SVS Securities - shut down?

johnburman

FXCM Secutities Ltd were the previous name of  ITI Capital Limited.

The below is from Companies House

ITI CAPITAL LIMITED

Company number 02926252

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Registered office address

Level 33 Tower 42 25 Old Broad Street, London, United Kingdom, EC2N 1HQ

Company status

Active

Company type

Private limited Company

Incorporated on

5 May 1994

Accounts

Next accounts made up to 31 December 2019
due by 31 December 2020

Last accounts made up to 31 December 2018

Confirmation statement

Next statement date 5 May 2021
due by 19 May 2021

Last statement dated 5 May 2020

Nature of business (SIC)

• 66120 - Security and commodity contracts dealing activities

Previous company names

Previous company names

Name	Period
WALBROOK CAPITAL MARKETS LIMITED	18 Dec 2015 - 10 Nov 2017
FXCM SECURITIES LIMITED	09 May 2011 - 18 Dec 2015
ODL SECURITIES LIMITED	16 Apr 2002 - 09 May 2011
OPTIONS DIRECT (EUROPE) LIMITED	06 Jun 1995 - 16 Apr 2002
OPTIONS DIRECT EUROPE LTD.	29 Jul 1994 - 06 Jun 1995
REVMARK INVESTMENTS LIMITED	05 May 1994 - 29 Jul 1994

Jamesram

We seem to be fighting the battle against responsibilty for both sides here, FCA and Leonard Curtis. Wonder if they do watch this board- if so they might pick up a few Defence tips!

snipkin

I have just received this promising update from Hargreaves Lansdown re my ISA account transfer from ITI:

Re: ITI Capital transfer

Dear Mr xxxxx
Thank you for your email.
I can confirm we are now in contact with ITI Capital and have now received an up to date valuation of your account.
This is due to be processed and we will be in touch with you again shortly.
I hope this has been of assistance. If you have any other questions, please contact us.
Kind regards

shiznit76

shawdon said:

Update to previous post:
I think i may have found a way forward. Rahul replied to the email above within 90 seconds and promised me a full update by COB today and gave me confidence that bulk transfers to HL are now being processed as an urgent priority!

Hope this is the case for Iweb transfers also

My2penneth

Just spoke to the FCA again - I think he couldn't wait to get rid of me off the (crackly, noisy) line. 
I don't think the FCA will be helping much!  

shawdon

Extract from Rahul reply earlier giving details of "up to 4-5 brokers" they are hopefully now actioning transfer requests for. Interestingly, following my email to Rahul i now had my first reply from David Moss since the 28th August, having ignored by previous 15 emails!:
Apologies for the delays you have experienced. I’ve asked our Operations Manager to look into this and give you an update by COB today. I do know we are in the process of agreeing bulk transfers with HL as they are one of the 4-5 brokers to which we are getting frequent transfer requests.

 

Kind regards,

 

Rahul

sweeter_strudel

shiznit76 said:

shawdon said:

Update to previous post:
I think i may have found a way forward. Rahul replied to the email above within 90 seconds and promised me a full update by COB today and gave me confidence that bulk transfers to HL are now being processed as an urgent priority!

Hope this is the case for Iweb transfers also

Think my Interactive Investor transfer may be back on track and in the "bulk" transfer list - they have advised that they expect a valuation from ITI within a week.

Michael_Reynolds

Jamesram 
I don't actually think I mentioned the fact that I was an official pensioner. I just did a very good "Poor Mouth". A skill I acquired from my dear long departed Mum. Anyway I'm delighted to have banked it and kept it out of the hands of the Russians!

Michael_Reynolds

Josl.
I entirely agree with you. The ultimate responsibility for the decision to appoint ITI as the SVS successor lies in the hands of LC. The FCA have clearly stated that. Yes they dsicussed the matter and told LC that ITI were approved by the regulator but the final decision was down to LC.

Where did you find the information about ITI being banned in the USA? If I can see proof of that I will write to Andrew Poxon and Alex Cadwallader and request that they state categorically that full disclosure of ITI's history was made to Mr Justice Miles at the High Court. This whole thing is beginning to stink like a rotten carcass!  

RasputinB

Maybe there isn’t much relevance if a company that ITI Capital bought some years ago had previously shafted its clients. But had we known that the company we were being transferred to was ITI Capital we would have been able to make our own investigations and make our concerns known prior to the transfer.

ITI Capital wasn’t openly known to us as the broker of choice because of “a concern that if its identity was disclosed before the transfer had been effected it would be overwhelmed with premature enquiries from clients, who might understandably be anxious about their assets and interests".  ITI Capital had explained in a letter to the administrators that its preparations for addressing enquiries from clients had been affected by the Covid-19 pandemic which required homeworking, that there was an impact on IT systems and that they had problems with the recruitment of additional staff.

Was it not incumbent on Leonard Curtis to ensure that ITI Capital was prepared for addressing enquiries, had robust IT systems in place and enough trained staff before the transfers took place?