SVS Securities - shut down?

Michael_Reynolds

until the next meeting

Dasvidaniya is actually two words, not one: до (until) and свида́ния (meeting / date). So literally it means “until the next meeting“. Dasvidaniya is a formal way to say goodbye and should be used with people you don't know and those older than you.

snipkin

Michael_Reynolds said:

until the next meeting

Dasvidaniya is actually two words, not one: до (until) and свида́ния (meeting / date). So literally it means “until the next meeting“. Dasvidaniya is a formal way to say goodbye and should be used with people you don't know and those older than you.

Thanks for the Russian lesson. Perhaps it could be a regular slot? If we could - maybe someone here can - contact ITI in Russian it would speed things up!! Perhaps we should copy our complaints to Putin - if he's not too busy with the elections...

manted

Atleast some folks are getting their dividends credited. I have a dividend from 19th August for BAT, that still has not been credited or if it has, I cant see it. I have also not received the dreaded transfer in progress email. Also turns out even those who have transfers in progress are more worried about the actual transfer process, given how good ITI have been so far. This saga goes on and on. Folks please keep reporting to your MPs & complaining to authorities that fellow sufferers have suggested. We should not let the responsible parties get away with this mess of our hard earned money.

johnburman

An odd update message on the ITI website dated 11 September. If you ignore the poor English it looks like they are blaming LC and at the same time saying that you can't use their platform to trade AIM stocks. But they must have known this months ago. After this shambling chaotic attempt at on boarding who on earth would wish to stay with ITI? We need the transfers to be completed and then we can sort out the missing stock and dividends. It will be all clearer as will the losses we have suffered. 

adeadsett

If only it was true, lol.
My account now showing a value of 333,000 quid , reality is it should be about 75,000 :-0 
Totally filled with confidence they know what they are doing..........not.
Maybe they've changed currency from sterling to roubles, lol.

adeadsett

Is it possible for someone to provide the best places to lodge complaints?
Be they companies, bodies or people, I feel I ought to have some official complaints in place, but trawling back through the posts here there seem to be complaints to a lot of different places.
Maybe someone could advise 2 or 3 optimum places?
Thanks in advance.

sweeter_strudel

adeadsett said:

Is it possible for someone to provide the best places to lodge complaints?
Be they companies, bodies or people, I feel I ought to have some official complaints in place, but trawling back through the posts here there seem to be complaints to a lot of different places.
Maybe someone could advise 2 or 3 optimum places?
Thanks in advance.

Using your own email and cc'ing yourself I suggest the following three:

ITI - send it to compliance, account management and transfers (if relevant) and David Moss

Leonard Curtis - svs@leonard Curtis

And the FCA - their raise a complaint address is on their website but it takes a lot of rummaging to find it.....

The next tier in frustration would be to email LSE, your MP and the Financial Services Ombudsman but only if you are ignored for a couple of months. That clock only really started on the 23rd July.....

I fear ITI going bust..... There's no way they can make money if a telephone trade is so complicated to place that it takes 15mins for the dealers to work their way through all the different screens and systems for SVS customers.

My2penneth

Shares moved to a proper company is the first step. 
Then demand to see all dividends have been credited....ITI Capital MUST have this information otherwise HMRC would get very interested.  

This is not rocket science! 

Only a matter of time until the FCA closes them down.

Jamesram

I have been in regular email contact with Andrew Poxon & Alex Cadwallader at LC. Mostly one way traffic I have to report! My understanding is that the six week period began on July 23rd (that is the date i received my login details from ITI) and therefore ended on Sept 5th. We are now 8 days beyond the deadline and there is little sign of this shambolic process being resolved in the immediate future!...........

I wasn't going to burden people with any more posts for a short break, but this  is quite important ;- I don't think the period in question started on July 23- it ended on July 23 - as ITI were granted a period of grace of 6 weeks from 11 June, when they got hold of all our assets, to get their act together:-

SVS SECURITIES PLC (IN SPECIAL ADMINISTRATION)  taken from LC SVS Download 11 June "Completion..."
COMPLETION OF TRANSFER TO ITI CAPITAL LIMITED
11 JUNE 2020
"As explained in the Joint Special Administrators' previous communications, the Joint Special Administrators have concluded that the most appropriate strategy for the return of the client assets and client money held by the Company is an orderly and coordinated transfer to a single regulated broker. On 3 June 2020, clients were notified by way of notice given on the dedicated website of the identity and contact details of the single regulated broker (referred to as the "Nominated Broker" in the Distribution Plan) selected by the Joint Special Administrators, being ITI Capital Limited ("ITI").
The Joint Special Administrators are now pleased to announce that the transfer to ITI of the vast majority of the client assets and client money held by the Company completed at 14.25 on 11 June 2020 in accordance with:
(i).......
(ii) the sale and purchase agreement .....on 16 March 2020 (the "SPA"); and
(iii) the Court order obtained sanctioning the Distribution Plan and client money order on 7 May 2020.

In light of completion of the transfer to ITI, the vast majority of clients' client assets and client money have been transferred from the Company to ITI automatically without any further action required from clients. Unless you have been informed otherwise by the Joint Special Administrators, you should receive the entirety of your client money and client assets.
Following the conclusion of the transfer, the SPA permits ITI an additional period of up to 6 weeks to finalise preparing its systems to operate and reconcile your client money and client assets and conclude its on-boarding checks (the expiry of this six week period referred to as the "Settlement Date" ((23 July 2020)) in the SPA). Clients are expected to have access to your client money and client assets from 23 July 2020. Clients should not engage directly with ITI until the end of this six week period."

Strictly we should have had access to our accounts from 11 June- But a deal agreed was for ITI to have UP TO 6 weeks to implement their systems and they took full advantage.  Don't forget they had been in agreement to purchase since on or before 7 April:- 

CLIENT UPDATE – 7 APRIL 2020     [from LC Download of that date]
"Positive Progress on Transfer
The Joint Special Administrators (the "Administrators") are pleased to inform clients that they have entered into an agreement (the "Transfer Agreement") with a nominated broker in respect of the transfer of the vast majority of SVS's custody assets and client money to that broker.
The nominated broker is a London Stock Exchange member firm and is an FCA regulated entity with all appropriate permissions for the transfer and holding custody assets and client money for clients".

They should have been fully operational by 23 July - no excuses!

Jamesram

Sorry, the above post should have started Michael_Reynolds said (from yesterday 12 Sept 12.06), but I am having trouble copying over quotes- I keep getting a refusal message on the attempted post following, saying my "body is too short" or something, which seems a little personal  not say unfair