SVS Securities - shut down?

johnburman

TO ALL THOSE WHE WERE (OR BELIEVED THEY WERE) MISSOLD ANYTHING BY SVS
1  This is not the correct forum for this
2  Be careful of the various claims management companies touting for business
3  If your loss is for £85k or less (per individual) make a claim on the FSCS
4  If your loss was for more than £85k - were you advised into making the transaction by a company/person.  Are they still in business (check at Companies House - SVS are insolvent).  If they are they are almost certain to be insured....but do not delay.  If not is the individual still about - you will likely need a solicitor, but you can sue them personally [they may or may not be covered by insurance/may or may not have assets to pay any claim.]  Again do not delay.

In all cases see if they are on the FCA Register.  Make a claim against them.  If you don't think you can claim yourself my view is to go to a proper solicitor not a claims management company.  If you think you can do it yourself, do so, and do not go to a claims management company.

Remember in you claim to say what instructions you gave about the risks you wanted to take and what you were told (by whom and when) in relation to thise risks, and what tey tod you abou the product sold. 

Remember in all cases you need to establish that you were 'missold' the financial product.

n_aftab

DianaMusic said:

I have been contacted by claims management company  SFE Associates as was probably mis-sold shares by SVS. Has anyone else been contacted and do we know if they are sound? Thanks.  DianaMusic

svs used to call me all the time trying to sell me crappy aim stocks .. i watched a few of them, mobile streams as an example ... take a loot at how that turned out ... 
never take advice from a brokerage on what to buy .. too many conflicts 

collin618

Has anyone had a Discretionary SIPP login yet?

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.