SVS Securities - shut down?

Jamesram

More on the Closure Form:

email to accountmanagement ITI , cc Oleg.Jelezko@dvcap.com

Dear Sirs

I have been expecting a response from my email to Natasha Account Management Specialist. [see my post yesterday evening re Natash and Oleg

Instead we received a telephone call from Mohamed at ITI, who told us just to fill in the Closure Form and print it off.

We did this, and uploaded the iWeb transfer which should give you the information you need. This stopped us from uploading your Securities Transfer Order, which is now ATTACHED

You asked for a passport to be uploaded -we have done this., although we also accidentally uploaded a copy password of my partner James Ram

Your verification upload page also ask for some other sort of document as to which we have no idea what is being requested- we can't be more specific as having uploaded 2 passports and the iWeb transfer form, the site now says Closure in Progress and we cannot go back a page to check the upload requirements.

Can I just say that all this information demanded from me is not something that your Terms and Conditions require- in fact I cannot see any T&Cs as regards ISAs, which ITI should be providing.

The Transfer form from iWeb is the ONLY document that you should need. In fact you were quite able to transfer by partner's ISA and trading accounts over to iWeb without this "Closure Form", so why do you need it from me?

If I am wrong, please inform me which of your Private Client T&C's enable you to demand this further information.

You already have security checked me when I "onboarded" - this is just unnecessary bureacracy and is contrary to the ISA Transfer protocol adopted by all leading brokerage firms

Regards Sharon B

NOTE We were able to print off the second part of the Form-Securities Transfer Order, after just putting 0000000 on the first part requiring bank details. We have not even copied that part to ITI - just the second page STO, which we amended in pen to say ISA Account Transfer Order, and put the iWeb Transfer reference. For Reference documentation we put "See Transfer Request from iWeb" God I am sick of this too.

My2penneth

Called the call centre today. Apparently it is in South Africa according to girl that answered the phone. 

Eventually the phone line went dead.

My2penneth

a good number to call Chris Smith

020 3889  8337

gibson81

Jamesram said:

More on the Closure Form:

email to accountmanagement ITI , cc Oleg.Jelezko@dvcap.com

Dear Sirs

I have been expecting a response from my email to Natasha Account Management Specialist. [see my post yesterday evening re Natash and Oleg

Instead we received a telephone call from Mohamed at ITI, who told us just to fill in the Closure Form and print it off.

We did this, and uploaded the iWeb transfer which should give you the information you need. This stopped us from uploading your Securities Transfer Order, which is now ATTACHED

You asked for a passport to be uploaded -we have done this., although we also accidentally uploaded a copy password of my partner James Ram

Your verification upload page also ask for some other sort of document as to which we have no idea what is being requested- we can't be more specific as having uploaded 2 passports and the iWeb transfer form, the site now says Closure in Progress and we cannot go back a page to check the upload requirements.

Can I just say that all this information demanded from me is not something that your Terms and Conditions require- in fact I cannot see any T&Cs as regards ISAs, which ITI should be providing.

The Transfer form from iWeb is the ONLY document that you should need. In fact you were quite able to transfer by partner's ISA and trading accounts over to iWeb without this "Closure Form", so why do you need it from me?

If I am wrong, please inform me which of your Private Client T&C's enable you to demand this further information.

You already have security checked me when I "onboarded" - this is just unnecessary bureacracy and is contrary to the ISA Transfer protocol adopted by all leading brokerage firms

Regards Sharon B

NOTE We were able to print off the second part of the Form-Securities Transfer Order, after just putting 0000000 on the first part requiring bank details. We have not even copied that part to ITI - just the second page STO, which we amended in pen to say ISA Account Transfer Order, and put the iWeb Transfer reference. For Reference documentation we put "See Transfer Request from iWeb" God I am sick of this too.

I am also going through the account closure process to transfer my shares to iWeb (ISA). I asked the guy from ITI how long it would take and his response was 4 - 6 weeks. So much for my earlier optimism!!

