SVS Securities - shut down?

My2penneth

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 "both" should 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?)

Jamesram

UPDATE ON MY PROSPECTIVE COMPLAINT ABOUT LEONARD CURTIS TO THE INSOLVENCY SERVICE

https://www.gov.uk/government/publications/insolvency-practitioners-guidance-for-those-who-want-to-complain/insolvency-practitioners-guidance-on-how-to-complain-about-an-insolvency-practitioner

21. Will I receive any compensation if my complaint is upheld?

No. The authorising body cannot award or compel an insolvency practitioner to pay you compensation for any financial loss you consider you may have suffered.  If you believe that you have suffered a financial loss as a result of negligence by an insolvency practitioner you should pursue your own legal remedies.

Never mind, eh! I was only going to spend weeks formulating my complint case, gathering and providing evidence and dealing with enquries and responses from LC just for the fun of it. I have nothing better to do.

Josl

23 Jul No activation email
24 Jul Elected to transfer out my holdings
04-Aug Filled out forms to withdraw cash to my bank and share holdings to Barclays.
05-11 Aug ITIC closed temp accounts and approved transfers. An email confirmed cash transfers will be immediate via bacs and will wait on third party broker to transfer out.
11-Aug Barclays sent transfer in requests
24-Aug Barclays sent a letter saying ITI Capital have failed to initiate transfers.
14-Sept ITI Capital to this day have not transferred cash or bothered to pick up Barclays transfer requests.
11--Sept Adviser from account management flatly refused to say what time frame is required for my requests to be processed/completed. Despite asking for clarity on the process NO ONE in ITI Capital can commit to a time frame. 

Complaint to ITIC compliance [No answer]
Complaints (several) with LeonardCurtis, who forwarded all my requests to accountmangement@iticapital.com [No results]
Served legal notice on LeonardCurtis [No answer]
Legal action against LC via a city law firm [Under review]
Complaint to Insolvency Practitioner re LeonardCurtis for negligence [Under investigation]
Complaint to FCA re ITI Capital for non-compliance [passed on to ITI Capital's FCA supervision team]
Complaint to FCA re Regulatory failures of SVS, LC and approving ITI Capital [No answer] 

FCA failures: History of SVS Securities helping to commit fraud goes back to 2009, Some directors of SVS also personally benefited from client portfolios by placing them in higher risk investments. Allowed LC to waste a ridiculous amount of time and ring up bills since LC conducted and completed audit of client accounts in 5-weeks. Allowed ITI capital to be regulated (a firm with history of fraud against its customers on record. Banned from registering/trading in the USA. Fined in the USA for defrauding customers. Fined in the UK by FCA around half a million for manipulating market prices to skim funds off its clients. ITI Capital should not have been regulated let alone be appointed. Its the reason why everyone feels they are dealing with a ponzi scheme being operated by a rogue business.

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.