SVS Securities - shut down?

sweetsand

Jamesram said:

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!

That is the bottom line ie fully operational on the 23rd of July. As you are all reasonable people I'm sure you would have accepted a day or so delay. This is a joke. As I said the other day the financial ombudsman needs contacting they are slow but good and the more of you that do that, the better. This makes a fiasco look great.

shawdon

My2penneth said:

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.

I agree with this point as I have mentioned the lack of transparency over dividends about 20 times in my emails to David Moss, all without reply! I am still baffled by which dividends I have earned in which accounts as there is no audit trail or confirmation at all on my account. indeed I am still waiting for confirmation from ITI about which of my accounts are ISA and which are non-ISA. I know of course but if they do not then how can they comply with HMRC rules.
I think HMRC will be VERY interested in this mis-conduct on a huge scale by ITI!
I think an email to the permanent secretary (the top civil servant at HMRC) may be required.

shawdon

By the way Jim Harris is his name, HMRC chief executive and first permanent secretary. He has been on the Martin Lewis show many times and is actually a really good guy who we can trust to kick a few asses which may be required.

Jamesram

Shawdon hope you will please forgive my slightly irreverent "reply" to your serious message to David Moss of 4.20 yesterday, if you saw it. Certainly no disrespect or offence intended to you- might have got  a bit carried away.

James

shiznit76

so i take it ITI will sell any AIM holdings we have as instructed  seeing as can't trade them on Phoenix? 

My2penneth

shiznit76 said:

so i take it ITI will sell any AIM holdings we have as instructed  seeing as can't trade them on Phoenix? 

And all this has become apparent after on boarding?  Surely,  if you plan to transfer to another broker isn't it more important to know what the new broker can trade? ITI are just a temporary holding platform...why don't ITI "cut and paste" our holdings to our preferred broker?

What about all the people who elected not to migrate to Phoenix and asked ITI to move accounts?  
So, the question from me is:
From where are shares  being transferred to a new broker,  from within Phoenix,  from within the on boarding account or from both? 

Nbs222

As I said on Friday (page 362)  my transfer requests were from SC accounts  and  ITI  sent  valuations from my SC accounts to IWEB on 08-sep-20 but on that day there were only 6 items left in the SC account , others had migrated to PX account.

If we fill another Transfer request for PX account , then what guarantee  is that by the time ITI come to process them they would   have moved to SC accounts or somewhere else.

Also I believe  you can only  have  one ISA account , if your SC account is  marked  as ISA then you can't have PX account as ISA with the same provider, can you?.

I would expect this would be the case for all 250 valuations they sent to IWEB and also to other brokers.

shawdon

Jamesram said:

Shawdon hope you will please forgive my slightly irreverent "reply" to your serious message to David Moss of 4.20 yesterday, if you saw it. Certainly no disrespect or offence intended to you- might have got  a bit carried away.

James

James,
No problem at all I found it hilarious and we need a bit of humour in these stressful times. I like your style and determination to get things sorted, we need more people like you and me to keep the pressure on these clowns At ITI and LC.
My 10 accounts with SVS (5 names x 2) ran into 7 figures so apart from losing nearly 40% of it in the last 13 months due to the COVID crisis, I am very keen to get my hands on the 60% balance before another crisis emerges!
My HL account manager tells me that there is some slow progress with some accounts being moved over from ITI so hopefully i won’t have to wait too much longer although it does not help that most of my accounts are still showing as incorrect on the dashboard and one of them is missing 90%of the shares, they have just vanished into thin “Russian “ air!

johnburman

I'm sorry to have to repeat this but why are we worrying about 'new' ITI accounts etc. Why? Do you want to stay with these people? Surely not. All should apply to transfer and push them to transfer. You can argue about dividends shares errors etc. later.
I repeat I'm not prepared to use any broker.. Or bank or professional person.. who doesn't answer the phone or call me back when they say they will. Period. 

sweeter_strudel

shiznit76 said:

so i take it ITI will sell any AIM holdings we have as instructed  seeing as can't trade them on Phoenix? 

Don't do anything rash. I have lots of AIM shares and you can get quotes for all of them to sell / buy on Phoenix. Someone on here (actuallygo back a couple of pages)  bought shares on Phoenix and was then told by ITI that those shares couldn't be bought or sold on Phoenix - including some FTSE100 shares! 

Sadly I can't access my SVS / Phoenix accounts at the mo.... yes,  been locked out  for weeks.  So  can't do any house keeping. AIM shares can be transferred to your new broker - without selling them!

ITI have no idea what they are doing - start, middle, end of story. Don't believe anything that they say, including making out you are a millionaire by multiplying all your share holdings and getting their values all wrong.