SVS Securities - shut down?

kencom

It is so frustrating, I had a proper rant to customer services on the phone, I cannot believe these things cannot be rectified over the phone!

LEAR1

Halty2 said:

gibson81 said:

My other transfer, which is to HL, has now also been acknowledged and HL have confirmed this with ITI. Again no timescales quoted. Has anyone else had a message from HL today?

Yes, I have had a message from HL today, the transfer request to them acknowledged by ITI but no timescale.

Sounds like you have just received the message I got last Thursday eve, and I think gibson81 got last Thursday afternoon. So maybe HL are still pouring through the bulk valuation info trying to identify whose info exactly they have received, let alone moving on to whether those valuations are actually correct.

kencom

n_aftab said:

kencom said:

Is anyone else having issues transferring everything to a new broker?

i instructed interactive investor to transfer and they have said they have tried several times in vain to process the transfer. Speaking to customer services at iti is so frustrating.

i can not raise a ticket on my account. It doesn’t seem to work.

now they say they can only process the issue via email to aacountmanagent@iticapital.com and it keeps bouncing back.

at the end of my teather...

is that the email you are sending to?

here are a few emails you can try
accountmanagement@iticapital.com  (correct spelling)
info@iticapital.com

dealing@iticapital.com

sanjeev.verma@iticapital.com  

I would send to account management and sanjeev 
and cc the rest in.

Reading the comments it does sound like they are doing the transfers bit by bit

Thanks

I had sent with the correct spelling to account management. Resent with all the other email addresses as you supplied. Thanks for your help.

My2penneth

kencom said:

Is anyone else having issues transferring everything to a new broker?

i instructed interactive investor to transfer and they have said they have tried several times in vain to process the transfer. Speaking to customer services at iti is so frustrating.

i can not raise a ticket on my account. It doesn’t seem to work.

now they say they can only process the issue via email to aacountmanagent@iticapital.com and it keeps bouncing back.

at the end of my teather...

Yep --- I started the process to transfer to ii on August 6th - I get weekly updates from ii saying, in effect, no progress - awaiting valuation from ITI Crapital.
Raise a ticket ? - they ignore them. 
Contact accountmangement - they are not answering the phone/email. 

My2penneth

kencom said:

When on boarding I selected NO to the “do you want to transfer your current positions to ITI?” After reading advice on here...

was that a mistake?

i was under the impression that I had 6 months to process a free transfer to another broker?

Originally 6 months, subsequently extended to 7 months (and , from what I've heard) to be extended to 8 months - 31 March 2021. No update on custody fees other than the view that the Financial Ombudsman Service would step in and make ITI pay it back if you've told them in good time you want to move ... In my case, it was the start of August 2020 (note how I'm adding the years here).  

Yep, 2021. And all this started in 2019. Absolute shambles.

Jamesram

N_aftab said:
Kencom said "When on boarding I selected NO to the “do you want to transfer your current positions to ITI?” After reading advice on here..
was that a mistake?
i was under the impression that I had 6 months to process a free transfer to another broker?"

I did the same, selected no, and the accounts are in closed status now, 
I requested transfer in documents from hargreaves, who sent them to me via the post, i sent them back, they then requested the info (valuations) from iti ... several times
And thats where im stuck at the moment. 
by reading your post sounds like you have done everything as i have

My response

Either way, we have all  been screwed over. Pushing the "Reb Button" meant no accounts were set up- handy for ITI and the client might assume a speedy migration out. But nothing happened.

Opting for a " let's wait and  see- we can always transfer out later"  gave an initially better position, in that you could see the accounts supposedly being set up until eventually you were" Phoenixed" . But it all looked so crap that you then had  had enough, and so you  filled in your New Broker's transfer form which they duly sent to ITI.  But nothing happened*

*And now you feel -"Why did I not just click on NO-Transfer Out in the  first place-  I bet all those other people who did that have been sorted out by now. I am an idiot for trusting ITI."

