SVS Securities - shut down?

rnf11

supremetwo said:

BE WARNED!
Following a series of scammy type emails to specific addresses that were only used for SVS, it was obvious that the SVS customer list had been sold or leaked. 
Phone calls (foreign voices) are now being received from 'vendors' of 'investments' to specific SVS client names. 

I've had regular calls over the last few weeks of similar nature. Guy who claims to be in Mayfair - but was unable to state an address or even the nearest Underground station!!!

My2penneth

The mask is not for Covid-19!  

fmmajid

Those holding IAG and SAGA will in the coming days have the option of taking place in a rights issue/placing - given our accounts with ITI are still locked are the FCA going to compensate us for not being able to take part in these???

THIS IS IMPORTANT !!!!!!

Josl

shawdon said:

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.

However, Head of Compliance 'David Moss' has plenty of time to spy on this forum watching angry and frustrated customers and post. Alas not an update but more grandeur of delusions about his state of the art Phoenix platform. Check Out 14-Sept post and lookout for David Moss

Michael_Reynolds

JAMESRAM

Most interested to read what you uncovered regarding the waiving of our rights to choose a new broker. I certainly was not aware that LC needed our approval to transfer cash accounts to ITI and I am quite certain they did not seek my approval. I also wondered at the time why they bothered to transfer cash accounts to ITI rather than settle them.  It would have made life alot easier for all of us. 

I lodged a Pensioner hardship claim with LC at the end of last year which was approved by the FSCS. As a result my cash balance of GBP 11,300 at the date of the start of the administration was returned to me in full. THANK GOD.I can't see any reason why LC could not have settled the cash accounts before transferring the portfolios to ITI other than the fact that ITI were paying GBP 500K for the contract. They clearly needed the cash which is very disturbing. Can anyone remind me what the cash component of this dirty deal was.

I have noticed in the last few days that Carl Lever at LC has begun to send me detailed daily responses to my emails. I detect a change in attitude. I think they are feeling the pressure finally. 
I raised the matter of a class action on this site weeks ago but didn't get any reaction. I also made it quite clear at the time to LC and ITI in my complaint emails that they could well be staring down the barrel of a class action.

ONE THING I AM CERTAIN ABOUT. IF WE CAN CATEGORICALLY PROVE THAT LC AND THE FCA FAILED TO DISCLOSE ITI's FINANCIAL PERFORMANCE HISTORY TO MR JUSTICE MILES IT WOULD HAVE TO BE GAME, SET AND MATCH. 

I intend to raise this matter in this morning's daily complaint email to Carl Lever copied to Andrew Poxon and Alex Cadwallader

My2penneth

Josl said:

shawdon said:

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.

However, Head of Compliance 'David Moss' has plenty of time to spy on this forum watching angry and frustrated customers and post. Alas not an update but more grandeur of delusions about his state of the art Phoenix platform. Check Out 14-Sept post and lookout for David Moss

David Moss has no time for me...he didn't reply to my complaint. So, If he won't listen then it is a complaint to the Financial Ombudsman Service. The first 25 complaints are "no charge" then it is £650 per complaint to investigate.  The cost to ITI will be down to him.

My2penneth

Latest update from Interactive Investor on their attempt to transfer accounts. The original request to transfer was sent in the first week of August. 

Michael_Reynolds

Josl said:

 

"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"

Can you point me to online evidence of this? If it's true it's dynamite. If the FCA and LC didn't fully disclose this information to Mr. Justice Miles then it seems to me we have a watertight case? LC and the FCA were obliged to do their homework before approving ITI as suitable successor to SVS Securities. Ignorance is no defense. As yet I haven't found anything online about fraud or being banned in the USA? I'm itching to get stuck into LC!

sweeter_strudel

My2penneth said:

Latest update from Interactive Investor on their attempt to transfer accounts. The original request to transfer was sent in the first week of August. 

Lucky you. Ii decided I hadn't sent a signed transfer form to them (I did) and have stopped my transfer. The previous update from them was that they were awaiting a valuation from ITI Capital.

Meanwhile HL have received a valuation from ITI. Hurrah! Who knows whether it will make out I am a millionaire, impoverished pleb or an ITI debtor........or perhaps not an account holder at all? What other variations on getting a valuation wrong could there be?

n_aftab

Message for Clients of SVS Securities

Updated 14/09/2020

ITI Capital is fully aware of its responsibilities in safeguarding client assets and the importance of onboarding new clients efficiently. Unfortunately, ITI has suffered certain technical problems during this on boarding process which has caused delays and regrets the anxiety and inconvenience this may have caused to those clients who tried to access their accounts. ITI is working hard to resolve these issues as quickly as possible and to increase staffing levels to support the higher call volumes from affected clients caused by the initial technical challenges.

We would like to make it clear that all assets, cash and investments are completely safe. The issue is one of data reconciliation not one concerning location of the assets, cash and investments. We are seeking to ensure all new accounts are reconciled as soon as possible. We are providing the FCA with regular updates and such information as they may require and are working round the clock with, our service providers to ensure that the problems with onboarding and reconciliation are quickly addressed. 

We would also like to thank clients for patience whilst we complete the migration process and will keep providing regular updates to all our customers. As previously communicated to SVS customers, they have the ability to call in and place orders over the phone with Dealers and ITI will honour the online rate. ITI will now place trades for all customers over the phone, subject to call-handling times during volatile markets, regardless of the status of the client’s registration. The client will be required to validate their personal information before the trade instruction is accepted.