's all-singing-all-dancing FX trading system.which I posted a publicity article about many pages ago.

rnf11

Jamesram said:

Dear Mr Shawdon

Although I would like to investigate the issue you raise and am of course extremely concerned I regret that due to Data Protection and Confidentiality issues I am unable to accede to your request regarding your alleged family member.

I note what you say about your meeting with Mr Raab and unfortunately I have to advise that on this occasion we here at ITI Capital  do not give a f**k.

Assuring you of our best intentions at all times despite the fact that we have none.

With my best regards

Da svidania

David

Pure comedy or gallows humour?

Priceless!

SteveJohnson56

snipkin said:

New 'Message for Clients of SVS Securities' on ITI website (updated 11 September 2020):
ITI really should inform us more noticeably when they actually bother to do it. This has been sitting on their website since yesterday with the same heading as always - I only checked it by chance.
[QUOTE]

Message for Clients of SVS Securities

Updated 11/09/2020

Message for all SVS Securities Discretionary Model Portfolio Clients

Following on from our communication sent on the 23rd of July, 2020, informing you of a delay in providing you access to your account due to an issue, where ITI Capital received holdings in fractional units when the positions were transferred over from the Joint Special Administrators.

We are pleased to inform you that we now have a solution in place and will be in touch with you imminently with registration details for you to access your account. However, in the meanwhile, if you do require access to a valuation statement for your account, please feel free to contact us at: accountmanagement@iticapital.com

We would like to thank you for your patience and look forward to serving you as an ITI customer.

Migration of Assets on to our Phoenix platform

A number of SVS Securities customers have already had their positions migrated on to the Phoenix trading platform. However, as we migrate additional customers and their positions on to Phoenix, there will be an interim period, where the positions will be temporarily removed from the Client Portal on the ITI website. Once the position has been successfully migrated on to Phoenix, customers will be able to view their positions on both, Phoenix as well as the Client Portal.

Please also note that there are certain instruments, namely AIM listed stocks, that cannot be migrated on to Phoenix. These will continue to be available on the Client Portal. In order to sell these positions, please call the Dealing desk on 02038898355 or email dealing@iticapital.com and a member of the Dealing team will sell this position for you at the same rate you were charged at SVS Securities.

[END QUOTE]

So, AIM stocks cannot be migrated to Phoenix... What a joke!!  ITI really are out of their depth!! They desperately need some decent IT staff to sort out their systems, or perhaps start again from scratch. But they are probably all working on ITI's all-singing-all-dancing FX trading system.which I posted a publicity article about many pages ago.

But they have migrated my one AIM stock onto Phoenix which was in an ISA.

Standard_Goose

rugby7170 said:

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.

I totally appreciate that you have to do what you feel is best for you, but i think that if we start giving in and doing this we are playing into ITIs hands. They will happily ignore a free cash transfer request and yet can immediately process one if you pay the £10 fee. Likewise, if you want to trade shares there is always a quick reply from the trading team because you will be paying them a fee, but of course they can't help you with any account queries.

I put it to you all that we are being held hostage by this company and it is deliberate that certain requests are dealt with whilst others are ignored. If we all do what rugby7170 is doing then ITI will be delighted.

Number of accounts x average number of stocks in each account x £7.95 = Big number

I'm not saying this was their original plan but one that has developed as the best way to get what cash they can out of this ridiculous situation.

Sheris

RasputinB said:

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.

L&C should pay back all costs to clients. 

Jamesram

(Slightly amended) Copy of emailed Further Complaint to ITI Capital - my third Complaint, involving several, discreet issues:-

Dear Mr Moss

Re ITI's  11 September message to ex-SVS clients:-

"Please also note that there are certain instruments, namely AIM listed stocks, that cannot be migrated on to Phoenix. These will continue to be available on the Client Portal. In order to sell these positions, please call the Dealing desk on 02038898355 or email dealing@iticapital.com and a member of the Dealing team will sell this position for you at the same rate you were charged at SVS Securities."

Point 1. That's not true (theres a lot of that about with ITI) - I  have 2 stocks CAML.L and CLIG.L on Phoenix, which so far as I am aware are both AIM listed. So some AIM stocks CAN be migrated?

Point 2   Why on earth is this being revealed NOW? Did ITI Capital makes this clear to the Administrators and FCA and FSCS when bidding for purchase of the SVS "book"? Why did ITI Capital maintain that it could adequately accommodate a transfer of SVS clients when the AIM market is common and popular amongst UK investors, and presumably ITI was aware of AIM holdings  in the SVS book?

Point 3  How dare ITI suggest that ex-SVS clients should pay ANY dealing charge for selling off their AIM positions? ITI Capital should be indemnifying clients on the bid/offer diifference on any sale off, not profiting from ITI 's failure to accommodate AIM stocks (which you must admit is pathetic)- are you going to  change your promotion to :-

"Multi-asset, multi-currency — wherever you see an opportunity, our innovative Phoenix platform gives you access.  [ Except for some AIM shares- we are not quite sure which ones at the moment though]

The Advertising Standards Authority and Trading Standards might both be interested in ITI Capital's  current  promotional  statements, might they not?

Anyway, that's this complaint - as ever I look forward to your prompt response under ITI,s comprehensive and efficient Complaints Procedure

Regards James Ramage

SteveJohnson56

"Please also note that there are certain instruments, namely AIM listed stocks, that cannot be migrated on to Phoenix. These will continue to be available on the Client Portal"
...

"Migration of Assets on to our Phoenix platform

A number of SVS Securities customers have already had their positions migrated on to the Phoenix trading platform. However, as we migrate additional customers and their positions on to Phoenix, there will be an interim period, where the positions will be temporarily removed from the Client Portal on the ITI website. Once the position has been successfully migrated on to Phoenix, customers will be able to view their positions on both, Phoenix as well as the Client Portal."

......................................................................................................................................
What's the difference because I'm looking at my Phoenix account and the browser address and tab both say Client Portal as if it is one & the same?

Sheris

RasputinB said:

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".

Mr Justice Miles, never did his homework, more than likely just kept nodding or nodding off.  

Standard_Goose

No surprise that ITI have realised that they can't take AIM shares as they are simply a 'reseller' of the Interactive Brokers platform who you won't be surprised to learn don't deal with AIM listed shares.

(I'd like to add that it wouldn't surprise me at all if it turned out that ITI had just stolen IBs intellectual property and then 'in-house developed' a remarkably similar platform given that it is their claim that they developed this platform themselves)