But they haven't, and you are not.   And it is  all ITI's fault, no one elses.

johnburman

My2penneth I'm not sure you were wrong.  do you ever at any time ant to deal wiht ITI?  No. And so you have told them so.  I have closed my accounts and I requested transfers on the last week of July (OK I had a feeling that ITI were going to be a shambles - but nothing to wha tthey are).  We need the transfers to be progresed.  ITI have sent valuations in large numbers to the new brokers.  They are 'batching' them so as to cope better.  My feeling is that this will further delay things - but I have no evidence for this.  Having said that they will wish to show the FCA just how efficient and good they are (and also to help the FCA get out of a hole) and so one hopes that they will pullout their stops to get the transfers done.  And we should encourage them in this.  Once the valuations are in the hands of the new brokers they must respond to that with a date for transfer (which must be - Oh Dear! - agreed with ITI).  ITI have said that they can transfer in 24 hours.

FCA update
I got a mesage fromthem thankingme for my update.  I am not convinced that the FCA know how bad things are.  Posters to this forum MUST REPORT the problems to the FCA. Look at it this way, they will be sent to the FOS when we all make our complaints to the FOS in due course, so why not tell the FCA now, and you can cc in you remail to the FOS as part of your complaint?

My2penneth

Written to my MP (Mark Garnier) and asked him to liase with D Raab.

Dear Mark 

Your colleague Mr Raab may well be aware of the troubles that many UK investors have been having with a Russian backed company called ITI Capital Ltd.

 

https://iticapital.com/

 

The background to this is that the Financial Conduct Authority closed down a share trading broker called "SVS Securities" and the special administrator subsequently transferred the accounts to ITI Capital.

 

Investors were supposed to have access to their funds on 23rd/24th July 2020 via the ITI Capital platform.

 

 

This go live date was not met and investors did not have access to their funds until the start of September (some still don't have access).

 

Trying to contact anyone at ITI Capital has been extremely difficult, emails, voicemails and complaints (email and internal) are generally unanswered.

 

 

Of equal concern, is that Account balances are incorrect and do not reflect a true state of affairs. ITI Capital took receipt of our shares before the go live date and the content and quantities were correct. Initially, prior to July, shares and cash were placed in a temporary "on boarding" account with a view to transferring assets to a trading platform.

 

Over the weeks we have seen that serious discrepancies have appeared between  the two accounts with shares missing, counted twice, shares added to accounts as a negative number, account balances effectively zero on some days.

 

 

Other complaints involve their handling of  Dividends from shares which are not visible (HMRC will need to be advised of dividends when it comes to tax returns).

 

 

ITI Capital have also reneged on their promise to honour reduced trading charges and I have noted overcharges. I complained about these overcharges on my accounts (I listed account numbers) and ITI Capital responded by closing my wife's accounts! 

 

 

Transfer requests to move away from ITI Capital  initiated via other brokers (the correct UK method to mover accounts) have been lost. 

 

Documents containing name & addresses and financial account details have not been located, despite being sent "signed for" Royal Mail delivery (GDPR issues come to mind?).

 

Some views from frustrated customers are tendered here on the Martin Lewis MoneySavingsExpert website.

 

https://forums.moneysavingexpert.com/discussion/6032496/svs-securities-shut-down/p391

 

Of course, the matter has been raised by many customers to the FCA but they are marking time along with the Financial Ombudsman. I bring this to your attention as ITI Capital

 

will soon be introducing charges on accounts.

 

I am really surprised that a financial company can operate in this manner in the UK. If this could be brought up or you could apply pressure from your end I would be grateful. 

If you want to copy this to your MP to raise the matter - please go ahead!!!

Jamesram

Monsieur _Bourse  wrote "On Monday I done something that I said that I would not do...." Well really M. Bourse these are not the grammatical standards that we have come to expect on this thread, whether in English or Russian  (previous posts refer) I suppose we  have to make allowances for our EU friends, but do please try.

Turning to your query, as no one else has bothered, I will have a go:

You say "I now have to ask what may seem like a dumb question, but how on earth does the Phoenix account work? All my shares are showing correctly today and I was going to try a dummy sale on one of my shares, but all I can pull down is an order ticket, which which only gives the option of a sell or buy order, no definitive buy and sell price. Can anyone help?"

Answer I believe they are operating a "best price obtainable " system where your sale/ purchase instruction is logged (probably with other people's instrucions for the same stock) and the ITI trader tries to make the best price they can, concludes the trade, and then reports it to you. I have been really put off by this system which seems very uncertain and out of my control, and therefore I have not used it. I expect someone else can give a more echnical explanation as to what occurs.

helencary

Has anyone filled out the closure form? I’m
transferring my account but not sure why they need my bank account details as I want to transfer all money and assets to my other broker. Thank you in advance.