SVS Securities - shut down?

Jamesram

I am sorry to hog this board today but you have GOT to see this- was just off for my tea and checked latest emails. This is from FCA- our finest Regulator in the financial business .Verbatim and exactly as it ’ reads including "David Moss          Â"

(I rather like that one- thats how I will write to him in future.

Dear James    [ Am I immediately on first name terms with everyone who messes me about nowadays?]

Thanks for your further email to the Financial Conduct Authority (FCA) on 12 September 2020 regarding ITI Capital Limited, following your telephone conversation with my colleague Paula on 28 July 2020.  

I understand you’ve received an email from ITI Capital Limited advising that AIM listed shares are unable to be migrated on to Phoenix Platform and you’ll need to call or email ITI Capital Limited to sell you AIM listed shares. I’ve understood you already have two AIM listed shares on your Phoenix account. I fully appreciate this must be very concerning for you.

ITI Capital Limited

I've completed a search on our Financial Services Register, this is a public register of the firms authorised by us, European Economic Area (EEA) authorised firms and warning pages for unauthorised firms. Based on the information you've provided, I've located a firm called ITI Capital Limited. If this isn’t the firm you’re referring to please let me know.

On the firm’s Register page you’ll find contact information for their principal place of business and their complaints contact. I strongly recommend you contact the firm using the details I’ll give you today and ask to be put through to the department / contact you have been dealing with. By doing this, you can ensure that you’re contacting the genuine firm. For your convenience, I've provided their contact details below.

Contact name: David Moss           
Phone:  02075628001
Email: compliance@iticapital.com
Address: Tower 42, International Financial Centre, 25 Old Broad Street, London, EC2N 1HQ

You’ll note under the permissions tab that they have permissions linked to investments, however you should contact the firm on the details I’ve provided and ask them to explain which of their permissions allows them to provide you with this service / product.

Our role

We’re tasked with regulating the UK’s financial markets as a whole and this means we’re unable to investigate or intervene on individual cases and we don’t have dispute resolution powers for individual complaints. These powers are held by The Financial Ombudsman Service. We’re therefore unable to intervene on this matter and assist you in resolving your dispute with ITI Capital Limited. What we can do is provide guidance regarding any relevant rules an authorised firm should be adhering to and the options you have available to try and resolve any issues.

Your next steps

If ITI Capital Limited do not provide a final response to your complaint within eight weeks or you remain dissatisfied with their response to your complaint, your next step under the Complaints Procedure will be to refer your complaint to The Financial Ombudsman Service. I’ve listed their contact details below.

0800 0234567 or 0300 1239123

adeadsett

collin618 & t237 :
I also have some Corporate Finance Bonds, initially shown as zero value, now showing as 300k value, which is blatantly wrong too, lol. No idea what will happen or what to do with them. :-/

n_aftab

Jamesram said:

I am sorry to hog this board today but you have GOT to see this- was just off for my tea and checked latest emails. This is from FCA- our finest Regulator in the financial business .Verbatim and exactly as it ’ reads including "David Moss          Â"

(I rather like that one- thats how I will write to him in future.

Dear James    [ Am I immediately on first name terms with everyone who messes me about nowadays?]

Thanks for your further email to the Financial Conduct Authority (FCA) on 12 September 2020 regarding ITI Capital Limited, following your telephone conversation with my colleague Paula on 28 July 2020.  

I understand you’ve received an email from ITI Capital Limited advising that AIM listed shares are unable to be migrated on to Phoenix Platform and you’ll need to call or email ITI Capital Limited to sell you AIM listed shares. I’ve understood you already have two AIM listed shares on your Phoenix account. I fully appreciate this must be very concerning for you.

ITI Capital Limited

I've completed a search on our Financial Services Register, this is a public register of the firms authorised by us, European Economic Area (EEA) authorised firms and warning pages for unauthorised firms. Based on the information you've provided, I've located a firm called ITI Capital Limited. If this isn’t the firm you’re referring to please let me know.

On the firm’s Register page you’ll find contact information for their principal place of business and their complaints contact. I strongly recommend you contact the firm using the details I’ll give you today and ask to be put through to the department / contact you have been dealing with. By doing this, you can ensure that you’re contacting the genuine firm. For your convenience, I've provided their contact details below.

Contact name: David Moss           
Phone:  02075628001
Email: compliance@iticapital.com
Address: Tower 42, International Financial Centre, 25 Old Broad Street, London, EC2N 1HQ

You’ll note under the permissions tab that they have permissions linked to investments, however you should contact the firm on the details I’ve provided and ask them to explain which of their permissions allows them to provide you with this service / product.