My2penneth

I have just had it confirmed that the call centre IS indeed in South Africa!!

just saw Gibson81's email - I was told the same timescale by Muhammet Artykov.

I mentioned the "closing" account - ITI recognise that they need to mod the form and that there is nowhere on the form to enter the account number you wish to transfer to.

My2penneth

My2penneth said:

a good number to call Chris Smith
020 3889  8337

Please ring him !

RasputinB

I discovered this site rather late but it has helped me to get most of my money out of ITI Capital.

By using the dealing phone number posted by someone a few days ago I was able to get through to an ITI dealer without delay and sold shares without issue. The contract note that he promised to email me never arrived, but the trades did show under transactions in my account a day or two later.

I was charged £7.95 for each of my trades. To be fair I can’t find fault with the telephone dealing service; they were all sales and I checked the prices with a live feed from another stockbroker.

I’d complained with a very strongly worded email to Leonard Curtis and I threatened to make it public on the Internet. I had a swift response threatening legal action. 😊

They say that my complaint was escalated to Chris Smith, Head of Operations at ITI Capital Limited. I have heard nothing whatsoever from him.

I spoke again with the dealer explaining that I wanted the cash in my account to be wired to my bank. He asked me to email him the details, which I did, and that same afternoon I had an email back from Customer Support Specialist Abiola.Omotayo@iticapital.com After another couple of emails I was annoyed to see that the Qort account was still showing the full balance but on checking with my bank I discovered that the funds had actually arrived!

I have the same problems as everyone with transactions being a complete mess and no record of dividends. However, the total cash was near enough what I expected and it is no longer with ITI Capital which is a relief.

I had started a transfer request for my remaining holdings to go to Hargreaves Lansdown but I am wondering whether I would be better to do a reverse transfer back to SVS, as offered by Leonard Curtis. It might take longer but it would then be Leonard Curtis’ responsibility to safeguard my assets even if in a custody account with ITI Capital. I’d hate to think of the consequences of a bodged transfer between stockbrokers, though I may be a little paranoid.

I’d like to give a big thanks to the main contributors on this forum. Not only has it been a great comfort to know that others have been in the same boat but I am quite sure that they have been extremely constructive in getting Leonard Curtis and ITI Capital to appreciate the seriousness of their failings. I hope more will join in pressurising Leonard Curtis, ITI Capital, the FCA etc. to straighten out the mess they have caused us and to accept responsibility.

rnf11

RasputinB said:

I’d complained with a very strongly worded email to Leonard Curtis and I threatened to make it public on the Internet. I had a swift response threatening legal action. 😊

I had started a transfer request for my remaining holdings to go to Hargreaves Lansdown but I am wondering whether I would be better to do a reverse transfer back to SVS, as offered by Leonard Curtis.

Your first paragraph above is very interesting. Maybe they are now starting to get worried by the mess they set up.

Second paragraph re a reverse to LC. I floated this possibility with them a few weeks back, their response indicated that it would be passed on within LC. Guess what. Nothing heard from them since.

However just after that there were the muted rumblings of life from ITIC -  the email acknowledgment of the receipt of the other broker's transfer requests, then email asking for their closure forms et al - so I have left things to take their course.

No doubt LC have no desire to be swamped with angry returnees, but if no further transfer progress is reported to me by the end of this month, then I will review the matter.

Nbs222

How do you do the reverse transfer to LC

My2penneth

Email to client service with copy to Rahul Agarwal

Please amend this form - it is incorrect and misleading. 

This looks like it is a request to close accounts - we want to transfer them, not close them.

You know the form is incorrect - why do you not change it?

I would imagine that ITI Capital would be held legally & financially responsible if losses ensued by providing incorrect instructions to clients.

 

You might wish to confirm this with your legal department/team.

 

name 

 

p.s. I have copied this email to a senior member of ITI Capital to draw their attention to the section underlined above.