SVS Securities - shut down?

My2penneth

Contacted iWeb...they chased ITI for transfers on 3rd September. They chase every 10 days. hence they are sending out another chasing email today. 

shiznit76

My2penneth said:

Just tried the 8001 number again. Incredible noise levels.

I asked which account should I make sure is correct (Qort or Phoenix) before transferring assets. I was told be correct. 

(sorry, don't wish to be accused of being racist but do any of the people at the call centre have English as their first language?)

See my earlier post today, email from LC. They say " it shouldn’t matter that some of your holdings have now started so appear in your Phoenix account with ITI rather than the “Qort” account your assets all initially appeared on when you first completed your onboarding with them.".  Which no doubt will change to i should matter

Josl

My2penneth said:

Contacted iWeb...they chased ITI for transfers on 3rd September. They chase every 10 days. hence they are sending out another chasing email today. 

Barclays investments sent transfer-in requests on 11-Aug. Since then they have sent 3 requests all ignored by ITI Capital.

Josl

johnburman said:

I had thought that ITI were delaying transfers out of incompetence but i now wonder if it is because they have incorrect or inaccurate data on our shareholdings. Remember what went to them from LC was correct data... Our shareholdings were correct... But now could be corrupted or inaccurate. All a bit worrying. 

The data is correct. Ambiguity is ITI friend. They have paid substantial amount of money to buy these client books from SVS. They want to make money from those assets and cash before releasing them back to investors. No doubt these assets are being traded on the LSE since ITI capital are on the nominee register as owners. No firm can be this incompetent to unable to sort issues out for two months.

johnburman

Anybody thought of a no win no fee firm of solicitors for a class action against ITI?

RasputinB

Josl said:

Legal action against LC via a city law firm [Under review]

I would be very interested in joining the legal action if there is any chance of kicking LC into sorting this mess out.

Maybe others can also register interest and we can see if there is a possibility of setting up a fighting fund?

Josl

johnburman said:

Anybody thought of a no win no fee firm of solicitors for a class action against ITI?

I am corresponding with an associate of a city law firm who is interested in pursuiing a class action law suit against the FCA. They think my request for review against LC for negligence may be difficult to prove since it is the FCA who approved appointment of ITI Capital but said they'll review if more evidence can be found against LC. They also think case against ITI capital is weak since all they are doing is not providing access.

Jamesram

Rasputin B I would also join, and even put some "start up " cash if required for a case assessment on a no win no fee claim. I would be happy to be told otherwise, but I do feel that in terms of compensation (and thats all we are talking about, unless you consider there could a claim for an urgent  mandatory  Court injunction to force ITI to take some action, eg complete transfers- thats a different ball game), the amount we could expect to be awarded in damges is pretty limited- Maybe 8% statutory interest on client cash held by ITI, together with an award for "anxiety and distress" but such an award say maybe £1000 each is speculative and against therule in decided court cases  that generally such damages do not fall within a breach of contract claim ( there are some exceptions, based on expectations such as breach of holiday contracts, but it is no straightforward.  Sorry! Look forward to advice from City lawyer though- they should know.

RasputinB

I would also put cash up towards asking a law firm for advice on commencing a class action law suit against the FCA and against Leonard Curtis.

snipkin

Josl said:

johnburman said:

Anybody thought of a no win no fee firm of solicitors for a class action against ITI?

I am corresponding with an associate of a city law firm who is interested in pursuiing a class action law suit against the FCA. They think my request for review against LC for negligence may be difficult to prove since it is the FCA who approved appointment of ITI Capital but said they'll review if more evidence can be found against LC. They also think case against ITI capital is weak since all they are doing is not providing access.

Out of interest, why is it that "all they are doing is not providing access" is not a case against ITI? Surely providing access to our investments (I assume that's what you mean?) is exactly what ITI should be doing and are manifestly failing to do  - possibly deliberately as you implied in your 11.57am post.
I am not particularly interested in monetary compensation but definitely ITI should be closed down or have their LSE membership/trading licence in the UK withdrawn. And LC's conduct in the administration process must be investigated if possible. Thank you, @Josl, for all the actions you have taken as you posted earlier today at 11.45am. Let's hope some of them are taken up. Have you contacted your MP?