SVS Securities - shut down?

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?

collin618

Does anyone have an email address for individuals at Leonard Curtis please

Jamesram

AN EMAIL to Leonard Curtis on 7 July 

 "Good day .I am contacting you because I have been asked not to contact ITI. I am concerned about the arrangements for accessing my former SVS held stocks, and in particular approx £58K in cash, on or before 23 July. It is almost a year since I lost access to these accounts[....................}

So I am very sensitive to any potential delay in dealing with my accounts in accordance with the timetable. ITI have 36000 customers. They are taking on approx 15000 more SVS  accounts I believe. And yet they have allocated only 2 days-22 and 23 July to process new accounts for trading and drawdown of funds on 23 July.
Are they really going to be able to process all those new accounts via internet on that day? Each day I am kept out of my money I am losing either savings bank interest or investment opportunity.
I don't know why such a small outfit as ITI were chosen as appropriate, when several small brokers of similar size have gone out of business over the last few years- I would have thought iWeb, HL or Sharecentre would all have been a more re-assuring broker to choose.
But my  main point is to seek re-assurance that ITI will really be able to comply with its obligations to provide facillity to me by 23 July (which is the very last day of the "up to" 6 weeks we have previously been informed about)- in particular do they have staff geared up to handle the thousands of security check documents which will be heading their way from 22 July within the obligatory time scale, and why cannot I send in those documents to them now, a fortnight beforehand, rather than just having to wait and hope that they will be able to cope?

So are you able to offer any re-assurance please? Thank you. "

LC reply, same day: "Thank you for your email. We have passed your query onto the senior project manager at ITI Capital Limited, overseeing the migration of SVS Securities clients across to them at the end of this month for his response.
As soon as we have it, we shall forward it on to you."

Presumably LC are still waiting, as I heard never heard anything more

RasputinB

collin618 said:

Does anyone have an email address for individuals at Leonard Curtis please

Carl Lever is a Manager for the JSAs whilst they administer the affairs, business and property of the Company.

Carl.Lever@leonardcurtis.co.uk