Our role

We’re tasked with regulating the UK’s financial markets as a whole and this means we’re unable to investigate or intervene on individual cases and we don’t have dispute resolution powers for individual complaints. These powers are held by The Financial Ombudsman Service. We’re therefore unable to intervene on this matter and assist you in resolving your dispute with ITI Capital Limited. What we can do is provide guidance regarding any relevant rules an authorised firm should be adhering to and the options you have available to try and resolve any issues.

Your next steps

If ITI Capital Limited do not provide a final response to your complaint within eight weeks or you remain dissatisfied with their response to your complaint, your next step under the Complaints Procedure will be to refer your complaint to The Financial Ombudsman Service. I’ve listed their contact details below.

0800 0234567 or 0300 1239123

I had the same conversation with the fsa on the phone, it felt like they were shrugging their shoulders, and saying sorry we authorized the transfer .. but we are not willing to do anything more .. go the the ombudsman and complain .. which gives them 8 weeks once you complain to the company 1st ... the whole system is a joke and there is no accountability anywhere to get on top of this mess.. as long as everyone else is getting paid ... 

Its a mess, but i think iti are trying .. badly communicating, but are trying to do the transfers as requested... i am hoping another few weeks and they will transfer me out. 

RobHun

First time on here and I am currently trying to transfer my a/c to HL. (Second attempt) One of the questions is to give the the reference account number and they are pretty insistent that I follow ITI's format? So is it the SC No. or PX No. or both  or  even that obscure Master Account that sits in the top right hand corner? I actually feel pretty daft posing the question but after weeks of unanswered e-mails and phone calls this is where I'm at. Any advice greatly appreciated.

Jamesram

RobHun said:

First time on here and I am currently trying to transfer my a/c to HL. (Second attempt) One of the questions is to give the the reference account number and they are pretty insistent that I follow ITI's format? So is it the SC No. or PX No. or both  or  even that obscure Master Account that sits in the top right hand corner? I actually feel pretty daft posing the question but after weeks of unanswered e-mails and phone calls this is where I'm at. Any advice greatly appreciated.

Just give all the account references Rob- Name-- Master account - SC no. Phoenix no.

I take it when you say "they" you refer to HL?  As regards ITI they are not entitled to put you through any additional hoops- get that HL transfer request form filled in and posted off to HL (my broker requires a hard copy so I assume HL does?) HL will then send your

transfer instruction over to ITI Capital. You should not have to do anything else. But I suggest the necessary reality is:-.1) Check with HL they have sent the transfer. 2) Give it a few days, then get onto ITI with any means at your disposal  to confirm Receip of Transfer Instructiont and then request Action of YOUR instruction. Good luck

RobHun

Thanks Jamesram. As I said this is my second attempt with HL. First one seemingly went missing in the post just to add to add to my frustration.  When I spoke to them today they said they had a backlog of of about 2 weeks with the transfer requests, probably everyone trying to get out of ITI.  

My2penneth

RobHun said:

Thanks Jamesram. As I said this is my second attempt with HL. First one seemingly went missing in the post just to add to add to my frustration.  When I spoke to them today they said they had a backlog of of about 2 weeks with the transfer requests, probably everyone trying to get out of ITI.  

Missing in the post... must be with mine then. IWeb have even sent requests out " signed for" ... guess what, they disappear into Siberian salt mine. 
As for the FCA...they are simply a waste of time. They are intent on fcuking up British business. If ITI was British, the FCA would have been applying thumbscrews by now. But they're foreign.. probably worried that they will be given the Salisbury treatment. 

Jamesram

Rob at 6.12 pm.  Rob - While I am thinking on- if you are printing out and sending a Transfer instruction to HL may I suggest you scan/print of a copy for your records. Then, if ITI say we did not get a request, you can email them  a scanned copy of your written signed and dated instruction. I did this whenever I contacted Transfers or Accountmanagement at ITI.  They seemed to accept one of these in the end- I am not sure how it helped but it seemed to, I know that the guy who was helping me, Pras, on a couple of occasions asked me for a Transfer copy to be sent to him direct so he could give it to the ITI Transfers team/part-time intern. Again, best of luck

johnburman

shiznit76 let us all know tomorrow if your transfer to iWEB has been 100% taken place?
I think it's X-O.co.uk who are doing the transfers in in batches

Jamesram

"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." 

I just picked this up from the 14 Sept ITI update to SVS Clients.

Hang on hang on- has anyone else noticed this sleight of hand ?

The online rate they are "honouring" (do they know what that word means?) seems to be  the ITI rate card  £12. 95 (?)  and NOT the previous SVS online rate of £7.95 - shysters and tricksters that they are- how very dare they?

Another complaint to David Moss although, with luck,I am, about to lose status to complain about ongoing matters -others should do so though.