SVS Securities - shut down?

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.

My2penneth

ITI have NOT honoured the ex SVS rate in the trade deals I've done in both Phoenix and via the broker ( despite verbally confirming the lower rate  I was charged the higher rate).

Reading through the posting update 14th September,  I really think that ITI have corrupted their database of holdings.

"The issue is one of data reconciliation not one concerning location of the assets, cash and investments. "

Translation " yeah  we've got all the shares and cash but we no longer know who owns what!"

 I started to think this when they asked me to provide them a list of what should be in my accounts.  

No mention of custody fees if this drags out much longer. 

Jamesram

Michael_Reynolds Thanks for your response above. Yes, lets keepup the pressure. Also I note you say " I lodged a Pensioner hardship claim with LC at the end of last year which was approved by the FSCS.....". Made me wonder why I had not done likewise. Then I realised that I was not a pensioner when all this started!!

RasputinB

Does anyone know anything about the Association for Accountancy & Business Affairs?
http://visar.csustan.edu/aaba/home.html
I've had a quick look at their web site and wonder if they would be interested in investigating our plight.

It looks to me that the problems we are experiencing are just the tip of an iceberg - "The Liquidation Game".

Jamesram

 JOSL  Regarding your 14 Sept 10.30 post :  " 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"

  Err,  I think you might want to re-read Mr Moss's "post" again- is it all that its purported to be I wonder?  Maybe its part of some kind of ex-KGB psychological warfare against us, designed to reduce morale. It just looks a little odd to me. But then, what do I know ?!!

Josl

Michael_Reynolds said:

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!

Forum is not letting me post links.
If you go to fca register and search 171487

Firm reference number

171487

You'll find information under  > Disciplinary / regulatory action

RasputinB

https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF

Josl said:

Forum is not letting me post links.
If you go to fca register and search 171487

https://register.fca.org.uk/s/firm?id=001b000000MfGkrAAF

Josl

n_aftab said:

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.

I got the same offer from their compliance! How are they (ITI Capital) proposing to place my orders since my temporary accounts (setup for onboarding) were closed on 05-Aug? Trade without holding an active account is breach of financial regulation itself.